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housing development in compliance with the requirements set forth herein and in the Regulatory Agreement. Throughout the Term: not less than six (6) of the residential units in the Project shall be available at Affordable Rents to households whose income is no greater than twenty percent (20%) of Area Median Income, not less than an additional three (3) of the residential units in the Project shall be available at Affordable Rents to households whose income is no greater than forty percent (40%) of Area Median Income, not less than an additional fourteen (14) of the residential units in the Project shall be available at Affordable Rents to households whose income is no greater than fifty percent (50%) of Area Median Income, and not less than an additional six (6) of the residential units in the Project shall be available at Affordable Rents to households whose income is no greater than sixty percent (60%) of Area Median Income. Two (2) residential units shall be manager/staff units that will not be subject to rent or occupancy restrictions. Developer shall comply with rent and occupancy restrictions imposed by all applicable financing sources and regulatory agencies if such agencies impose requirements on the Project that are more stringent than those set forth in this Agreement. In the event that recertification of tenant incomes indicates that the number of residential units actually occupied by Eligible Households falls below the number reserved for each income group as specified in this Section 9.8, Lessee shall rectify the condition by renting the next available dwelling unit(s) in the Project to Eligible Household(s) until the required income mix is achieved. Section 9.9 Preference for City of Pleasanton Residents and Employees. In order to ensure that there is an adequate supply of affordable housing within the City of Pleasanton for residents and employees of businesses within the City, to the extent permitted by law and consistent with the program regulations for funding sources used for development of the Project, Lessee shall give a preference in the rental of the residential units in the Project to Eligible Households who live or work in the City of Pleasanton. Notwithstanding the foregoing, in the event of a conflict between this provision and the provisions of Section 42 of the Internal Revenue Code of 1986, as amended, or HUD regulations applicable to the Project (including without limitation, requirements applicable to the Project due to any Section 8 rental subsidy contract), the provisions of such Section 42 and HUD regulations and requirements shall control. Lessee shall comply with City's Affirmative Marketing Policies or other rental policies and procedures as they may be amended from time to time to ensure that residents and people who work in Pleasanton are provided reasonable notice and opportunity to rent units in the Project. Section 9.10 Reporting Requirements; Access to Information; Inspections. (a) Tenant Certification. Lessee or Lessee's authorized agent shall obtain from each household prior to initial occupancy of each residential unit in the Project (except the manager's unit), and on every anniversary thereafter, a written certificate containing all of the following in such format and with such supporting documentation as Lessor may reasonably require: (i) the identity of each household member; (ii) the total gross household income; and (iii) verification that the household qualifies as an Eligible Household. (b) Annual Report. Following completion of construction of the Project, on each June 1 during the term of this Lease, Lessee shall submit an annual report ("Annual Report") to the Lessor in form satisfactory to Lessor, together with a certification that the 27 OAK #4823-7863-2026 v2