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Income Eligible Households in accordance with Exhibit B, no fewer than sixteen (16) residential units shall be both Rent-Restricted (as defined below) and occupied (or if vacant, available for occupancy) by Very Low-income Eligible Households in accordance with Exhibit B, and no fewer than seven (7) residential units in the Project shall be both Rent-Restricted and occupied (or if vacant, available for occupancy) by Eligible Households whose income does not exceed Extremely Low-Income in accordance with Exhibit B. In the event that recertification of tenant incomes indicates that the number of Restricted Units actually occupied by Eligible Households falls below the number reserved for each income group as specified in this Section and Exhibit B, Owner shall rectify the condition by renting the next available residential unit(s) in the Project to Eligible Household(s) until the required income mix is achieved. A residential unit shall qualify as "Rent-Restricted" if the gross rent charged for such unit does not exceed the Qualifying Rent for the applicable household income category as set forth in Exhibit B, as adjusted for assumed household size in accordance with California Health and Safety Code § 50105. 2.4 Rents for Restricted Units. No tenant qualifying for a Restricted Unit shall be denied continued occupancy of a unit in the Project because, after admission, such tenant's adjusted income increases to exceed the qualifying limit for such Restricted Unit. A household which at initial occupancy qualifies as Low-Income, Very Low-Income or Extremely Low- Income shall be treated as continuing to be of Low-Income, Very Low-Income, or Extremely Low-Income, as applicable, so long as the household's income does not exceed 140% of the applicable income limit. In the event that such household's income exceeds 140% of the applicable income limit, that household's unit will continue to be considered as satisfying the applicable income limit if the unit remains Rent Restricted, subject to Section 2.4.1. 2.4.1 Rent Increases. If upon recertification of tenant incomes, Owner determines that a tenant's household income has increased and exceeds the applicable qualifying income, but does not exceed the qualifying income limit for the next income category, then, upon expiration of the tenant's lease and sixty (60) days' written notice to the tenant, rent maybe increased to the Qualifying Rent for the next applicable household income bracket, subject to any limits imposed by the City of San Leandro Rent Review Board Ordinance or the Marketing and Management Plan approved by the City pursuant to Section 6.4. Owner shall rent the next available unit at a Restricted Rent to a household whose gross income does not exceed the income limit originally applicable to the unit in order to achieve the occupancy distribution set forth in Exhibit B. For tenants whose gross household income exceeds sixty percent (60%) of AMI adjusted for actual household size, rent may be increased to the lesser of (A) the fair market rent for the unit, or (B) the greater of thirty percent (30%) of the tenant's actual household income or the Qualifying Rent. 2.4.2 Notice of Affordability Restrictions on Transfer of Property. Pursuant to the requirements of California Community Redevelopment Law, Owner and Agency shall execute a Notice of Affordability Restrictions on Transfer of Property substantially in the form attached hereto as Exhibit D, and shall cause such notice to be recorded substantially concurrently with the recordation of this Agreement. AMENDED AND RESTATED REGULATORY AGREEMENT 6 MISSION BELL APARTMENTS 1227466-8