Deed - 2390 E 14th St - File 1355, 2000

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if such household's income rises above the limit established in this section but does not exceed eighty percent (80%) of the Median Gross Income for the Area. SECTION 2. INTERPRETATION. Words importing any gender include all genders. Words importing person include firms, associations and corporations. Words importing the singular shall include the plural and vice versa. The terms "herein," "hereunder," "hereby," "hereto," "hereof," and any similar terms refer to this Agreement, the term "heretofore" means before the.date of this Agreement, and the term "hereafter" means after the date of this Agreement. Articles and Sections mentioned by number only are the respective Articles and Sections of this Agreement so numbered. Reference to "this Article," "this Section," or "this subsection," shall refer to the particular Article. Section or subsection in which such reference appears. Any captions, titles or heading preceding the text of any Article or Section herein and any table of contents or index attached to this Agreement or any copy thereof are solely for convenience of reference and shall not constitute part of this Agreement or affect its meaning, construction, or effect. SECTION 3. TERM OF AGREEMENT The terms of this Agreement shall be for 55 years from the Date of Initial Occupancy. SECTION 4. USE OF PROPERTY Project shall be used for residential housing for developmentally disabled residents. At least forty- nine percent (49%) of the units will be available for very low and low income households. SECTION 5. RENT RESTRICTIONS At least 25% of the units shall have rents set such that they do not exceed thirty percent (30%) of the gross monthly income of a household earning eighty percent (80%) of the area median gross income as adjusted by household size; and at least 24% of the units shall have rents set such that they do not exceed thirty percent (30%) of the gross monthly income of a household earning fifty percent (50%) of the area median gross income as adjusted by household size. Gross rent does not include any payment under Section 8 of the United States Housing Act of 1937 or any comparable federal rental assistance program (with respect to such unit or occupants thereof) but does include any utility allowance determined by the Secretary after taking into account such determinations under Section 8 of the United States Housing Act. If Developer fails to obtain federal funding that will result in all of the units restricted as affordable units under federal law, the Agency and Developer shall be required to meet and confer to determine how to amend this Regulatory Agreement to ensure the maximum affordability permitted by law.