Agmt25 El Camino Real Holding JV LLC, - 920 Shasta

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ATTY/AGR/2025.084/920 SHASTA AFFORDABLE HOUSING LAND DONATION AGREEMENT REV: 10-16-25 VR Page 8 of 41 (mm) “Partial Assignment of Development Agreement” has the meaning set forth in Recital D above. (nn) “Project Plans” has the meaning set forth in Section 4.2(a) of this Agreement. (oo) “Purchase Agreement” has the meaning set forth in Section 2.2(a) of this Agreement. (pp) “Relocation Plan” is set forth in Exhibit B-2, and as defined in Recital K above. (qq) “SEIR” means the Subsequent Environmental Impact Report to the Downtown Precise Plan, certified by the City Council by Resolution No. 16153 on June 26, 2023. (rr) “Term” has the meaning set forth in Section 1.3 of this Agreement. (ss) “Title Company” has the meaning set forth in Section 3.4 of this Agreement. (tt) “Very Low-Income Household” means a household with an annual Household Income no greater than the maximum income for very low income households, as published annually by the City for each household size, based on either HUD income limits for San Mateo County or the HCD income limits for San Mateo County, as applicable. (uu) “Very Low-Income Rent” means the Affordable Rent permitted to be charged for a Very Low-Income Unit, shall not exceed one-twelfth (1/12th) of fifty percent (50%) of thirty percent (30%) of Median Income (as defined by CTCAC), adjusted for Assumed Household Size, and as provided to the Developer annually by the City or as published by CTCAC for 50% AMI households, as applicable. (vv) “Very Low-Income Units” means Affordable Units required to be occupied by Very Low-Income Households. (ww) “901 El Camino Real Project” has the meaning set forth in Recital C above. (xx) “901 El Camino Real Project Approvals” means all entitlements, plans, maps, authorizations, development agreement, permits and approvals for the 901 El Camino Real Project, approved pursuant to Resolution No. 16301 adopted by City Council on April 28, 2025 and May 12, 2025, as described in Recital C above. Section 1.2 Exhibits. The following exhibits are attached to this Agreement and incorporated into this Agreement by reference as if fully set forth herein: Exhibit A-1: Affordable Site Legal Description Exhibit A-2: Affordable Site Preliminary Title Report Exhibit B-1: Affordable Housing Plan