RecDoc2025-000644 Regulatory Agreement and Declaration of Restrictive Coventants 557 E. Bayshore

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(1) Such Resident's Unit may be considered a Low -Income Unit; (2) Such Resident's Rent may be increased to a Low -Income Rent, upon six (6) months written notice to the Resident; and (3) The Owner shall rent the next available Low -Income Unit, of comparable size, to a Very Low -Income Household at a Very Low -Income Rent. (b) VeEy Low -Income Households or Low -Income Household to Moderate Income Household. If, upon recertification of a Resident's income, the Owner determines that a former Very Low -Income Household or a Low -Income Household's Adjusted Income has increased and exceeds the qualifying income for a Low -Income Household by more than ten percent (10%), as set forth in Section 1.1 above, but does not exceed the qualifying limit for a Moderate -Income Household as set forth in Section 1.1 above, then, upon expiration of the Resident's lease: (1) Such Resident's Unit may be considered a Moderate -Income Unit; (2) Such Resident's Rent may be increased to a Moderate -Income Rent, upon six (6) months written notice to the Resident; and (3) The Owner shall rent the next available Moderate -Income Unit, of comparable size, to a Very Low-income Household at a Very Low -Income Rent or Low -Income Household at a Low -Income Rent, as necessary to maintain the required number of Very Low - Income Units and Low -Income Units required by Section 2.1. (c) Nan -Qualifying Household. If, upon recertification of the income of a Resident, the Owner determines that a former Very Low -Income Household, Low Income Household, or Moderate Income Household has an Adjusted Income exceeding the maximum qualifying income for a Moderate Income Household by more than ten percent (10%), such Resident shall be permitted to continue occupying the Unit and upon expiration of the Resident's lease and upon six (6) months written notice, the Resident may continue to reside in the Unit and the Rent may be increased to the lesser of one -twelfth (1/12th) of thirty percent (30%) of actual Adjusted Income of the Resident, or fair market rent and the Owner shall rent the next available Unit to a Very Low -Income Household, Low Income Household or Moderate Income Household to meet the requirements of Section 2.1 above. (d) Termination of Occupancy. Upon termination of occupancy of a Unit by a Resident, such Unit shall be deemed to be continuously occupied by a household of the same income level (e.g., Very Low -Income Household, Low Income Household or Moderate -Income Household) as the income level of the vacating Resident, until such Unit is reoccupied, at which time the income character of the Unit (e.g., Very Low -Income Household, Low Income Unit or Moderate -Income Unit) shall be redetermined. In any event, Owner shall maintain the occupancy requirements set forth in Section 2.1 above. REV: 10-23-24 JB Page 7 of 20 ATTY/AGR.2024.201/Redwood Crossing LLC (557 E. Bayshore Affordable Housing Agreement) (Page 7 of 27)