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(b) "Adjusted for Family Size Appropriate for the Unit" shall be determined consistent with Section 50052.5(h) of the California Health and Safety Code, subject to the application of federal rules and regulations applicable to Project financing sources, including Section 42(g)(2) of the Internal Revenue Code of 1986 as amended (or successor provision). (c) "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 twenty percent (20%) of AMI ("20% Units"), a monthly rent that does not exceed one -twelfth of thirty percent (30%) of twenty percent (20%) of Area Median Income, Adjusted for Family Size Appropriate for the Unit, (ii) for units that are restricted for rental to households with incomes of not more than forty percent (40%) of AMI ("40% Units"), a monthly rent that does not exceed one -twelfth of thirty percent (30%) of forty percent (40%) of Area Median Income, Adjusted for Family Size Appropriate for the Unit; (iii) for units that are restricted for rental to households with incomes of not more than fifty percent (50%) of AMI ("50% Units"), a monthly rent that does not exceed one -twelfth of thirty percent (30%) of fifty percent (50%) of Area Median Income, Adjusted for Family Size Appropriate for the Unit; and (iv) for units that are restricted for rental to households with incomes of not more than sixty percent (60%) of AMI ("60% Units"), 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 Appropriate for the Unit. (d) "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 principal amount of Dollars ($ ). (e) "Applicable Laws" is defined in Section 9.7. (f) "Area Median Income" or "AMI" means the median income for Alameda County, California, adjusted for Actual Household Size, as determined by HUD pursuant to Section 8 of the United States Housing Act of 1937 and as published from time to time by the State of California Department of Housing and Community Development ("HCD") in Section 6932 of Title 25 of the California Code of Regulations or successor provision published pursuant to California Health and Safety Code Section 50093(c). (g) "Approved Loans" means all loans, including without limitation, the Senior Loans, 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 written 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. (h) "Casualty" is defined in Article 11 hereof. (i) "City" means the City of Pleasanton, California. 2 OAK #4823-7863-2026 v2