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6. 1. D. - Page 24 <br />Affordable Housing Cost - shall have the meaning set forth in Section 3.04 <br />below. <br />Affordable Rent — shall have the meaning set forth in Section 2.01 below. <br />Allowance Adjustments - shall have the meaning set forth in Section 3.04 below. <br />Eligible First Loan - shall mean a fully amortized fixed rate first mortgage loan <br />with a term of up to thirty (30) years available from an institutional lender, including <br />without limitation, commercial banks, savings banks, credit unions or similar lenders, <br />which loan does not include any of the following: (i) a prepayment penalty, (ii) loan <br />points in excess of two (2) points total, and (iii) additional processing, application and <br />other loan- related fees (exclusive of customary San Mateo County escrow and title <br />charges) in an amount subject to the approval of the Agency, which approval shall not <br />be unreasonably withheld. An Eligible First Loan shall not exceed eighty percent (80 %) <br />of the sales price for an Affordable Unit. An Eligible First Loan shall not allow adjustable <br />rates or balloon payments. <br />Eligible Second Loan - shall mean a second mortgage available from a public <br />source such as a First Time Homebuyer Program, generally comprised of federal or <br />state funds (CaIHFA, CDBG, HOME, Redevelopment, etc). An Eligible Second Loan <br />shall not exceed five percent (5 %) of the sales price for an Affordable Unit. An Eligible <br />Second Loan will typically be "silent ", meaning payments will be deferred for at least five <br />(5) years. The deferred status of an Eligible Second Loan is considered by Lenders in <br />underwriting to help a Qualified Buyer qualify for an Eligible First Loan. <br />Gross Income - shall have the meaning set forth in Section 3.02 below. <br />Owner - Occupied Affordability Covenants — shall mean the affordability <br />covenants which control the use of the Project during the period in which the Project's <br />housing units are sold as condominium units and the Affordable Units are purchased by <br />Qualified Buyers. <br />Owner - Occupied Affordability Covenants Term — shall have the meaning set <br />forth in Section 3.03 below. <br />Principal Residence - shall mean an Affordable Unit occupied by a Qualified <br />Buyer as his or her primary residence. A primary residence is one that is not leased or <br />rented to others for more than thirty (30) days in any calendar year. <br />Qualified Buyers - shall have the meaning set forth in Section 3.02 below. <br />Qualified Lessees — shall have the meaning set forth in Section 2.02 below. <br />REDW\0001 \DOC \022 -4.DOC <br />6/3/09 1200 HvT <br />1i1 <br />