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D. Developer has requested, and City has agreed to modify the requirements set forth in the Original Agreement. NOW THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows. 1. Definitions. As used in this Amendment, the following definitions shall apply: (a) "Affordable Home" means a home that is offered for sale at an Affordable Sales Price to an Eligible Household. (b) "Affordable Sales Price" means the maximum purchase price that would enable an Eligible Household to purchase a home with a Monthly Owner- Occupied Housing Payment that does not exceed Affordable Housing Cost as defined in Section 50052.5(b) of the Califomia Health and Safety Code. (c) "Area Median Income" means the median household income, adjusted for household size, applicable to Alameda County, California, as annually estimated by the United States Department of Housing and Urban Development pursuant to Section 8 of the United States Housing Act of 1937, as amended, and as published by the State Department of Housing and Community Development in the California Code of Regulations, Title 25, Section 6932 pursuant to Califomia Health and Safety Code Section 50093(c) (or successor provision). (d) "Eligible Household" means a household whose gross household income does not exceed the designated income level for an Affordable Home, adjusted for actual household size. (e) "Low- Income" means an annual household gross income that does not exceed eighty percent (80 %) of the Area Median Income, adjusted for household size. (f) "Moderate- Income" means an annual household gross income that is greater than eighty percent (80 %) of Area Median Income, adjusted for household size, and does not exceed one hundred twenty percent (120 %) of Area Median Income, adjusted for household size. (g) "Monthly Owner - Occupied Housing Payment" means the annual amount divided by twelve which is payable for principal and interest due on the homeowner's mortgage and such other homeownership expenses required to be included in such calculation pursuant to the underwriting standards associated with applicable sources of financing, including without limitation insurance premiums, utility allowance, and homeowner association dues, if applicable. 2. Phasing. Notwithstanding anything to the contrary set forth in the Original Agreement, Developer shall be permitted to develop the Property in phases consisting of (i) twenty (20) residential units in the first phase; (ii) five (5) residential units in the second phase, and (iii) eighteen (18) residential units in the third or future phases (collectively, the "Development "). 1486489.4 2