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Project or any transferee project(such IUCs being referred to herein as the"Unconditional IUCs"). 1. In connection with the transfer of each of the IUCs other than the Unconditional IUCs (collectively,the "Conditional IUCs"),the Developer will be required to make one Project unit subject to a restriction on the maximum rent to be charged for such unit to no greater than one-twelfth (1/12th) of one hundred percent (100%) of the Area Median Income,as adjusted by HUD for median income households,as further adjusted for the household sizes listed in Section 2 below multiplied by thirty percent(30%) ("Median Income Units"). J. The parties desire to enter into this agreement to set forth the terms and conditions for the issuance, approval and transfer of the Inclusionary Unit Credits, which supersedes the processes and approvals otherwise required by the Resolution. NOW,THEREFORE,for good and valuable consideration,the receipt an] sufficiency of which are hereby acknowledged, the parties hereby agree as follows: Section I. Conditional Issuance of IUCs. Developer is agreeing to take on more affordable housing development restrictions than the minimum required in conrection with the development of the Project in order for Developer to be able to transfer to and for the benefit of a Permitted Transferee (as defined below) the rights to develop sixteen (16) market rate units. 'The City hereby issues to Developer eight Unconditional and eight Conditional Inclusionary Unit Credits arising from the Project providing thirty five Very-Low Income Units. Section 2. Additional Affordability Restrictions. (a) The Developer shall not be required to impose any rent or income restrictions upon any Project units in connection with the transfer of the Unconditional IUC; to a Permitted Transferee. (b) In connection with the transfer of each Conditional IUC o a Permitted Transferee, the Developer shall be required to make one Project unit (excluding the Very-Low Income Units) to become restricted as a Median Income Unit. Section 3. Rent Restrictions. Rents for Median Income Units arising from the Conditional IUCs shall be based on the following deemed household sizes: Unit T i e Deemed Household Size I Bedroom Unit Two (2) person household 2 Bedroom Unit Three(3) person household 3 Bedroom Unit Five(5) person household The monthly rent for each of the Median Income Units shall be calculated so that it shall not exceed one-twelfth (I/12th) of one hundred percent (100%) of the Area Mecian Income, as adjusted by HUD for median income households, as further adjusted for the tousehold sizes listed above,multiplied by thirty percent (30%). Rent limits for Median Income Units shall be in accordance with the City Rent Schedule (as defined in the Affordable Housing Agreement).