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SECTION 3. TERM OF AGREEMENT The terms of this Agreement shall be for 55 years from the Date of Initial Occupancy. At the end of this term, Developer may either request extending the terms of this Agreement or request disposition instruction from the City per Section 17 of this Agreement. SECTION 4. USE OF PROPERTY Project shall be used for residential housing. At least forty-nine percent (49%) of the units will be available for low income households, with a minimum of eleven (11) floating units used for Very Low Income households in accordance with HOME Program regulations 24 CFR Part 92 ("HOME Assisted Units"). At least 25% of the units shall be unrestricted as to income levels of tenants. The Redevelopment Administrator may, in his or her discretion, modify this 25% requirement upon request of the Developer based on information about the income levels of tenants in the building. SECTION 5. OCCUPANCY After the Date of Initial Occupancy, the Project shall include eleven (11) units of housing for Very Low Income households, all of which shall be regulated in accordance with the HOME Program regulations 24 CFR Part 92. Terms of the leases shall be governed by HOME regulations 24 CFR part 92.253. SECTION 6. RENT LEVELS Rent levels in the HOME Units shall be established in accordance with HOME regulation and with the approval of the County of Alameda. HUD updates allowable HOME rents annually and the County of Alameda will inform Developer of the new rents as soon as the City receives them. Any changes to the HOME allowable rents, either increases or decreases, shall be passed on to tenants upon renewal of a lease or to a new tenant moving into a vacated unit. SECTION 7. EVICTION As provided by HOME regulations 24 CFR Part 92.253, eviction shall be only for serious or repeated violation of the lease; violation of applicable federal, state, or local law, or for other good cause. 3