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E.The City has agreed to make the Loan to Developer on the condition that the Property be maintained and operated in accordance with restrictions concerning occupancy, operation, and maintenance of the Property that are set forth in this Regulatory Agreement and in the Loan Agreement. City and Developer anticipate that the Property will be conveyed to Housing Consortium of the East Bay("HCEB")or a wholly controlled affiliate of HCEB, at which time this Regulatory Agreement and other Loan documents will be assigned by Developer to HCEB or its affiliate. NOW,THEREFORE, the parties hereto agree as follows: 1. Recitals. The foregoing recitals are a part of this Regulatory Agreement. 2. Definitions. For the purpose of this Regulatory Agreement the following definitions shall apply: "Area Median Income" means the median income for Alameda County, California, as published from time to time by the U.S. Department of Housing and Urban Development (HUD). "Assisted Unit"means the single-family home located at 324 Lille Avenue in San Leandro, CA 94577, the development of which is assisted with funds provided through the HOME Program pursuant to the Loan Agreement. "HOME Rents" means rents calculated annually by HUD and are the following: Thirty percent (30%)of fifty percent(50%)of Area Median Income, adjusted for imputed household size pursuant to Section 7 below("Low HOME Rents"). "HUD" means the United States Department of Housing & Urban Development. "Rent"means all charges, other than deposits, paid by the tenant for the use and occupancy of an assisted unit and any mandatory charge for direct or supportive tenant services in a rental housing development, including a utility allowance in an amount determined by HUD. "Very Low-Income Household" means a household whose gross household income is fifty percent (50%) or less of the Area Median Income, adjusted for actual household size. 3. Compliance with Program Requirements. Developer agrees that at all times its acts regarding the Development and the use of funds provided pursuant to the Loan Agreement shall be in conformity with all provisions of the HOME Program including the statutes, rules and regulations and such policies and procedures of the City and of HUD pertaining thereto. Developer acknowledges that it is familiar with such applicable provisions and has been professionally advised to the extent necessary for the purpose of enabling Developer to comply fully with such provisions. 4. Term of Regulatory Agreement. The term of this Regulatory Agreement shall commence upon recordation of this Regulatory Agreement in the Official Records of Alameda County, and this Regulatory Agreement shall remain in full force and effect through and including the date which is fifty-five (55) years following the date of recordation of this Regulatory Agreement, unless terminated earlier pursuant to the terms of this Regulatory Agreement. 2220342.1 Page 2