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NOW THEREFORE, in consideration of the foregoing, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows. I . Definitions. The following terms have the meanings set forth in this Section wherever used in this Agreement or the attached exhibits. "Area Median Income" or "AMI" means the area median income for Alameda County, California, adjusted for household size, determined periodically by the California Department of Housing and Community Development ("HCD") as published in Section 6932 of Title 25 of the California Code of Regulations ("Regulations") or successor provision published pursuant to California Health and Safety Code Section 50093(c). If HCD ceases to make such determination, Area Median Income shall be the median income applicable to Alameda County, with adjustments for household size, as determined from time to time by the U.S. Department of Housing and Urban Development ("HUD") pursuant to the United States 1-lousing Act of 1937 as amended, or such other method of median income calculation applicable to the City of San Leandro that NUD may hereafter adopt in connection with such Act. "Eligible Household" means a household for which total household income upon initial occupancy does not exceed the maximum income level for a Restricted Unit as specified in Section 2.2 and Exhibit B. "Extremely Low-Income" means an annual gross income that is not greater than thirty percent (30%) of Area Median Income. "Qualifying Rent" means a monthly rent which does not exceed one-twelfth of 30% of the applicable income level set forth in Exhibit B. "Restricted Unit" means a dwelling unit which is reserved for occupancy at a Qualifying Rent by a Very Low-Income or Extremely Low-Income household in accordance with and as set forth in Section 2.2 and Exhibit B. `Very Low-Income" means an annual gross income that is less than or equal to fifty percent (50%) of AMI. 2. Use and Affordability Restrictions. Developer hereby covenants and agrees for itself and its successors and assigns, that the Property shall be used solely for the rehabilitation and operation of a 68-unit multi-family rental housing development in compliance with the Loan Agreement, the DDA, the Ground Lease, the Deed of Trust, the approvals granted by the City of San Leandro, and the requirements set forth herein. Developer represents and warrants that it has not entered into any agreement that would restrict or compromise its ability to comply with the occupancy and affordability restrictions set forth in this Agreement, and Developer covenants that it shall not enter into any agreement that is inconsistent with such restrictions without the express written consent of Agency. Notwithstanding the foregoing or anything to the contrary contained herein, if the terms of financing for the Project require greater affordability restrictions than those imposed hereby, the requirements of such other financing shall prevail for the term thereof. so6~9o-~ 3