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6.1.G. - Page 4 WHEREAS, it is the intent of the OWNER that the Project be operated as a rental complex; and WHEREAS, OWNER shal! reserve the Affordable Units to be made a�aiiable at affordable rent to "lower income househoids," as that terrr� is defined in Section 50079.5(a) of the Health and Safety Code for a period of fifty-five (55) years; and NOW, THEREFORE, to ensure their mutual compliance with the requirerr�ents of the Density Bonus Law ancf other applicable statutory and regulatory requirements, and to ensure achie�err�ent of the public purposes set out in the Density Bonus Law, OWNER and the CITY agree as follows: Article f Recitals; Capitalizec� �"erms and Definitions Section �.01. Recifals and EfFecti�e Date. The recitals set for�h abo�e are true and correct and incorporated herein by this reference as findings in support of this Agreement which shall oniy become effective upon title to the Property being recorded in OWNER's name (the "Effecti�e Date°}. 5ection T.02. Capitalized Terms and Defnitions. Affordable Rent- shall have the meaning set forth in Califarnia Health and Safety Code section 50053(b)(3)_ �he rr�aximum affordable rent to be charged for an Affardable Unit shall not exceed 30 percer�t af the gross rnonthly income for lower incorrie households, adjusted for family size appropriate for the unit. Unfess all utilities are paid by the landlord, the amount of rent allow�d to be charged for an Affordable �nit shall be reduced by the utility allowance as determined by the then most current calculation from the San Ma#eo County Utility Allowance schedule. Gross Ir�come - shall ha�e the meaning s�t forth in Title 25, Sect+on 6914, of the California code nf Regulations, as amended frqm time to time. Article II ❑ensity Bonus, Inc�nti�es and Concessions, Waivers of �evelopment S�andards, and Parkina StancEards Section 2.01. Densit Bonus. OWNER has elec#ed to provide twenty two (22) Affardable Units for lower incame households as defined in Health & 5afety Code § 50079.5(a), in exchange for an increase �n density in accordance with Section 65915(fl(1) of the Density Bonus Law. These 22 Affordable Units represent ter� percent (10%) of the permitted number o� residential units alfowed under tF�e ClTY's Mixed Use Corridor Veterans Boulevard zoning designation standard of seventy-twa (72) dwelling units per acre, or Two Hundred Seventeen (217) uni#s far the entire Project site. Pursuant to 5ection 6591b(�(1), OWN�R is entitled ta and the CITY has granted a density bonus of twenty percent (20%), or an additional forty-four (44) units. OWNER hereby acknowledges and agrees that the 44 additional density bonus units described in this 5ection 2.01 fully satisfies OWNER's right to a dens�ty bonus under the Density Bonus Law. ATTY/AGR/2011.141I640 VETERANS WAY—AFFORDABiLITY AGRE�MENT REV:42129111 Page 2 of 20