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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 <br />