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E. The proposed Project will result in the redevelopment of underutilized land owned <br />by the Agency, development of two affordable single-family homes for the benefit of local <br />residents, and increased homeownership opportunities within the City produced by the Project. <br />The proposed Project is intended to be developed by Developer pursuant to the terms and <br />conditions for development of the Project contained in the Inclusionary Grant Agreement. <br />F. Based on the reasons identified in Recital E, above, together with the commitments <br />and obligations of Developer to develop the Property according to the Project as contained in the <br />Inclusionary Grant Agreement, Lessor has determined that the lease of the Vance Street and Lacy <br />Street Parcels to Habitat and its assigns as Tenant for occupancy of the homes is in the best interest <br />of the Lessor. <br />G. Lessor desires to lease the Vance Street Parcel as more particularly described in the <br />Legal Description attached to this Lease as Exhibit "A" and incorporated herein by reference <br />("Premises"), and the Tenant desires to enter into a lease of the Premises for the purposes of <br />development of the Project and subsequent occupancy of the two homes on the Premises for <br />Affordable Housing on the terms and conditions set forth in this Lease. <br />H. Lessor and Tenant have jointly agreed to enter into this Lease as of the date set <br />forth above. <br />NOW, THEREFORE, FOR GOOD AND VALUABLE CONSIDERATION, THE <br />RECEIPT AND SUFFICIENCY OF WHICH THE PARTIES ACKNOWLEDGE, AND <br />PURSUANT TO THE PROMISES AND COVENANTS SET FORTH IN THIS AGREEMENT, <br />THE PARTIES AGREE, AS FOLLOWS: <br />ARTICLE I <br />DEFINITIONS <br />1.1 Definitions: The following defined terms used in this Lease shall have the meanings <br />set forth below. Other teens are defined in other provisions of this Lease, and shall have the <br />definitions given to such terms in such other provisions. <br />1.1.1. "Affiliate" shall mean, with respect to any person (which as used herein <br />includes an individual, trust or entity), any other person which directly or indirectly through one <br />or more intermediaries controls, or is controlled by, or is under common control with, such person. <br />1.1.2. "Affordability and Maintenance Restrictions" or "Restrictions" means <br />that certain document affecting real property benefiting the Lessor, attached hereto and <br />incorporated herein as Exhibit B. <br />1.1.3. "Affordable Housing" means the total housing costs paid by a qualifying <br />household, which shall not exceed the fraction of gross income specified, as follows, in accordance <br />with the State of California Department of Housing and Community Development pursuant to <br />Health and Safety Code Section 50093(e): Moderate -Income Households. Thirty -Five (35) percent <br />Page12 <br />