RecDoc2025-040037 Regulatory Agreement and Declaration of Restrictive Covenants 112 Vera Avenue

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Resident's gross income is at least two (2) times the prospective rent. The Owner, in the reasonable exercise of its discretion, may waive the requirement that the prospective Resident's gross income equal at least two (2) times the prospective rent, and admit prospective Residents with lower gross incomes. (c) To the extent permitted by applicable law including fair housing laws, and unless prohibited by the regulations of the HCD, the United States Department of Housing and Urban Development, CTCAC, or other applicable law, the Owner shall grant a local preference in rental of the Affordable Units to otherwise qualified households pursuant to the Affordable Housing Ordinance. 2.5 Lease Provisions. The Owner shall include in leases for all Affordable Units provisions, which authorize the Owner to immediately terminate the tenancy of any household one or more of whose members misrepresented any fact material to the household's qualification as a Very Low -Income Household Low Income Household, or Moderate Income Household, as applicable. Each lease or rental agreement shall also provide that the household is subject to annual certification in accordance with Section 3.1 below, and that, if the household's income increases above the applicable limits for a Very Low -Income Household, Low Income Household, or Moderate Income Household, as applicable, such household's Rent may be subject to increase. 2.6 Condominium Conversion. The Owner shall not convert the Development to condominium or cooperative ownership or sell condominium or cooperative conversion rights to the Property during the Term of this Agreement. 2.7 Units Available to the Disabled. Owner shall construct the Development to comply with all applicable federal and state disabled persons accessibility requirements including the Federal Fair Housing Act, Title II and/or Title III of the Americans with Disabilities Act of 1990, and Title 24 of the California Code of Regulations, to the extent applicable. ARTICLE 3. INCOME CERTIFICATION AND REPORTING 3.1 Income Certification. The Owner will obtain, and complete, as a condition to initial occupancy and maintain on file annually thereafter, income certifications from each Resident renting any of the Affordable Units. The Owner shall make a good faith effort to verify that the income provided by an applicant or occupying household (for all adults age eighteen (18) or older) is accurate by collecting certifications for all sources of income in accordance with the Affordable Housing Program Guidelines. Copies of Resident income certifications shall be available to the City upon request. 3.2 Annual Report to City. The Owner shall submit to the City not later than March 31 of each calendar year, a compliance report, in a form approved by the City including income and rent data for all Affordable Units, and a report on the status of the waiting list for Affordable Units. The Annual Report shall, at a minimum, include the following information for each Affordable Unit in the Development: (i) unit number; (ii) number of bedrooms; (iii) current rent and other charges; (iv) dates of any vacancies during the previous year; (v) number of people residing in the unit; (vi) total gross household income of Residents; (vii) documentation of source of household income; (viii) lease commencement and termination dates, (ix) initial move -in date, REV: 04-03-25 LF ATTY/AGR.2025.060/112 Vera Ave., L.P. (REGULATORY AGREEMENT & RESTRICTIVE COVENANTS) (Page 9 of 22)