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Shes hereby covenants and agrees, for ~tself, ~ts successors and ass~=~ms as follo'~,,s: .-XRTICLE I. DEFINITIONS I 0I "Affordable Housing Cost" shall mean affordable costs for purchasers of d',~eiling umts for Very Low Income Households and Moderate Income Households as detined be!ow in Section 1.08 and Section 1.05, respectively, with Housing Costs as defined below in Section 1.0.3. IO2. Households meeting the definitions under Sections 1.05 and 1.08 shall be referred to as "Eligible Households." 1.03. "Housing Cost" of a person or family purchasing a Restricted Housing Unit shaE be calculated in accordance with thc provisions of Title 25 of Caiifomia Code of Regulations, Section 6910, et seq.,'as/unended from time to time, which as of the date hereof, includes all of the following costs associated with that housing unit: (a) principal and interest on a mortgage loan including any rehabilitation loans, and any loan insurance fees associated therewith; (b) property taxes and assessments; (c) fire and casualty insurance covering replacement value of property improvements; (d) property maintenance and repairs; (e) a reasonable allowance based upon an adequate level of service for utilities, including garbage collection, sewer, water, electricity, gas, and other heating, cooking, and refi~geration fuels (excluding telephone service); (0 homeowner association fees; and (g) space rent, if the housing unit is sitaated on rented land. Monthly housing cost of a pul'chaser shall be an average of estimated costs for the next twelve (12) months. 1.04. "Median Income" is the median income, adjusted for household size, of households in the San Francisco-Oakland Metropolitan Area as shown in the income schedule most recently published by the United States Department of Housing and Urban Development ("H-u"D"). 1.05. "Moderate Income Household" means persons and families whose gross incomes, as defined in Section 6930 of Title 25 of the California Code of Regulations, do not exceed one hundred twenty peroent (120%) of the area Median Income adjusted for family size in accordance with adjustment factors adopted by H-u-D. The qualifying income limits ~e contained in IiMaibit Ct attached hereto. 1.06. "Ov~er" means Shes initially, and upon the sale or transfer, the Eligible Household to own the l)rol~'ty or portion thereof. 1.07. "Sales Price" shall mean all sums paid by a purchaser to a seller for, or in conjunction with, the acquisition ora Res~cted Housing Unit, including but not limited to the purchase price desi~'lated in any purchase a~'~m~i'~t,--~onsideration for personal property and all other costs and fees paid by the purchaser to or for the benefit of the seller. 1.08. "Very Low Income Households" means persons and families whose gross incomes as defined in Section 6914 of Title 25 of the California Code of Regulations. do not exceed the qualifying limits for very Iow income families established and amended fi.om time to time pursuant to Section 8 of the United States Housing Act of 1937. The wc-33569