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

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(v) "Rent" means the total of monthly payments by the residents of an Affordable Unit (other than the manager's unit) for the following: use and occupancy of the Unit and land and associated facilities, including parking; any separately charged fees or service charges assessed by Owner which are required of all residents, other than security deposits; the cost of an adequate level of service for utilities paid by the resident, including garbage collection, sewer, water, electricity, gas and other heating, cooking and refrigeration fuel, but not cable or telephone service; and any other interest, taxes, fees or charges for use of the land or associated facilities and assessed by a public or private entity other than Owner, and paid by the Resident. (w) "Resident" means a household legally occupying an Affordable Unit pursuant to a valid lease with Owner. (x) "Term" means the term of this Agreement, which commences as of the date of this Agreement and, unless terminated earlier or extended by the Parties pursuant to this Agreement, ends fifty-five (55) years from the date that the final certificate of occupancy is issued for the Property. (y) "Unit" means one (1) of the approximately One Hundred Seventy -Eight (178) Units to be constructed on the Property as part of the Development. (z) "Very Low -Income Household" means a household with an Adjusted Income that does not exceed the qualifying limits for very low-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. (aa) "Very Low -Income Rent" means the rent permitted to be charged for a Very Low -Income Unit pursuant to Section 2.2(a) below. (bb) "Very Low -Income Units" means the Units, which, pursuant to Section 2.1(a) below, are required to be occupied by Very Low -Income Households. ARTICLE 2. AFFORDABILITY COVENANTS 2.1 Occupancy Requirements. The Units shall be occupied by Residents meeting the following income requirements: (a) Very Low -Income Units. Nine (9) Units shall be rented to and occupied by, or if vacant, available for occupancy by Very Low -Income Households; and (b) Low Income Units. One Hundred Fifty -Two (152) Units shall be rented to and occupied by, or if vacant, available for occupancy by Low Income Households; and (c) Moderate Income Units. Fifteen (15) Units shall be rented to and occupied by, or if vacant, available for occupancy by Moderate Income Households. (d) Unit Sizes. The Affordable Units shall consist of Units of the following sizes: REV: 04-03-25 LF ATTY/AGR.2025.060/112 Vera Ave., L.P. (REGULATORY AGREEMENT & RESTRICTIVE COVENANTS) (Page 5 of 22)