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in the Project toward satisfaction of the Agency's housing production obligation under <br />CRL Section 33413(b)(2). <br />F. The Parties have agreed to enter into and record this Agreement in order <br />to satisfy the conditions described in the foregoing Recitals. The purpose of this <br />Agreement is to regulate and restrict the occupancy and rents of the Project's <br />Restricted Units for the benefit of the Project occupants. The Parties intend the <br />covenants set forth in this Agreement to run with the land and to be binding upon <br />Owner and Owner's successors and assigns for the full term of this Agreement. <br />NOW THEREFORE, in consideration of the foregoing, and other valuable <br />consideration, the receipt and sufficiency of which are hereby acknowledged, the <br />Parties hereby agree as follows. <br />1. Definitions. The following terms have the meanings set forth in this Section <br />wherever used in this Agreement or the attached exhibits. <br />"Actual Household Size" means the actual number of persons in the applicable <br />household. <br />"Adjusted for Family Size Appropriate for the Unit" shall be determined <br />consistent with Section 50052.5(h) of the California Health and Safety Code and <br />applicable federal rules (if any). <br />"Affordable Rent" means the following amounts, less a utility allowance and <br />such other adjustments as required pursuant to the CRL: (i) for units that are restricted <br />for rental to households with incomes of not more than Very Low-Income ("Very Low- <br />Income Units") , a monthly rent that does not exceed one-twelfth of thirty percent <br />(30%) of fifty percent (50°I°) of Area Median Income, Adjusted for Family Size <br />Appropriate for the Unit, and (ii) for units that are restricted for rental to households <br />with incomes of not more than ninety percent (90°I°) of AMI ("90% Units"), a monthly <br />rent that does not exceed one-twelfth of thirty percent (30%) of ninety percent (90%) of <br />Area Median Income, Adjusted for Family Size Appropriate for the Unit. <br />"Area Median Income" or "AMI" means the median income for Alameda County, <br />California, adjusted for Actual Household Size, as determined by the U.S. Department <br />of Housing and Urban Development ("HUD") pursuant to Section 8 of the United States <br />Housing Act of 1937 and as published from time to time by the State of California <br />Department of Housing and Community Development ("HCD") in Section 6932 of Title <br />25 of the California Code of Regulations or successor provision published pursuant to <br />California Health and Safety Code Section 50093(c). <br />"Claims" is defined in Section 10. <br />"Eligible Household" means a household for which gross household income <br />upon initial occupancy does not exceed the maximum income level for a Restricted Unit <br />as specified in Section 2.1 and Exhibit B. <br />118C9i9-C- 3 <br />