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Section 1.1.1 of this Regulatory Agreement); <br />D. The purpose of this Regulatory Agreement is to create such conditions, covenants, <br />restrictions, reservations, agreements, liens, servitudes and charges upon the Property and subject <br />to which each and every part of the Property shall be developed, occupied, owned, maintained, <br />held, leased, rented, sold and conveyed; <br />NOW, THEREFORE, IN CONSIDERATION OF THE PROMISES, COVENANTS AND <br />UNDERTAKINGS SET FORTH IN THIS REGULATORY AGREEMENT AND FOR OTHER <br />GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF <br />WHICH IS HEREBY ACKNOWLEDGED, THE OWNER AND THE CITY COVENANT, <br />DECLARE AND AGREE FOR THEMSELVES, THEIR SUCCESSORS AND ASSIGNS, AS <br />FOLLOWS: <br />DEFINITIONS <br />1.1 Definitions. As used in this Regulatory Agreement, the following words, phrases <br />and terms shall have the meaning as provided in the initial paragraph of this Regulatory <br />Agreement, the Recitals, the Loan Agreement, or in this Section 1, unless the specific context of <br />usage of a particular word, phrase or term may otherwise require: <br />1.1.1 Affordable Rent. For the Low Income Unit (defined below), Affordable <br />Rent shall not exceed thirty percent (30%) of sixty percent (60%) of AMI . For the 60% AMI <br />Units (defined below), Affordable Rent shall not exceed the maximum rent for a 60% income <br />level, as those rents are determined by the California Tax Credit Allocation Committee <br />("CTCAC"). For the Extremely Low Income Units (defined below), Affordable Rent shall not <br />exceed the maximum rent for 30% income level, as those rents are determined by CTCAC . <br />Affordable Rent shall be adjusted for assumed household size for the appropriate unit as outlined <br />below. <br />(a) In calculating the Affordable Rent for the Low Income Unit, <br />assumed household size shall be determined pursuant to the terms of Health and Safety Code <br />Section 50052.5(h), as set forth below: <br />Number of Bedrooms Assumed Household Size <br />Studio 1 <br />One 2 <br />Two 3 <br />Three 4 <br />(b) In calculating the Affordable Rent for the Extremely Low -Income Unit <br />and 60% AMI Units, assumed household size shall be determined in accordance with CTCAC <br />regulations, as set forth below: <br />REV: 05-20-25 LF <br />ATTY/AGR.2025.100.3/HEART-SV (417 Stambaugh - Regulatory Agreement) (Page 2 of 35) <br />