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Affordable Rent by a household of not more than a specified household income in <br /> accordance with and as set forth in Sections 2.1 and 2.2 and Exhibit B. <br /> • <br /> "Very Low-Income" means an annual gross household income that is less than <br /> or equal to the qualifying limits for households of Very Low-Income, adjusted for actual <br /> household size, as determined periodically by HUD on the basis of gross annual <br /> household income, and published by HCD in the Regulations for Alameda County. If <br /> HUD ceases to make such determination, "Very Low-Income" shall be defined as not • <br /> greater than fifty percent (50%) of Area Median Income adjusted for household size, as <br /> published by HCD in the Regulations. If both HCD and HUD cease to make such <br /> determinations, City in its reasonable discretion may designate another definition of <br /> "Very Low-Income" used by any other federal or state agency.so long as such definition <br /> is no more restrictive than that set forth herein. <br /> 2. Use and Affordability Restrictions. Owner hereby covenants and agrees, for <br /> itself and its successors and assigns, that the Owner's interest in the Property shall be <br /> used solely for the operation of a multifamily rental housing development that may <br /> include commercial and retail space, in compliance with the OPA and the requirements <br /> set forth herein. Owner represents and warrants that it has not entered into any <br /> agreement that would restrict or compromise its ability to comply with the occupancy <br /> and affordability restrictions set forth in this Agreement, and Owner covenants that it <br /> shall not enter into any agreement that is inconsistent with such restrictions without the <br /> express written consent of City. <br /> 2.1 Affordability Requirements. For a term of fifty-five (55) years commencing <br /> . upon the date of issuance of a final certificate of occupancy for the Project not less than <br /> fifty-five (55) of the residential units in the Project shall be shall be both Rent Restricted <br /> (as defined below) and occupied (or if vacant, available for occupancy) by Eligible . <br /> Households who qualify as Very Low-Income, and not less than an additional fifty-eight <br /> (58) of the residential units in the Project shall be both Rent Restricted and occupied (or <br /> if vacant, available for occupancy) by Eligible Households whose income is less than or <br /> equal to ninety percent (90%) of Area Median Income. <br /> In the event that recertification of tenant incomes indicates that the number of <br /> Restricted Units actually occupied by Eligible Households falls below the number <br /> reserved for each income group as specified in this Section, Owner shall rectify the <br /> condition by renting the next available dwelling unit(s) in the Project to Eligible <br /> Household(s) until the required income mix is achieved. A dwelling unit shall qualify as <br /> °Rent Restricted" if the gross rent charged for such unit does not exceed the <br /> Affordable Rent for the applicable household income category as set forth in Exhibit B, <br /> subject to Section 2.2.1. <br /> Notwithstanding anything to the contrary contained in this Agreement, if other <br /> lenders, investors or regulatory agencies restrict a greater number of units than <br /> restricted by this Agreement or require stricter household eligibility or affordability <br /> requirements than those imposed hereby, the requirements of such other lenders, <br /> investors or regulatory agencies shall prevail. <br /> 18 650E02$\1339451.3 4 <br /> • <br /> • <br />