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

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(j) "HCD" means the California Department of Housing and Community Development. (k) "Improvements" means the one hundred seventy-eight (178) residential units to be constructed on the Property, all common areas, amenities, plans, entitlements, appurtenances, improvement easements, buildings and fixtures associated with the Property. (1) "Low Income Household" shall mean a household with an Adjusted Income that does not exceed the qualifying limits for lower income households, adjusted for Actual Household Size, as published annually by the City for each household size, based on the California Department of Housing and Community Development (HCD) income limits for San Mateo County. (m) "Low Income Rent' shall mean the maximum allowable rent for a Low - Income Unit pursuant to Section 2.2(b) below. (n) "Low Income Units" shall mean the Units, which, pursuant to Section 2.1(b) below, are required to be occupied by Low Income Households. (o) "Management Plan" has the meaning set forth in Section 2.3 below. (p) "Median Income" means the median gross yearly income adjusted for Actual Household Size (to qualify residents) or Assumed Household Size (to calculate rents), as applicable, in the County of San Mateo, California, as published from time to time by the State of California Department of Housing and Community Development. In the event that such income determinations are no longer published or are not updated for a period of at least eighteen (18) months, the City shall provide the Owner with other income determinations, which are reasonably similar with respect to methods of calculation to those previously published by the State of California Department of Housing and Community Development. (q) "Moderate Income Household" shall mean a household with an Adjusted Income that does not exceed one hundred twenty percent (120%) of Median Income, adjusted for Actual Household Size as published annually by the City for each household size, based on the California Department of Housing and Community Development (HCD) income limits for San Mateo County. (r) "Moderate Income Rent' means the maximum allowable rent for a Moderate -Income Unit pursuant to Section 2.2(c) below. (s) "Moderate Income Unit' shall mean the Units, which pursuant to Section 2.1(c) below are required to be occupied by Moderate Income Households. (t) "Owner" means 112 Vera Ave., L.P., a California limited partnership and its successors and assigns. (u) "Property" means the real property located at 112 Vera Avenue, City of Redwood City, County of San Mateo, more particularly described in Exhibit A attached hereto and incorporated herein. REV: 04-03-25 LF ATTY/AGR.2025.060/112 Vera Ave., L.P. (REGULATORY AGREEMENT & RESTRICTIVE COVENANTS) (Page 4 of 22)