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restricted to households earning 30% or less of the AMI. One (1) Housing Unit will be rented to an on-site property manager; the manager's unit will not be rent restricted. "Senior Lender" means a commercial or institutional financial institution providing the Senior Loan or any other holder of the Senior Loan Note. "Senior Loan" means a loan from the Senior Lender concurrent to the Agency Loan for payment of a portion of the acquisition and rehabilitation costs, and shall include any subsequent loan that refinances the initial Senior Loan. "Senior Loan Deed of Trust" means the first deed(s) of trust securing the Senior Loan by encumbering the Property. "Senior Loan Documents" means, collectively, the loan agreement governing the Senior Loan, the Senior Loan Note, the Senior Loan Deed of Trust, and any other agreement, document or instrument that the Senior Lender requires in connection with the Senior Loan. "Senior Loan Note" means the promissory note evidencing the Senior Loan from the Senior Lender. "Term of Affordability" or "Affordability Period" means the terms and conditions contained herein shall remain in effect for fifty-five (55) years from the date of issuance of the Certificate of Occupancy for the Project, or repayment of the Agency Loan, whichever is longer. "Very Low Income" means an adjusted income which does not exceed fifty percent (50%) of the Median Income for the Area, adjusted for household size, as published by the U.S. Department of.Housing and Urban Development. 2. Use of the Property. Developer covenants and agrees, for itself, its successors, its assigns, and every successor in interest to the Property of any part thereof, that Developer, such successors, and assigns shall use the Property to provide Affordable Housing, for low-, very -low, and extremely -low-income households, as provided in the Agency Loan Agreement and these Restrictions. Developer agrees that the Property shall be used only for decent, safe, sanitary and Affordable Housing pursuant to the affordability requirements of California Health and Safety Code ("H&S") sections 50052.5 and 33334.3, as applicable. 3. Affordability Requirements Use and Maintenance of the Property. 3.1 Use Covenants and Restrictions: A. Developer agrees and covenants, which covenants shall run with the land and bind Developer, its successors, its assign and every successor in interest to the Property that Developer will make all rental units on the Property available to extremely -low, very low and low income households at rents affordable to such households pursuant to these Restrictions for fifty-five (55) years from the date of issuance of the Certificate of Occupancy for the Project, or repayment of the Agency Loan, whichever is longer. 80A-146