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described herein for the term of this Regulatory Agreement. All Assisted Units will be rented at <br />affordable rents to households who qualify as Very-Low Income Households. <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 <br />apply: <br />a. "Area Median Income" means the median income for Alameda County, <br />California, as published from time to time by the U.S. Department of Housing and Urban <br />Development (HUD). <br />b. "Assisted Unit" means a dwelling unit, the development of which is assisted with <br />funds provided through the HOME Program pursuant to the Loan Agreement. <br />c. "HOME Rents" means rents calculated annually by HUD and are the following: <br />Thirty percent (30%) of fifty percent (50%) of Area Median Income, adjusted for imputed <br />household size pursuant to Section 7 below ("Low HOME Rents"). <br />d. "HUD" means the United States Department of Housing & Urban Development. <br />e. "Rent" means all charges, other than deposits, paid by the tenant for the use and <br />occupancy of an assisted unit and any mandatory charge for direct or supportive tenant services <br />in a rental housing development, including a utility allowance in an amount determined by HUD. <br />f. "Very Low-Income Household" means a household whose gross household <br />income is fifty percent (50%) or less of the Area Median Income, adjusted for actual household <br />size. <br />3. Compliance with Program Requirements. Developer agrees that at all times its acts <br />regarding the Development and the use of funds provided pursuant to the Loan Agreement shall <br />be in conformity with all provisions of the HOME Program including the statutes, rules and <br />regulations and such policies and procedures of the City and of HUD pertaining thereto. <br />Developer acknowledges that it is familiar with such applicable provisions and has been <br />professionally advised to the extent necessary for the purpose of enabling Developer to comply <br />fully with such provisions. <br />4. Term of Regulatory Agreement. The term of this Regulatory Agreement and the <br />Developer's obligations hereunder shall commence upon recordation of this Regulatory <br />Agreement in the Official Records of Alameda County, and this Regulatory Agreement shall <br />remain in full force and effect through and including the date which is twenty (20) years <br />following the date of recordation of this Regulatory Agreement, unless terminated earlier <br />pursuant to the terms of this Regulatory Agreement. <br />144\221\1488729.2