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Maximum <br />30% <br />50% <br />60% <br />Household Income <br />AMI <br />AMI <br />AMI <br />Mgr <br />Subtotal <br />Unit <br />Total <br />Unit Size <br />1 -Bedroom <br />18 <br />55 <br />107 <br />180 <br />0 <br />180 <br />2 -Bedroom <br />2 <br />5 <br />11 <br />18 <br />2 <br />20 <br />L Total <br />20 <br />60 <br />118 <br />198 <br />2 <br />200 <br />In the event that recertification of tenant incomes indicates that the number of residential <br />units actually occupied by Eligible Households falls below the number reserved for each <br />income group as specified in this Section, Owner shall rectify the condition by renting the next <br />available dwelling unit(s) in the Project to Eligible Household(s) until the required income mix <br />is achieved. <br />(d) Income Limits and Maximum Rents Following Expiration of Initial Affordability <br />Restriction Period. Upon expiration of the Initial Affordability Restriction Period, subject to <br />Section 3.5 below: (i) upon vacancy, the Restricted Units shall be occupied, or if vacant <br />available for occupancy, by households with household Gross Income not greater than eighty <br />percent (80%) of Area Median Income adjusted for Actual Household Size, and (ii) maximum <br />rents shall be limited to not greater than Affordable Rent for households whose household Gross <br />Income does not exceed eighty percent (80%) of Area Median Income Adjusted for Household <br />Size Appropriate for the Unit as published by CTCAC; provided however, rent payable by <br />residents residing in a Restricted Unit as of the date that the Initial Affordability Restriction <br />Period expires shall be limited to the rent required by the resident's lease or rental agreement in <br />effect immediately prior to such expiration date, subject to Permitted Annual Rent Increases. <br />3.3 Rent Float -Up Provisions. Subject to compliance with Section 3.2(b) and the <br />provisions of this Section, if necessary to preserve Project feasibility, in the event of (i) a loss of <br />project -based vouchers or other operating subsidy for the Project, or (ii) a foreclosure or <br />threatened foreclosure of a senior mortgage secured by the Project, rents on any units restricted <br />at thirty percent (30%) or fifty percent (50%) of Area Median Income may be permitted to <br />increase to the rent allowable for units restricted at sixty percent (60%) of Area Median Income <br />(or such lesser amount as may be necessary to ensure Project Financial Feasibility (defined <br />below)), but only to the extent, for the number of units, and for the period of time necessary to <br />achieve Financial Feasibility. <br />Owner shall immediately notify City in writing of any impending or threatened <br />foreclosure and any impending or threatened termination or reduction of any project -based rental <br />assistance or operating subsidy for the Project, and Owner shall make every effort to find <br />alternative subsidies or financing structures that would enable the rents, income -targeting, and <br />occupancy restrictions set forth in Section 3.2(c) to be maintained. As used in this Agreement, <br />"Financial Feasibility" means that the Project's annual net operating income (i.e., gross annual <br />income received minus operating expenses and deposits into operating and replacement reserves <br />in the amounts required by lenders that have provided Project financing that is payable on a non - <br />13 <br />4879-3324-5885v3 <br />