|
and (ii) for units that are restricted for rental to households with incomes of not more than eighty
<br /> percent (80%) of AMI, a monthly rent that does not exceed one-twelfth of thirty percent(30%)
<br /> of eighty percent(80%) of Area Median Income, Adjusted for Family Size Appropriate for the
<br /> Unit (as defined in Section 50052.5(h) of the California Health and Safety Code).
<br /> (b) Applicable Laws is defined in Section 9.7.
<br /> (c) Area Median Income or AMI means the median income for Alameda
<br /> County, California, adjusted for actual household size, as determined in accordance with TCAC
<br /> regulations.
<br /> 1 (d) Approved Loans: All loans, including without limitation, the Senior Loan,
<br /> the City Loan, the City HOME Loan, the County Loan obtained from time to time by Lessee for
<br /> the construction and permanent financing of the Improvements in compliance with the Financing
<br /> Plan attached hereto as Exhibit D, as such Financing Plan may be revised from time to time by
<br /> written consent of the Parties.
<br /> (e) Casualty: As defined in Article 11 hereof
<br /> (f) City: The City of Pleasanton, California.
<br /> (g) City HOME Loan: means that certain HOME Investment Partnerships
<br /> Program(HOME) Loan from the City to MidPen in the principal amount of Four Hundred Fifty
<br /> Thousand ($450,000) as evidenced by that certain HOME Investments Partnerships Program
<br /> (HOME) Agreement Between City of Pleasanton and MidPen Housing Corporation to Assist
<br /> with Development of Phase 1 of Kottinger Gardens Development Project dated October 24, 2014
<br /> (the "City HOME Loan Agreement), as assigned from MidPen to Lessee pursuant to an
<br /> assignment and assumption agreement to be executed concurrently herewith.
<br /> (h) City HOME Loan Agreement is defined in the preceding paragraph.
<br /> (i) City Loan: means that certain construction/permanent loan to be provided
<br /> by City to Lessee pursuant to the terms set forth in that certain Affordable Housing Loan
<br /> Agreement between City and Lessee being executed concurrently herewith, which City Loan
<br /> consists of Two Million Eight Hundred Thousand Dollars ($2,800,000) that has been or will be
<br /> disbursed for Project predevelopment expenses and an additional Ten Million, Nine Hundred
<br /> Fifty Thousand Dollars ($10,950,000) that will be disbursed for Project construction costs.
<br /> (j) Claims: means collectively: claims, demands, actions, causes of action,
<br /> suits,judicial or administrative proceedings, damages, losses, liabilities, costs, expenses
<br /> (including without limitation reasonable attorneys' fees), damages, penalties, deficiencies, fines,
<br /> orders, charges,judgments, remedial action requirements, and enforcement actions of any kind.
<br /> (k) Construction Plans: means all construction documents upon which Lessee
<br /> and Lessee's contractors shall rely in developing the Land and constructing the Project
<br /> (including landscaping, parking, common and public areas) and shall include, without limitation,
<br /> final architectural drawings, the site development plan, landscaping, exterior lighting and signage
<br /> 2
<br /> 191A52V1656915.8
<br /> OAK#4834-9609-1684 v8
<br />
|