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units in the Project toward satisfaction of the Agency's housing production obligation under CRL Section 33413(b)(2). G. The Parties have agreed to enter into and record this Agreement in order to satisfy the conditions described in the foregoing Recitals. The purpose of this Agreement is to regulate and restrict the occupancy and rents of the Project's Restricted Units for the benefit of the Project occupants. The Parties intend the covenants set forth in this Agreement to run with the land and to be binding upon Owner and Owner's successors and assigns for the full term of this Agreement. NOW THEREFORE, in consideration of the foregoing, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows. 1.1 Amendment and Restatement. This Agreement amends and restates in its entirety that certain Regulatory Agreement between City of San Leandro and Citizens' Housing Corporation ( "CHC'), executed by and between City and CHC and recorded in the Official Records of Alameda County on June 13, 2002 as Instrument No. 2002 - 261091, as amended by that certain Amendment No. 1 to the Regulatory Agreement dated as of November 17, 2003, executed by and between the City and Surf, and recorded in the Official Records on January 12, 2004 as Instrument No. 2004 - 013762, and assigned to and assumed by Owner pursuant to the Assignment Agreement (defined in Recital E above). 1.2 Definitions The following terms have the meanings set forth in this Section wherever used in this Agreement or the attached exhibits. "Actual Household Size" means the actual number of persons in the applicable household. "Adjusted for Family Size Appropriate for the Unit" shall be determined consistent with Section 50052.5(h) of the California Health and Safety Code and federal rules applicable to the Project; provided that, with respect to the HOME Assisted Units, if a conflict exists between Section 50052.5(h) of the California Health and Safety Code and the HOME Regulations, the HOME Regulations shall govern. "Affordable Rent" means the following amounts, less a utility allowance and such other adjustments as required pursuant to the HOME Regulations: (i) for units that are restricted for rental to households with incomes of not more than thirty -five percent (35 %) of AMI ( "35% Units "), a monthly rent that does not exceed one - twelfth of thirty percent (30 %) of thirty -five percent (35 %) of Area Median Income, Adjusted for Family Size Appropriate for the Unit, (ii) for units that are restricted for rental to households of Very Low Income ( "Very Low - Income Units "), a monthly rent that does not exceed one - twelfth of thirty percent (30 %) of fifty percent (50 %) of Area Median Income, Adjusted for Family Size Appropriate for the Unit, and (iii) for units that are restricted for rental to households with incomes of not more than sixty percent (60 %) of 1753724.3 3