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• • approval of the transfer of the Property and the Project from Eden Lodge to Owner in accordance with Section 6 of the 2003 Regulatory Agreement. 1. 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 or successor provision published pursuant to California Health and Safety Code Section 50093(c). If I-1CD 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 Housing Act of 1937 as amended, or such other method of median income calculation applicable to the City of San Leandro that HUD may hereafter adopt in connection with such Act. "Eligible Household" means a household for which gross household income upon initial occupancy does not exceed the maximum income level for a Restricted Unit as specified in Section 2.3 and that meets the requirements set forth in Section 2.1. "Low- Income" means an annual gross household income that is less than or equal to sixty percent (60 %) of AMI. "Qualifying Rent" means a monthly rent which does not exceed one - twelfth of 30% of the applicable income level set forth in Section 2.2 less a utility allowance and such other adjustments as required pursuant to California Community Redevelopment Law (California Health and Safety Code Section 33000 et seq.) and the requirements applicable to the use of state and federal low- income housing tax credits; provided however, if the Project is financed with federal low- income housing tax credits, "Qualifying Rent" shall mean a monthly rent calculated in accordance with Section 42(g) of the Internal Revenue Code, as provided by the California Tax Credit Allocation Committee. "Restricted Unit" means a dwelling unit which is reserved for occupancy at a Qualifying Rent by a Low- Income or Very Low- Income household in accordance with and as set forth in Sections 2.1 and 2.2. • "Very Low - Income" means an annual gross household income that is less than or equal to fifty percent (50 %) of AMI. 2. Use and Affordability Restrictions. Owner hereby covenants and agrees, for itself and its successors and assigns, that the Property and the Project shall be used solely for the operation of a 143 -unit senior rental housing development in compliance with the Grant Agreement, the development approvals granted by the City of San Leandro, and the requirements set forth herein. Owner 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 1538954.5 3