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. <br /> . <br /> NOW, THEREFORE, for good and valuable consideration, Developer and City <br /> agree as follows: <br /> Article I Recitals; Capitalized Terms and Definitions <br /> 1.1 Recitals. The recitals set forth above are true and correct and <br /> incorporated herein by this reference. <br /> 1.2 Capitalized Terms and Definitions. For purposes of this Agreement, the <br /> following terms shall have the meaning set forth below: <br /> Affordable Sales Price - shall have the meaning set forth in Section 3.3 below. <br /> Affordable Rent—shall have the meaning set forth in Section 2.1 below. <br /> Affordable Unit(s) — shall have the meaning set forth in Recital D above. <br /> Owner-Occupied Affordability Agreements — shall mean the affordability <br /> Agreements which control the use of the Project during the period in which the Project's <br /> housing units are sold as condominium units and the Affordable Units are purchased by <br /> Qualified Buyers. <br /> Project— shall have the meaning set forth in Recital B above. <br /> Property— shall have the meaning set forth in Recital A above. <br /> Qualified Buyer(s) - shall have the meaning set forth in Section 3.2 below. <br /> Qualified Lessee(s) —shall have the meaning set forth in Section 2.1 below. <br /> Rental Term —shall have the meaning set forth in 2.1 below. <br /> Resale Restriction Agreement - shall have the meaning set forth in Section 3.4 <br /> below. <br /> Article II Rental Affordable Requirements <br /> 2.1 Rental Term. Subject to earlier termination pursuant to Section 3.6 below, <br /> Developer hereby agrees that for a period of 55 years from the Effective Date (the <br /> "Rental Term"), the Affordable Units shall be rented at an Affordable Rent, as defined <br /> below, to persons and families earning befinreen 80 to 100 percent of HUD's Area <br /> Median Income for San Mateo County ("AMI"), as adjusted from time to time ("Qualified <br /> Lessees"), at rental rates no greater than 30 percent of 100 percent of the AMI, <br /> adjusted for family size appropriate to the unit, pursuant to California Health and Safety <br /> Code Section 50053, as amended, or any successor statute thereto ("Affordable Rent"). <br /> ATTY/AGR/2012.061/2580 ECR(URBAN HOUSING)AFFORDABLE HOUSING AGREEMENT <br /> REV:06-04-12 VR <br /> Page 2 of 31 <br />