RES 17969 - Laserfiche WebLink

(b) Affordable Rent means the following amounts, less a utility allowance and other fees and charges required to be paid by tenants of the Project on a non-optional basis: (i) for units that are restricted for rental to households with incomes of not more than sixty percent (60%) of AMI, a monthly rent that does not exceed one-twelfth of thirty percent (30%) of sixty percent (60%) of Area Median Income, Adjusted for Family Size Appropnate for the Unit; and (ii) for units that are restricted for rental to households with incomes of not more than eighty percent (80%) of AMI, a monthly rent that does not exceed one-twelfth of thirty percent (30%) of eighty percent (80%) of Area Median Income, Adjusted for Family Size Appropriate for the Unit. (c) AHP Loan means that certain construction/permanent loan provided by the Federal Home Loan Bank Affordable Housing Loan Program to be provided to Lessee in the pnncipal amount of Eight Hundred Thousand($800,000) (d) Applicable Laws is defined in Section 9 7 (e) Area Median Income or AMI means the median income for Alameda County, California, adjusted for actual household size, as determined in accordance with TCAC regulations (f) Approved Loans All loans, including without limitation, the Senior Loan, the City Loan, , the AHP Loan, and the County Loan obtained from time to time by Lessee for the construction and permanent financing of the Improvements in compliance with the Financing Plan attached hereto as Exhibit D, as such Financing Plan may be revised from time to time by wntten consent of the Parties, and the refinancing of any such loan provided that the new loan does not exceed the greater of(i) the outstanding principal balance of the original loan, and (ii) eighty percent (80%) the value of the Improvements as determined by an appraisal conducted at Lessee's expense by an MAI appraiser selected by the lender and approved by Lessor (g) Casualty As defined in Article 11 hereof. (h) City: The City of Pleasanton, California (i) City Loan means that certain construction/permanent loan to be provided by City to Lessee pursuant to the terms set forth in that certain Affordable Housing Loan Agreement between City and Lessee being executed concurrently herewith, which City Loan consists of One-Hundred Twenty-Five Thousand Five-Hundred Seventy-Five Dollars and 29/100 cents ($125,575 29) that has been disbursed for Project predevelopment expenses and an additional Two Million Eight Hundred Twenty Five Thousand Three Hundred Sixty Dollars ($2,825,360) that will be disbursed for Project construction costs (1) Claims. means collectively: claims, demands, actions, causes of action, suits,judicial or administrative proceedings, damages, losses, liabilities, costs, expenses (including without limitation reasonable attorneys' fees), damages, penalties, deficiencies, fines, orders, charges,judgments, remedial action requirements, and enforcement actions of any kind (k) Construction Plans: means all construction documents upon which Lessee and Lessee's contractors shall rely in developing the Land and constructing the Project 2 191\52\1656915 8 OAK#4834-9609-1684 v9