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DOC #2025-0014129 Page 2 of 44 Inclusionary Units is based upon the base density for the Project (384 units), and excludes the number of units authorized under the Density Bonus Agreement. E. It is the intent of the City and Owner that Owner's fee interest in the Property shall be subject to this Agreement and that the terms hereof shall be binding on the Owner and its successors in interest in the Property for so long as this Agreement shall remain in effect. AGREEMENT Based upon the foregoing Recitals, which are incorporated herein by this reference, and for other good and valuable consideration, the receipt and sufficiency of which is acknowledged, the Parties hereby agree as follows: 1. Definitions. In addition to the terms defined elsewhere in this Agreement, the following terms shall have the meanings in this Agreement given below unless expressly provided to the contrary: 1.1 "Adjusted for household size appropriate to the unit' means a household of one person in the case of a studio unit, a household of two persons in the case of a one -bedroom unit, a household of three persons in the case of a two -bedroom unit, and a household of four persons in the case of a three -bedroom unit, or as determined in accordance with California Health and Safety Code Section 50052.5 or implementing regulations. 1.2 "Affordable Rent' means the maximum Monthly Rent that does not exceed the amount of rent for a Very Low Income household authorized pursuant to Health and Safety Code Section 50053 as such statute exists on the date hereof, which is the product of thirty percent (30%) times fifty percent (50%) of Median Income, adjusted for household size appropriate to the unit. Affordable Rent shall be determined in accordance with any applicable regulations implementing Health and Safety Code Section 50053 and the amounts published by the California Department of Housing and Community Development applicable to the City. A sample calculation of the Affordable Rent for 2024 is set forth in Attachment 2 hereto, which is incorporated herein by this reference. 1.3 "Certification of Continuing Program Compliance" means the certificate described in Section 9 of this Agreement. 1.4 "CitV' means the City of Redlands, California, and the City's successors and assigns. 1.5 "City Attornek' means the City Attorney for the City of Redlands. 1.6 "City Manager" means the City Manager for the City of Redlands or his designee. -2- 179d 2.0015>'42088 S>S I