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~ ~ ~~ AMENDMENT NO. 1 TO THE REGULATORY AGREEMENT BETWEEN CITY OF SAN LEANDRO AND LAS PALMAS DEVELOPMENT PARTNERS, L.P. THIS AMENDMENT TO AGREEMENT is made at San Leandro, California, as of November 17, 2003, by and between the THE CITY OF SAN LEANDRO, (the "City"), and LAS PALMAS DEVELOPMENT PARTNERS, L.P., a California limited partnership ("Recipient"). This Amendment is made in contemplation of the following facts, understandings and intentions of the parties: A. On December 6, 1999, the City and the Las Palmas Development Partners entered into an Agreement ("Agreement") pertaining to the acquisition of property located at 15370- 15375 Tropic Court, San Leandro, California, to be used to rehabilitate a 91-unit apartment complex, of which at least 49% of the units would become affordable housing, as agreed to in said Agreement B. The City and the Recipient desire to amend the Agreement to clarify the application of income requirements and the term of the Regulatory Agreement to conform with HOME regulations 24 CFR Part 92.252. NOW, THEREFORE, the parties agree as follows: 1. Section 1. Definitions. Low Income Tenants: Low Income Tenants means the occupants of a HOME unit in the Project whose household income, adjusted for household size, as computed pursuant to the Income Certification, does not exceed sixty percent (60%) of the Median Gross Income for the Area. Determination of the status of an occupant of a HOME unit as a Low Income Tenant shall be made upon occupancy of each respective unit in the Project by such occupant and recertified annually. A tenant who qualifies as a Low Income Tenant remains qualified as a Low Income Tenant even if such household's income rises above the limit established in this section but does not exceed eighty percent (80%) of the Median Gross Income for the Area. Very Low Income Tenants: Means the occupants of a HOME unit in the Project whose household income, adjusted for household size, as computed pursuant to the Income Certification, does not exceed fifty percent (50%) of the Median Gross Income for the Area. Determination of the status of an occupant of a HOME unit as a Very Low Income Tenant shall be made upon occupancy of each respective unit in the Project by such occupant and recertified annually. A tenant who qualifies as a Low Income Tenant remains qualified as a Low Income Tenant even if such household's income rises above the limit established in this section but does not exceed eighty percent (80%) of the Median Gross Income for the Area. 2. Section 3. Term of Agreement shall be amended as follows: