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, ' . , •1 . � • . <br /> Rental Affordability Covenants — shall mean the affordability covenants which <br /> control the use of the Project during the period in which the ProjecYs 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 Affordabilitv Covenants <br /> Section 2.01 Rental Affordabilitv 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 Affordabilitv 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 /> . REDVN0001 \DOC\022-4.DOC <br /> � 6/3/09 1200 HvT <br /> 4 <br />