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Inst 2011092525
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Inst 2011092525
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Last modified
4/22/2011 4:53:58 PM
Creation date
4/22/2011 4:46:13 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
2/7/2011
Recorded Document Type
Regulatory Agreement
Declaration of Restrictions
Retention
PERM
Document Relationships
Inst 2011092474
(Reference)
Path:
\City Clerk\City Council\Recorded Documents\2011
RDA Agmt 2011 Las Palmas Development Partners
(Reference)
Path:
\City Clerk\City Council\Agreements\2011
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Section 33413(b)(2). <br /> G. The Parties have agreed to enter into and record this Agreement in order to <br /> satisfy the conditions described in the foregoing Recitals. The purpose of this Agreement is <br /> to regulate and restrict the occupancy and rents of the Project's Restricted Units for the <br /> benefit of the Project occupants. The Parties intend the covenants set forth in this <br /> Agreement to run with the land and to be binding upon Owner and Owner's successors and <br /> 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: for units that are restricted <br /> for rental to households of Very Low- Income, a monthly rent that does not exceed one - <br /> twelfth of thirty percent (30 %) of fifty percent (50 %) of Area Median Income, Adjusted <br /> for Family Size Appropriate for the Unit. <br /> "Area Median Income" or "AMI" means the median income for Alameda <br /> County, California, adjusted for Actual Household Size, as determined by the U.S. <br /> Department of Housing and Urban Development ( "HUD ") pursuant to Section 8 of the <br /> United States Housing Act of 1937 and as published from time to time by the State of <br /> California Department of Housing and Community Development ( "HCD ") in Section <br /> 6932 of Title 25 of the California Code of Regulations or successor provision <br /> published pursuant to 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 Very Low Income. <br /> "Indemnitees" is defined in Section 10. <br /> "Very Low- Income" means an annual gross household income that is less than <br /> 1582117.4 3 <br />
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