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are contained m Exhibit C. These [~m~ts are eqm',,alent to ~.rea Median Income. udju:4ed for t~mdy size by ARTICLE 2. AFFORDABILITY RESTRICTIONS 201. Affordabilit~/Requirements. A. Sales to EIi~ible Households Only. From the date of recording of this Covenant until the sooner to occur of(i) the date this Covenant is terminated by a written instrument executed by the Agency, or its successors and assigns, and Shea, or its successors and assigns and recorded in the real property records of San Mateo County, California, or (ii) January 17, 2028 (the "Termination Date"), Shea, by and for itself and any successors in interest hereby covenants and a~'ees that the Restricted Housing Units shall only be sold to Eligible Households at an Affordable Housing Cost (unless sold pursuant to Sections 2.02 or 2.04 hereoO and that during such period the other requirements of this Article 2 shall a~)l)ly. B. Computation of Affordable Housing Cost. The Affordable Housing Cost shall not exceed the Sales Price for a Restricted Housing Unit at which an Eligible Household having bought the umt would be spending in the case ora unit sold to a Very Low Income Household, no more than thirty percem (30%) of 50% of Median Income or, in the case ora unit sold to a Moderate Income Household, no more than 35% of 110%o of the Median Income, as adjusted for unit and household size, on Housing Costs. The following assumptions shall be considered solely for purposes of computing the Affordable Housing Cost, and shall not be considered restrictions or limitations upon the manner in which the Eligible Household finances the purchase ora Restricted Housing Unit: 1. The Eligible Household makes a ten percent (10%) cash down payment and finances the remaining ninety percent (90%) of the Restricted Housing Unit with a mortgage. mortgage. 2. The mortgage is a thirty (30) yem', fixed-rate fully-amomzed 3. The int~-'st rate on the mortgage is eight percent (8%). At~er calculating the Affordable Housing Cost, the Owner shall ensure that the sum of the Sales Price and all costs listed in the definition of Housing Costs set forth in Section 1.03 do not ~xceed that Affordable Housing Cost. The calculations of the Affordable Housing Cost for a Very Low Income Household and a Modcra~ Income Household are shown in Exhibit D anached hereto, unless such examples am modified or amended by mutual agreement between Owner and the Agency. __ C. Procedure on Sale ora Restricted Housing Unit. Prior to any proposed sale or other transfer of all or any pan of the Restricted Housing Unit to a prospective purchaser or transferee other than the Agency, the Owner of the Restricted Housing Unit (including Shea on the first sale of the Restricted Housing Unit) shall submit to the Agency a copy of the prospective purchasefs/trangferee's income certification and a list of all assets owned by the prospective purchaser/transferee or other financial information in a form approved by the Agency, which approval shall not be unreasonably withheld, 3 ~c-33569