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ATTY/RESO.0020/CC RESO APPROVING AMENDMENTS TO HPP GUIDELINES – EXHIBIT B REV: 05-04-26 LF Page 58 of 86 partner of Owner for a default under Owner’s operating/limited partnership agreement; or (d) any transaction that is in substance equivalent to any of the foregoing. A transaction affecting Equity Interests, as referred to in clauses “b” through “d,” shall be deemed a Transfer by the Owner even though the Owner is not technically the transferor. A “Transfer” shall not, however, include any of the following (provided that the other Party has received Notice of such occurrence) relating to the Property and/or any Equity Interest: (i) a mere change in form of ownership with no material change in beneficial ownership and constitutes a tax-free transaction under federal income tax law and the State real estate transfer tax; (ii) a conveyance only to member(s) of the immediate family(ies) of the transferor(s) or trusts for their benefit; (iii) a conveyance only to any Person that, as of the date this Regulatory agreement is recorded, holds an Equity Interest in the entity whose Equity Interest is being transferred; (iv) the original sale of Equity Interests in Owner; or (v) a conveyance only to an Affiliate of Owner. 1.1.54 Unavoidable Delay. A delay in either Party performing any obligation under this Regulatory Agreement, except payment or deposit of money, arising from or on account of any cause whatsoever beyond the Party’s reasonable control, including strikes, labor troubles or other union activities, casualty, war, acts of terrorism, riots, litigation, governmental action or inaction, regional natural disasters or inability to obtain required materials. Unavoidable Delay shall not include delay caused by a Party’s financial condition, illiquidity, or insolvency. 1.1.55 Very Low Income Households. Very Low Income Households shall have the same meaning as defined in [INSERT DEFINITION BASED ON APPLICABLE FUNDING SOURCE(S) REQUIREMENTS]. 1.1.56 Waiver of Subrogation. A provision in, or endorsement to, any insurance policy, by which the carrier agrees to waive rights of recovery by way of subrogation against either Party to this Regulatory Agreement for any loss such policy covers. 2. AFFORDABLE RENTAL HOUSING COVENANTS AND RESTRICTIONS 2.1 Reservation of Property for Affordable Housing. The Owner covenants and agrees to reserve and restrict the Property and, thereafter, use and make Available the Affordable Units within the Property for residential occupancy by individuals and families who, at the time of initial occupancy of an Affordable Unit and continuously thereafter (subject to the other provisions of this Regulatory Agreement), until the end of the Term, are members of a Qualifying Household. 2.2 Initial Determination Regarding Affordable Units. Within six (6) months of the Effective Date of this Regulatory Agreement, the Owner shall survey all tenants residing in the Development to determine the number of Affordable Units that are currently rented to Qualifying Households, and shall submit to the City an initial Annual Report indicating the number of Affordable Units that are leased to Qualifying Households. 2.3 Vacated Units Shall be Made Available as Affordable Units. In the event that the number of Affordable Units rented to Qualifying Households does not meet the requirements set forth in Section 2.5 of this Regulatory Agreement at the time the initial Annual Report is filed, then as units are vacated by Existing Tenants, as defined below, those units shall be made Available and rented as Affordable Units to Qualifying Households until such time that the full required