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E. The Developer and the City wish to ensure that the <br />purposes of the lower-income exemption are achieved and ~ish <br />to formalize their mutual understandings of the requirements <br />of the exemption through this regulatory agreement. <br /> <br /> NOW, THEREFORE, in consideration of the mutual covenants <br />and undertakings set forth herein, and other good and valuable <br />consideration, the receipt and sufficiency of which hereby <br />are acknowledged, the Developer and the City hereby agree as <br />follows: <br /> <br /> 1. Occupancy by Lower-Income Households. <br /> <br /> The Developer agrees that not less than twenty-five <br /> <br />percent (25%) of the total number of dwelling units in the <br />Project after completion, but in no event fewer than twenty-seven <br />(27) units, shall be occupied, or available for occupancy, <br />by lower-income households on a continuous basis. <br /> <br /> a. For the purpose of this Agreement, "lower- <br /> <br />income households" means those individuals or families wkth " <br />incomes no greater than 80% of the median family xncome for <br />the San Francisco-Oakland Standard Metropolitan Statistical <br />Area for a family of four persons, adjusted up or down for <br />larger or smaller household sizes and as established by the <br />United States Department of Housing and Urban Development <br />(HUD). Individuals or families who certify they meet the <br />qualifications for eligibility as lower-income households as <br />set forth in the Certification of Tenant Eligibility, attached <br />as Exhibit "B" and incorporated herein by this reference, <br />shall be deemed lower-income households unless Developer <br /> <br />-2- <br /> <br /> <br />