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� � <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 AdjusUnents - 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 "silenY', 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 ProjecYs <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 /> 3 <br />