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03
City of Pleasanton
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030116
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2/25/2016 4:13:47 PM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
3/1/2016
DESTRUCT DATE
15Y
DOCUMENT NO
03
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G. The purpose of this Agreement is to satisfy the affordability requirements of the <br /> City's affordable housing program and to regulate and restrict the occupancy and rents of the <br /> Project's Restricted Units for the benefit of the Project occupants. The Parties intend the covenants set <br /> forth in this Agreement to run with the land and to be binding upon Owner and Owner's successors <br /> and assigns for the full term of this Agreement. <br /> NOW THEREFORE, in consideration of the foregoing, and other valuable <br /> consideration,the receipt and sufficiency of which are hereby acknowledged, the Parties hereby <br /> agree as follows. <br /> 1. Definitions. The following terms have the meanings set forth in this Section wherever <br /> used in this Agreement or the attached exhibits. <br /> "Actual Household Size" means the actual number of persons in the applicable <br /> household. <br /> "Adjusted for Family Size Appropriate for the Unit" shall be determined consistent <br /> with Section 50052.5(h)of the California Health and Safety Code, subject to the application of <br /> federal rules and regulations applicable to Project financing sources, including Section 42(g)(2) <br /> of the Internal Revenue Code of 1986 as amended(or successor provision). <br /> "Affordable Rent" means the following amounts, less a utility allowance and other fees <br /> and charges required to be paid by tenants of the Project on a non-optional basis: (i) for units <br /> that are restricted for rental to households with incomes of not more than sixty percent(60%)of <br /> AMI("60% Units"), a monthly rent that does not exceed one-twelfth of thirty percent(30%)of <br /> sixty percent (60%)of Area Median Income,Adjusted for Family Size Appropriate for the Unit, <br /> and(ii) for units that are restricted for rental to households with incomes of not more than eighty <br /> percent(80%)of AMI("80% Units"), a monthly rent that does not exceed one-twelfth of thirty <br /> percent(30%)of eighty percent(80%)of Area Median Income, Adjusted for Family Size <br /> Appropriate for the Unit <br /> "Area Median Income" or "AMI" means the median income for Alameda County, <br /> California, adjusted for Actual Household Size, as determined pursuant to California Tax <br /> Credit Allocation("TCAC") regulations. <br /> "City's Authorized Representative" means the City Manager of the City of <br /> Pleasanton. <br /> "City Documents" means the Loan Agreement, the Note, the City HOME Note, the <br /> City HOME Deed of Trust, the Deed of Trust, the Ground Lease, and this Agreement. <br /> "City HOME Deed of Trust" is defined in Recital F. <br /> "City HOME Loan" is defined in Recital D. <br /> 3 <br /> OAK #4832-3506-8205 v2 <br />
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