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The City Loan is evidenced by a Secured Promissory Note ("City Note") executed by Owner and dated May 1, 2017, and is secured by a Leasehold Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing ("Leasehold Deed of Trust") dated as of the date hereof and executed by Owner for the benefit of City. The Leasehold Deed of Trust will be recorded in the Official Records substantially concurrently herewith. G. As a condition to their agreement to provide financing for the Project, City requires the Project to be subject to the HOME Restrictions and the other conditions, restrictions, reservations and rights of the City set forth herein. H. The Parties have agreed to enter into and record this Agreement in order to satisfy the conditions described in the foregoing Recitals. The purpose of this Agreement is to regulate and restrict the occupancy and rents of the Project's Restricted Units for the benefit of the Project occupants. The Parties intend the covenants set forth in this Agreement to run with the land and to be binding upon Owner and Owner's successors and assigns for the Rill term of this Agreement. NOW THEREFORE, in consideration of the foregoing, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows. 1. Definitions. The following terms have the meanings set forth in this Section wherever used in this Agreement or the attached exhibits. (a) "Area Median Income" or "AMP' means the area median income for Alameda County, California, adjusted for household size, determined periodically by the California Department of Housing and Community Development ("HCD") as published in Section 6932 of Title 25 of the California Code of Regulations or successor provision published pursuant to California Health and Safety Code Section 50093(c). If HCD ceases to make such determination, Area Median Income shall be the median income applicable to Alameda County, with adjustments for household size, as determined from time to time by the U.S. Department of Housing and Urban Development ("HUD") pursuant to the United States Housing Act of 1937 as amended, or such other method of median income calculation applicable to the City of San Leandro that HUD may hereafter adopt in connection with such Act. (b) "Eligible Household" means a household for which gross household income upon initial occupancy does not exceed the maximum income level for a Restricted Unit as specified in Section 2.3 and that meets the requirements set forth in Section 2.1. 1 (c) "HOME Assisted Unit" means the meaning set forth in Section 2.1(b). (d) "Qualifying Rent" means rent published by TCAC for units occupied by a 50% Income Household in Alameda County, for the applicable unit size, but in no event less that the rents published by TCAC for a 50% Income Household in Alameda County, for the applicable unit size as of the date of recordation of this Agreement. Notwithstanding the preceding sentence, for HOME -assisted units as described in Section 2.1a below, annual rents shall not exceed the "Low HOME Rent Limits" for the applicable unit size as published annually by the U.S. Department of Housing and Urban Development (HUD). 144\259\1892895.5 7