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6.1.E. - Page 12 <br /> Crn�enanfs"}: the Affurdable Units shalf bs svlo� ta, owned. aocupiad ar�f mamtalrt� <br /> affordable ta persons and fiamE�les o�low or madew�te-inco�r�e,earning na#more#han ar�e <br /> hundred tweMy perc�rr# (1209G) of HUD's Are� Median incame fvr San Mateo County <br /> (°AMI"),�s adJusted from fime to tFme ["QuallfFe�d B�ye�"}.Qual)fi,ed Buyers inc�ame shali <br /> be calcwfe�ed o� fh� basis of fha�r "Gross Inaome'.'� as de�ned under Title 25, �edipn <br /> 6814�of the Callfiarrtla Code of Re�uletfarr�,ae amended from ttme to time. <br /> In arder to e��ure complieroce w�th�is�greemenf i�connec�on with the sale ar�d <br /> transfiar of ea�ch Affar�d�1B Uni�, OWN�R and ffs sucxessors shall okrtain a copy of e�ch j <br /> P�P��$ PUrchaser's f�ed�ral h�oome tax ret�rr� far the �blo year Imrrtiedfately � <br /> prece�ing f,�e proposed pu�as� af ar� Af�onda��e Unit�nd aarr�nt Ir�came fr�formaflon <br /> sud� as wege slaet�ments or, �the pmspective p�r�q�aser cer�ies �nd decl�res under � <br /> pena�ty af perJury lhat he or she did not flle a f�ederal t�c retum, ta�her evidence of Gross <br /> Income for such y�r, acoeptable to the Cfty fi its sole dlscretloR, and ctfrrent Incame � <br /> irrformafion auch as w�ge stefisments, t� substantia�e that ft�e prospecfive purchaser � <br /> meets the eli�ibllity r�equfrerr�n�s of Quali�ied Btty�srs. In the event ttte C�y i� unsbie � � <br /> make a deferminatfon th�t a prospecti�re b�yer is a Qu�lified Buy�er based upan the <br /> fnform��lon provided, the prospective purcha8er shaii be determined not bo m�e# the � <br /> r�equiremenf�af Qt�ifiled Buyare and sh�ll be dlsqua�ified from purch�se. i <br /> ec�io .03 Te ner b � <br /> I <br /> OWNER hereby agre�#hat the Owner-Otxupied Aff�rdablllty Cov�n�rits tar e�ch } <br /> Affordable Unit as described 1n Sectian 5.02,above,shall be eftac�ve as of the explr�tiar� <br /> of#he Rent�!AffardebllEty Restrictions f�or such Affordable Unit, and sh��l remain in eff�ct ' <br /> until the fiorty-flF� (4fi�'} annhrersary a� safd d�te (the "OwrterLOccupiec! A�ardabllity ' <br /> Coveraar�ts Term'�. <br /> Secbion 5.0�4. fn im ��� (� B$ • , <br /> � <br /> In orad�r to ensure compliance uv� this Article in corina�tior� w�t1� tl�te sate and ` <br /> tre�sfer af the Af�o�+dable Units, fhe Af�or�able U�iCs m�y not be sold to Quafif+ed Buy�rs <br /> far a purchsse prt� whir� resuits (R an annual °AfFondable Housir�g CosY (a� deiined � <br /> belaw!), of legs fhan tw+enty�ight petx�r� (�89b)nr more tf'�an thir#y-f� I�nt{�96)of � <br /> the actual�ross fncome of th��augehold. <br /> � <br /> Affor�d�bls#ipus�r�g Cost s�all indut�e all of tF�e fallowing companetrts ass�at�d , <br /> with an Affordab�Unit,tQ the extent sc�ch compor�nt�ar�not duplfc�ive of one atwther, � <br /> and sha�l be r�lcufet�d on efther a rrior�thly or anr�ual basis: . , <br /> # <br /> 'I. Prihclpal and Interest paymen�an an E�lglble Fi►�st Loan ('PI");and ; <br /> 2. Any la�n insurahce feas assod�ed therewtth, includin� +n�tl�ou� <br /> IimiteElon, prhrate mor�age Insurance ("PMI'� or mortgage <br /> insurance prern(ums(°M�P"j;and <br /> 3. Principal and interest p�yme�ts on an El�gibls Sec:and Loen�"3P1"�; ! <br /> a�d � <br /> 4. Property la�ces("'i'axes")�calculated as 1.25°�b af the Affnndable Unit ' <br /> purcha�e prlrrs;arnl <br /> 9 <br />