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

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J. Owner acknowledges and agrees that the Project Approvals provided adequate and proper notice pursuant to Government Code Section 66020 of Owner's right to protest any requirements for fees, dedications, reservations, and other exactions as may be included in this Agreement, that no protest in compliance with Section 66020 was made within ninety (90) days of the date that notice was given, and that the period has expired in which Owner may protest any and all fees, dedications, reservations, and other exactions as may be included in this Agreement. K.In order to ensure that the entire Development will be used and operated in accordance with these conditions and restrictions, the City and the Owner wish to enter into this Agreement. THEREFORE, the City and the Owner hereby agree as follows: ARTICLE 1. DEFINITIONS 1.1 Definitions. When used in this Agreement, the following terms shall have the respective meanings assigned to them in this Article 1. (a) "Actual Household Size" means the actual number of persons in the applicable household. (b) "Affordable Housing Ordinance" means that certain Ordinance 113 0-3 75 adopted in June of 2018 and set forth in Article 29 of the Redwood City Zoning Code, as such may be amended, together with the Affordable Housing Program Guidelines adopted to implement the Affordable Housing Ordinance. (c) "Affordable Units" means the one hundred seventy-six (176) restricted units in the Development. (d) "Adjusted Income" means the total anticipated annual income of all persons in a household, as calculated in accordance with 25 California Code of Regulations Section 6914 or pursuant to a successor State housing program that utilizes a reasonably similar method of calculation of adjusted income. In the event that no such program exists, the City shall provide the Owner with a reasonably similar method of calculation of adjusted income as provided in said Section 6914. (e) "Agreement' means this Regulatory Agreement and Declaration of Restrictive Covenants. (f) "Assumed Household Size" shall have the meaning set forth in Section 2.2(d). The definition is utilized to calculate affordable rent and is not intended to be a limit on the number of persons occupying a unit. (g) "City" means the City of Redwood City, a municipal corporation. (h) "CTCAC" means the California Tax Credit Allocation Committee. (i) "Development' has the meaning set forth in Recital B, above. REV: 04-03-25 LF ATTY/AGR.2025.060/112 Vera Ave., L.P. (REGULATORY AGREEMENT & RESTRICTIVE COVENANTS) (Page 3 of 22)