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a. <br /> I <br /> � . <br /> I <br /> i <br /> ' Article I i <br /> � I <br /> Recitals: Ca�italized Terms and Definitions � <br /> � <br /> Section 1.01. Recitals. i <br /> � <br /> The recitals set forth above are true and correct and incorporated herein by ttiis � <br /> reference. � <br /> � <br /> Section 1.02. Caoitalized Terms and Definitions. i <br /> All capitalized terms not othenvise defined herein shall have fhe same meaning � <br /> _ ascribed to them by the North Main Street Precise Plan, unless the context clearly ' <br /> indicates a different meaning. For purposes of this Agreement, the following terms shall I <br /> have the meaning set forth below: I <br /> i <br /> Affordable Housing Cost - shall have the meaning set forth in Section 5.04 ; <br /> below. I <br /> Affordable Rent - shall have the meaning set forth in Section 4.01 below. � <br /> I <br /> Eligible First Loan - shall mean a fully amortized fixed rate first mortgage loan j <br /> with a term of up to thirty (30) years available from an institutional lender, including without � <br /> limitation, commercial banks, savings banks, credit unions or similar lenders, which loan <br /> does not include any of the following: (i) a prepayment penalty, (ii) loan points in excess of <br /> two (2) points total, or (iii) additional processing, application and other loan-related fees <br /> (exclusive of customary San Mateo County escrow and title charges). The loan shall be in j <br /> an amount subject to the approval of the CITY, which approval shall not be unreasonably i <br /> withheld. An Eligible First Loan shall not exceed eighty percent (80%) of the sales price j <br /> for an Affordable Unit. An Eligibie First Loan shall not aliow adjustabie rates or balloon '� <br /> payments. ! <br /> I <br /> Eligible.Second Loan - shall mean a second mortgage available from a public i <br /> source such as a First Time Homebuyer Program, generally comprised of federal, state or <br /> local funds (CaIHFA, Redevelopment, etc). An Eligible Second Loan shall not exceed <br /> twenty percent (20%) of the sales price for an Affordable Unit. An Eligible Second Loan <br /> will typically be "silent", meaning payments will be deferred for at least five (5) years. The <br /> deferred status of an Eligible Second Loan is considered by Lenders in undenvriting to <br /> help a Qualified Buyer qualify for an Eiigible First Loan. I <br /> Gross Income - shall have the meaning set forth in Section 5.02 below, i <br /> Maximum Affordable Unit Sales Price — shall have the meaning set forth in <br /> Section 5.04 below. <br /> Owner-Occupied Affordability Covenants - shall mean the affordability � <br /> covenants which controf fhe use of the ProjecY during the period in which the ProjecYs f <br /> housing units are sold as condominium units and the Affordabie Units may be purchased j <br /> by Qualified Buyers. � <br /> Owner-Occupied Affordability Covenants Term - shall have the meaning set ' <br /> forth in Section 5.03 below. I <br /> I <br /> 3 <br /> , <br /> � <br />