10A Action 2012 0618 - Laserfiche WebLink

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F. 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 iie 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. 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 applicable federal rules (if any). "Affordable Rent" means the following amounts, less a utility allowance and such other adjustments as required pursuant to Section 6918 of the Regulations: (i) for units that are restricted for rental to households with incomes of not more than 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 (ii) for units that are restricted for rental to households with incomes of not more than ninety percent (90 %) of AMI ( "90% Units "), a monthly rent that does not exceed one - twelfth of thirty percent (30 %) of ninety percent (90 %) of Area Median Income, Adjusted for Family Size Appropriate for the Unit. "Area Median Income" or "AMI" means the median income for Alameda County, California, adjusted for Actual Household Size, as determined by the U.S. Department of Housing and Urban Development ( "HUD ") pursuant to Section 8 of the United States Housing Act of 1937 and as published from time to time by the State of California Department of Housing and Community Development ( "H,CD ") 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). "Claims" is defined in Section 10 . "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 2.1 and Exhibit B "Indemnitees" is defined in Section 10 . 1865088.5 3