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6.1.E. - Page 6 <br /> el ' <br /> Re s• 1 and nitlo� i <br /> �eCb'on 9 A1. Recitars- i <br /> � <br /> Ths reci�fs set farth above are true and corre�t ahd Incarporated f�erein�y tltls ' <br /> rs#erence. <br /> � <br /> � <br /> �er.�lor�'l.�2_ Ce �p � <br /> . <br /> Ail capitali�ad terma nat otherwlse det'ined irerein shafl harre t�e same meaning <br /> ascribed � ti�em by the NarEh Maln Street Precfse Plan, unless the cor�text cfeg�9y <br /> indica#es � diff�rent me�nlr�. For purposeg of thfs AAr�em�rit, !he foilc►wing berms shall <br /> have tha meaning set fiorbh belaw: � <br /> Afbrdable Hvusing Cost-shall havs�e me�ing set fiorth!n Sectlon 5.0�4 i <br /> below. � <br /> Afitondabls Rent-sh�a!!have#he meanlRg set forih In Section�.a9 be�rnn,, � <br /> Ell�li�le Flrst i.oan - �a1� mean a ftrAy amordz�d fixe� rate flr�t rnorf�a�e ioan � <br /> with a t�erm of up to thlrfy t30}years aveAable from an Il'�Ututional fende��ln�luding wlthout � <br /> limita�an, ccmmerd�! b�r�ks, savin�s banks, cnad#t ur�[�ns or simtlar lender�, which lo� <br /> daes nat incfude�ny of the foilowlh6:(i)a P�l�Yment�aensliy,(fi)io�r��oir�fs it��xcess af i <br /> twoo (2) pofnts to#al, or {qi� additior�al processlrpt applicatbn and othet loa�-reiated fee� i <br /> (excluslve of custom�ry San Mateo County escrow and tftls c�argss}. Th�lo�n shall be In � <br /> ar�amourrt sub)ect�the ap�rovef of the ClT1��wriich approvaf sha�l not b� unr�sonably � <br /> v►�thheld.An Eliaible First Loan s�all�nat exaeed ei�hty persce�t (Sp96) of the sales prk;e � <br /> � <br /> far an Affordable Unl#. An Elig�ble Ffrst Loen shall r�ot allow erljust�ble ra#es dr bal�oon ' <br /> ��• F <br /> � <br /> � <br /> Ell�lble Second Loan • shall rr�n a �econd mvt�ga�e �vaifable friom a pui�ic <br /> sauroe such as a Flrs#Tfine Homebuyer Rrogram, generaJ�yr comprised of federai, state or <br /> loaal funds (C:e�HFA, Redevelopmerrt, etc). M EJfglbl� Ssr�ond �oan shall t�ot exce�d <br /> iwer�ty per�cenf {20�) of the sales price f�or an Affordable Unft. An E�igii�le Seoond Loah <br /> wilf typical�y be `siler�", meaning paymertfs wil(#�e de�erned tor at leas�i�ve (5)yeers.The <br /> deferrad status af an �i�ible Sacond �o�n i� consldered by Lenders in underwri�ng fa <br /> frefp a(�ualiBed B�yer qualify far sn �ligib�First Laan. <br /> Gro�s Ir�coms-sh�ll �ave the mean ing�set forth In Section 5.02 belaw. <br /> Maximum AfFord�ble Unit Sales PNce—sha!!ha�►e#he meaning sst forf�in <br /> 5ectbott 6.p4 below. <br /> Uwner�Occupted Af�ordabtllty Covar�t�ts - sha�l mean �e affnrdabNlty , <br /> ccvenants which cantro� #he usa of the Pra)ect durir�g the �riod In ►�vhich the ProJect's � <br /> housing anl�s are sold ss cnndamir�ium vn�end the Aifordable Uni�s msy be purcha�� <br /> by t�ual�fed Buyerg. <br /> Owner�Occupf�ed A�orcleBillty Cavenatrts Tarm-shell h�ve ths meanln�set ' <br /> fiorth i�Sedbn S.OS b��ow. <br /> 3 <br />