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<br />ATTY/RESO.0020/CC RESO APPROVING AMENDMENTS TO HPP GUIDELINES – EXHIBIT B
<br />REV: 05-04-26 LF
<br />Page 51 of 86
<br />C. This Regulatory Agreement shall, subject to the terms and conditions set forth
<br />herein, restrict the use of the Property for a term of not less than fifty-five (55) years commencing
<br />on the date of recordation of this Regulatory Agreement as more specifically set forth herein, to
<br />ensure that each Affordable Unit included within the Development shall, at all times until
<br />expiration of such period, be occupied or reserved for occupancy by a Qualifying Household (as
<br />defined in Section 1.1.50 of this Regulatory Agreement) at an Affordable Rent (as defined in
<br />Section 1.1.1 of this Regulatory Agreement);
<br />D. The purpose of this Regulatory Agreement is to create such conditions, covenants,
<br />restrictions, reservations, agreements, liens, servitudes and charges upon the Property and subject
<br />to which each and every part of the Property shall be developed, occupied, owned, maintained,
<br />held, leased, rented, sold and conveyed;
<br />NOW, THEREFORE, IN CONSIDERATION OF THE PROMISES, COVENANTS AND
<br />UNDERTAKINGS SET FORTH IN THIS REGULATORY AGREEMENT AND FOR OTHER
<br />GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF
<br />WHICH IS HEREBY ACKNOWLEDGED, THE OWNER AND THE CITY COVENANT,
<br />DECLARE AND AGREE FOR THEMSELVES, THEIR SUCCESSORS AND ASSIGNS, AS
<br />FOLLOWS:
<br />1. DEFINITIONS
<br />1.1 Definitions. As used in this Regulatory Agreement, the following words, phrases
<br />and terms shall have the meaning as provided in the initial paragraph of this Regulatory
<br />Agreement, the Recitals, the Loan Agreement, or in this Section 1, unless the specific context of
<br />usage of a particular word, phrase or term may otherwise require:
<br />1.1.1 Affordable Rent. Affordable Rent shall have the meaning as defined in
<br />[INSERT AFFORDABLE RENT DEFINITION BASED ON APPLICABLE FUNDING
<br />SOURCE(S) REQUIREMENTS], and as applicable to the income level of the household residing
<br />in each Qualifying Unit.
<br />1.1.2 Affordable Units. _______________ (__) of the __________ (__)
<br />residential units included in the Project will be restricted by Owner in the manner set forth in this
<br />Regulatory Agreement for rental to and occupancy by Qualifying Households in accordance with
<br />the terms and conditions of this Agreement as follows: _________ (__) units shall be available
<br />and rented to Extremely Low Income Households (collectively, the “Extremely Low Income
<br />Units”); (ii) _________ (__) units shall be available and rented to Very Low Income Households
<br />(collectively, the “Very Low Income Units”); and _________ (__) units shall be available and
<br />rented to Low Income Households (collectively, the “Low Income Units”).
<br />1.1.3 Annual Report. A report in substantially the form of Exhibit “C”
<br />attached to this Regulatory Agreement or in such other form as subsequently reasonably required
<br />by the City.
<br />1.1.4 Approval. Any license, permit, approval, consent, certificate, ruling,
<br />variance, authorization, conditional use permit, or amendment to any of the foregoing, as shall be
<br />necessary or appropriate under any Law to commence, perform, or complete the Construction of
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