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Regulatory Agreement through the end of the term as set forth herein. Thereafter, Affordable <br />Units that are vacated by Non -Qualifying Tenants shall be rented at an Affordable Rent to <br />Qualifying Households for the remainder of the term as set forth herein. The term of this <br />Regulatory Agreement shall commence with the recordation of the Regulatory Agreement and <br />shall continue thereafter until fifty-five (55) years after the date upon which the Owner verifies to <br />the City through submission of an Annual Report to City that at least eighty percent (80%) of the <br />total number of Affordable Units required by this Regulatory Agreement are rented to Qualifying <br />Households. At the time Owner submits such Annual Report to the City, Owner will request that <br />City verify the date for expiration of the term of this Regulatory Agreement. Provided that City <br />confirms that Owner is renting at least eighty percent (80%) of the Affordable Units to Qualifying <br />Households, City will confirm in writing the expiration date as fifty-five (55) years after <br />submission of such Annual Report. <br />2.5 Restrictive Covenant for Affordable Units on the Property. The Owner shall make <br />available and rent the Affordable Units as follows: One (1) two-bedroom unit shall be available <br />and rented to households whose income does not exceed the maximum income for Extremely Low <br />Income Households (collectively, the "Extremely Low Income Units"); (ii) Two (2) one - <br />bedroom units shall be available and rented to households whose income does not exceed the <br />maximum income for Sixty Percent (601/o) AMI Households ( the "Sixty Percent AMI Units"), <br />and (iii) One (1) one -bedroom unit shall be available and rented to households whose income does <br />not exceed the maximum income for Low Income Households (the "Low Income Unit ") <br />2.6 Continuous Operation Covenant. The Owner covenants to and for the benefit of the <br />City to cause the Development to be continuously operated, in accordance with the other <br />provisions of this Section 2, throughout the Term. <br />2.7 Abandonment. The Owner shall not abandon or surrender the operation of all or <br />any part of the Development during the Term, except due to material casualty or condemnation. <br />2.8 Affordable Rent. The monthly rent charged to a Qualifying Household for the <br />occupancy of an Affordable Unit may never exceed an Affordable Rent for such Affordable Unit <br />per Section 1.1.1 and 1. 1.2 and as set forth below: <br />Affordable Unit <br />Number <br />Unit <br />Source <br />Rent <br />Qualifying <br />AMI Level <br />of Units <br />Size <br />of <br />Methodology <br />Household <br />for <br />Funding <br />Income <br />Affordable <br />Limit <br />Rent (not <br />to exceed) <br />Extremely Low <br />1 <br />2- <br />PIP <br />CTCAC <br />30% AMI <br />30% AMI <br />Income Unit <br />bedroom <br />60% AMI Units <br />2 <br />1- <br />PIP / <br />CTCAC <br />60% AMI <br />60% AMI <br />bedroom <br />PLHA <br />Low Income <br />1 <br />1- <br />LMIHF <br />California <br />80% AMI <br />60% AMI <br />Health and <br />REV: 05-20-25 LF <br />ATTY/AGR.2025.100.3/HEART-SV (417 Stambaugh - Regulatory Agreement) (Page 11 of 35) <br />