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E. The City has agreed to make the Loan to Developer on the condition that the Property be <br />maintained and operated in accordance with restrictions concerning occupancy, operation, and <br />maintenance of the Property that are set forth in this Regulatory Agreement and in the Loan <br />Agreement. City and Developer anticipate that the Property will be conveyed to Housing <br />Consortium of the East Bay ("HCEB") or a wholly controlled affiliate of HCEB, at which time this <br />Regulatory Agreement and other Loan documents will be assigned by Developer to HCEB or its <br />affiliate. <br />NOW, THEREFORE, the parties hereto agree as follows: <br />1. Recitals. The foregoing recitals are a part of this Regulatory Agreement. <br />2. Definitions. For the purpose of this Regulatory Agreement the following definitions shall apply: <br />"Area Median Income" means the median income for Alameda County, California, as <br />published from time to time by the U.S. Department of Housing and Urban Development (HUD). <br />"Assisted Unit" means the single-family home located at 324 Lille Avenue in San Leandro, <br />CA 94577, the development of which is assisted with funds provided through the HOME Program <br />pursuant to the Loan Agreement. <br />"HOME Rents" means rents calculated annually by HUD and are the following: Thirty <br />percent (30%) of fifty percent (50%) of Area Median Income, adjusted for imputed household size <br />pursuant to Section 7 below ("Low HOME Rents"). <br />"HUD" means the United States Department of Housing & Urban Development. <br />"Rent" means all charges, other than deposits, paid by the tenant for the use and occupancy <br />of an assisted unit and any mandatory charge for direct or supportive tenant services in a rental <br />housing development, including a utility allowance in an amount determined by HUD. <br />"Very Low -Income Household" means a household whose gross household income is fifty <br />percent (50%) or less of the Area Median Income, adjusted for actual household size. <br />3. Compliance with Program Requirements. Developer agrees that at all times its acts regarding the <br />Development and the use of funds provided pursuant to the Loan Agreement shall be in conformity <br />with all provisions of the HOME Program including the statutes, rules and regulations and such <br />policies and procedures of the City and of HUD pertaining thereto. Developer acknowledges that it <br />is familiar with such applicable provisions and has been professionally advised to the extent <br />necessary for the purpose of enabling Developer to comply fully with such provisions. <br />4. Term of Re ul�atoly Agreement. The term of this Regulatory Agreement shall commence upon <br />recordation of this Regulatory Agreement in the Official Records of Alameda County, and this <br />Regulatory Agreement shall remain in full force and effect through and including the date which is <br />twenty (20) years following the date of recordation of this Regulatory Agreement, unless terminated <br />earlier pursuant to the terms of this Regulatory Agreement. <br />2220342.1 Page 2 <br />