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Restricted Units for the benefit of the Project occupants. The Parties intend the <br /> covenants set forth in this Agreement to run with the land and to be binding upon <br /> • Owner and Owner's successors and 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 Section 6918 of the Regulations: (i) for <br /> units that are restricted for rental to households with incomes of not more than Very <br /> Low-Income ("Very Low-Income Units") , 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, and (ii) for units that are restricted for rental to <br /> • <br /> households with incomes of not more than ninety percent (90%) of AMI ("90% Units"), <br /> a monthly rent that does not exceed one-twelfth of thirty percent (30%) of ninety <br /> • percent (90%) of Area Median Income, Adjusted for Family Size Appropriate for the <br /> 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 published <br /> 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 the maximum income level for a Restricted Unit <br /> as specified in Section 2.1 and Exhibit B. <br /> "Indemnitees" is defined in Section 10. <br /> "Regulations" means Title 25 of the California Code of Regulations. <br /> "Restricted Unit" means a dwelling unit which is reserved for occupancy at an <br /> 18 6 5®81$22$\1339451.3 3 <br />