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1. 1.44 Owner Party. Individually, the Owner, each of its members, directors,
<br />officers, employees, agents, partners, managers, and each holder of Equity Interests in the Owner.
<br />1.1.45 Parties. Collectively, the City and the Owner.
<br />1. 1.46 Party. Individually, either the City or the Owner, as applicable.
<br />1.1.47 Person. Any association, corporation, governmental entity or agency,
<br />individual, joint venture, joint-stock company, limited liability company, partnership, trust,
<br />unincorporated organization or other entity of any kind.
<br />1.1.48 Property Records. All books, records, statements, contracts and other
<br />records of the Owner or any Affiliate relating in any way to the use, occupancy or operation of the
<br />Property or the Development, including Income Certification Forms completed by applicants or
<br />tenants of the Development, Annual Reports, accounting of Development revenues, and
<br />accounting of Development expenses. All Property Records shall be prepared in accordance with
<br />industry standards and generally accepted accounting principles.
<br />1.1.49 Property. That certain real property located within the City of Redwood
<br />City, County of San Mateo, State of California, specifically described in the legal description
<br />attached as Exhibit "A" to this Regulatory Agreement, which is incorporated into this Regulatory
<br />Agreement by this reference.
<br />1.1.50 Qualifying Household. A household that: (1) intends to reside in an
<br />Affordable Unit; and (2) upon initial income certification, and each year thereafter (subject to the
<br />terms of this Regulatory Agreement) meets the income restrictions as set forth in Section 2.3 of
<br />this Regulatory Agreement for the applicable Affordable Unit, based on a household size
<br />appropriate for the Affordable Unit.
<br />1.1.51 Security Instrument. Any security instrument, deed of trust, security deed,
<br />contract for deed, deed to secure debt, or other voluntary real property (including leasehold)
<br />security instrument(s) or agreement(s) intended to grant real property (including leasehold)
<br />security for any obligation (including a purchase -money or other promissory note) encumbering
<br />the Property, as entered into, renewed, modified, consolidated, increased, decreased, amended,
<br />extended, restated, assigned (wholly or partially), collaterally assigned, or supplemented from time
<br />to time, unless and until paid, satisfied, and discharged of record. If two or more such security
<br />instruments are consolidated or restated as a single lien or held by the same Lender (as applicable),
<br />then all such security instruments so consolidated or restated shall constitute a single Security
<br />Instrument. A participation interest in a security instrument (or partial assignment of the secured
<br />loan) does not itself constitute a Security Instrument.
<br />1.1.52 "Sixty Percent AMI Households" shall mean households whose annual
<br />incomes do not exceed sixty percent (60%) of the AMI.
<br />1.1.53 Term. The period of time beginning on the date of recordation of this
<br />Regulatory Agreement and ending on the fifty-fifty (55th) anniversary of the date when at least
<br />eighty percent (80%) of the number of Affordable Units required pursuant to the terms of this
<br />Regulatory Agreement are leased to Qualifying Households as more specifically set forth in
<br />REV: 05-20-25 LF
<br />ATTY/AGR.2025.100.3/HEART-SV (417 Stambaugh - Regulatory Agreement) (Page 8 of 35)
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