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6. 1. D. - Page 25 <br />Rental Affordability Covenants — shall mean the affordability covenants which <br />control the use of the Project during the period in which the Project's housing units are <br />made available as rental units and the Affordable Units are rented by Qualified Lessees. <br />Rental Affordability Covenants Term - shall have the meaning set forth in <br />Section 2.02 below. <br />Resale Restriction Agreement - shall have the meaning set forth in Section <br />3.01 below. <br />Article II <br />Rental Affordability Covenants <br />Section 2.01 Rental Affordability Covenants <br />During the Rental Affordability Covenants Term, Declarant covenants that the <br />Affordable Units shall be maintained in accordance with this Article as follows (the <br />"Rental Affordability Covenants "): the Affordable Units shall be made available at <br />affordable rent, as that term is defined in California Health and Safety Code section <br />50053 to persons and families of very-low income, as that term is defined by California <br />Health and Safety Code section 50105, earning one hundred and twenty percent <br />(120 %) of HUD's Area Median Income for San Mateo County ( "AMI "), as adjusted from <br />time to time ( "Qualified Lessees "). <br />Annually, on the anniversary date of occupancy of an Affordable Unit by a <br />Qualified Lessee, Declarant shall re- certify the qualifications of the Qualified Lessee in <br />accordance with the requirements of this Article. If, upon recertification, Declarant <br />determines that the Qualified Lessee's Gross Income, as that term is defined in section <br />3.04 below, has risen above the then in -effect allowable income, Declarant may, in its <br />sole election, terminate the tenancy of the formerly qualified lessee and make the <br />Affordable Unit available and affordable to a new Qualified Lessee. <br />Section 2.02 Term of Rental Affordability Covenants <br />Declarant hereby agrees that the Rental Affordability Covenants as described in <br />Section 2.01 above shall be effective as of the date of recordation of this Declaration, <br />and shall remain in effect until the fifty -fifth (55 anniversary of said date, unless <br />otherwise terminated as provided in Section 3.01, below (the "Rental Affordability <br />Covenants Term "). <br />REDW\0001 \DOC \022 -4. DOC <br />6/3/09 1200 HvT <br />4 <br />