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<br />4879-3324-5885v3 <br />4 <br />“Deed of Trust” is defined in Recital D. <br /> “Eligible Household” means a household for which household Gross Income upon initial <br />occupancy does not exceed the maximum income level for a Restricted Unit as specified in <br />Sections 3.2(c) and 3.2(d) and that includes at least one member who is age 62 or older or other <br />qualifying resident as defined in California Civil Code Section 51.3. <br />“Financial Feasibility” is defined in Section 3.3. <br />“Gross Income” means the applicable household’s total Gross Income as determined in <br />accordance with Section 42(g)(2) of the Internal Revenue Code of 1986, as amended, and <br />applicable federal and CTCAC Regulations. <br /> <br /> “Ground Lease” is defined in Recital B. <br /> <br />“HUD” means the U.S. Department of Housing and Urban Development. <br /> “Indemnitees” means collectively, the City and its elected and appointed officers, <br />officials, employees, agents, contractors, consultants, and representatives. <br />“Initial Affordability Restriction Period” is defined in Section 2. <br />“Loan” is defined in Recital D. <br /> “Marketing Plan” is defined in Section 6.5. <br /> “Note” is defined in Recital D. <br />“Permitted Annual Rent Increase” is defined in Section 3.2(b). <br />“Project” is defined in Recital B. <br />“Property” is defined in Recital A. <br />“Property Management Plan” is defined in Section 6.5. <br />"Restricted Units" means the 198 dwelling units in the Project that are reserved for <br />occupancy at an Affordable Rent by Eligible Households of specified household income levels <br />as set forth in Section 3.2. <br />“Term” is defined in Section 2. <br />2. Term of Agreement; Initial Affordability Restriction Period. <br />2.1 Term. The term of this Agreement (the “Term”) shall be coterminous with the <br />Ground Lease, i.e., this Agreement shall remain in effect for the period commencing on the <br />Effective Date and terminating on the seventy-fifth (75th) anniversary of the Effective Date, <br />subject to the following: <br />Page 117 of 720