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(aa) “Term” which commences as of the date of this Agreement and, unless terminated earlier or extended by the Parties pursuant to this Agreement, ends fifty-five (55) years from the date that the final certificate of occupancy is issued for the Affordable Site. (bb) “Very Low-Income Household” means a household with an annual Household Income no greater than the maximum income for very low income households, as published annually by the City for each household size, based on either United States Department of Housing and Urban Development (HUD) income limits for San Mateo County or the California Department of Housing and Community Development (HCD) income limits for San Mateo County, as applicable. (cc) “Very Low-Income Rent” means the Affordable Rent permitted to be charged for a Very Low-Income Unit shall not exceed one-twelfth (1/12th) of thirty percent (30%) of fifty percent (50%) of Median Income, adjusted for Assumed Household Size, and as provided to the Affordable Developer annually by the City or as published by CTCAC for 50% AMI households, as applicable. The City shall also permit alternative criteria, when necessary, to be consistent with State and Federal statutes and regulations governing publicly financed rental housing. (dd) “Very Low-Income Units” means Affordable Units required to be occupied by Very Low-Income Households. ARTICLE 2 AFFORDABILITY AND OCCUPANCY COVENANTS Section 2.1 Occupancy Requirements for Affordable Units. (a) Reserved. (b) Very Low-Income Units. Forty-Eight (48) of the Affordable Units, including (XX) studio units, (XX) one-bedroom units, (XX) two-bedroom units, and (X) three-bedroom units shall be rented to and occupied by or, if vacant, available for occupancy by Very Low-Income Households. (c) Low-Income Units. Fifty-One (51) of the Affordable Units, including (XX) studio units, (X) one-bedroom units, (XX) two-bedroom units, and (XX) three-bedroom units shall be rented to and occupied by or, if vacant, available for occupancy by Low-Income Households. (d) Density Bonus Units. All of the Affordable Units described in Section 2.1 above, are also considered Density Bonus Units. (e) Manager's Unit. One (1) unit in the Affordable Development shall be available for designation as the manager's unit and shall not be restricted as an Affordable Unit. ATTY/RESO.0034/CC RESO APPROVING PROJECT (901 EL CAMINO REAL) - EXHIBIT C REV: 04-22-25 VR Page 172 of 224