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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 57 of 86
<br />Property or the Development, including Income Certification Forms completed by applicants or
<br />tenants of the Development, Annual Reports, accounting of Development revenues, and
<br />accounting of Development expenses. All Property Records shall be prepared in accordance with
<br />industry standards and generally accepted accounting principles.
<br />1.1.49 Property. That certain real property located within the City of
<br />Redwood City, County of San Mateo, State of California, specifically described in the legal
<br />description attached as Exhibit “A” to this Regulatory Agreement, which is incorporated into this
<br />Regulatory Agreement by this reference.
<br />1.1.50 Qualifying Household. A household that: (1) intends to reside in an
<br />Affordable Unit; and (2) upon initial income certification, and each year thereafter (subject to the
<br />terms of this Regulatory Agreement) meets the income restrictions as set forth in Section 2.3 of
<br />this Regulatory Agreement for the applicable Affordable Unit, based on a household size
<br />appropriate for the Affordable Unit.
<br />1.1.51 Security Instrument. Any security instrument, deed of trust, security
<br />deed, contract for deed, deed to secure debt, or other voluntary real property (including leasehold)
<br />security instrument(s) or agreement(s) intended to grant real property (including leasehold)
<br />security for any obligation (including a purchase-money or other promissory note) encumbering
<br />the Property, as entered into, renewed, modified, consolidated, increased, decreased, amended,
<br />extended, restated, assigned (wholly or partially), collaterally assigned, or supplemented from time
<br />to time, unless and until paid, satisfied, and discharged of record. If two or more such security
<br />instruments are consolidated or restated as a single lien or held by the same Lender (as applicable),
<br />then all such security instruments so consolidated or restated shall constitute a single Security
<br />Instrument. A participation interest in a security instrument (or partial assignment of the secured
<br />loan) does not itself constitute a Security Instrument.
<br />1.1.52 Term. The period of time beginning on the date of recordation of this
<br />Regulatory Agreement and ending on the fifty-fifty (55th) anniversary of the date when at least
<br />eighty percent (80%) of the number of Affordable Units required pursuant to the terms of this
<br />Regulatory Agreement are leased to Qualifying Households as more specifically set forth in
<br />Section 2.4 of this Regulatory Agreement.
<br />1.1.53 Transfer. Regarding any property, right or obligation means any of the
<br />following, whether by operation of law or otherwise, whether voluntary or involuntary, and
<br />whether direct or indirect: (a) any assignment, conveyance, grant, hypothecation, mortgage,
<br />pledge, sale, or other transfer, whether direct or indirect, of all or any part of such property, right
<br />or obligation, or of any legal, beneficial, or equitable interest or estate in such property, right or
<br />obligation or any part of it (including the grant of any easement, lien, or other encumbrance); (b)
<br />any conversion, exchange, issuance, modification, reallocation, sale, or other transfer of any direct
<br />or indirect Equity Interest(s) in the owner of such property, right or obligation by the holders of
<br />such Equity Interest(s); (c) any transaction described in “b” affecting any Equity Interest(s) or any
<br />other interest in such property, right or obligation or in any such owner (or in any other direct or
<br />indirect owner at any higher tier of ownership) through any manner or means whatsoever, except,
<br />as applicable, for a transfer by the investor member/limited partner of its Equity Interests in Owner
<br />or the removal of a managing member/general partner of Owner by an investor member/limited
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