Agenda Packet_2023-10-17 - Laserfiche WebLink

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4 1.1.18 "Monthly Rent" means the total of monthly payments for : (a) use and occupancy of each Affordable Unit and land and facilities associated therewith ; (b) any separately charged fees or service charges assessed by Developer which are required of all tenants, other than security deposits, application fees or credit check fees; (c) a reasonable allowance for an adequate level of service of utilities not included in (a) or (b) above, including garbage collection, sewer, water, electricity, gas and other heating, cooking and refrigeration fuels, but not inclu ding telephone or cable service, to the extent applicable and charged to tenant ; and, (d) possessory interest, taxes or other fees or charges assessed for use of the land and facilities associated therewith by a public or private entity other than Developer. In the event that certain utility charges are paid by the landlord rather than the tenant, no utilit y allowance shall be deducted from the rent for that type of utility charge. 1.1.19 "Project" means that certain affordable residential development as more particularly described in Recital B and Section 2 of this Agreement. 1.1.20 "Property" means that certain real property more particularly described in the legal description in Exhibit A and improvements thereon. 1.1.21 "State Density Bonus Law" means Government Code sections 65915, et seq., as they exist on the Effective Date. 1.1.22 "Unit" means a residential dwelling unit within the Project to be constructed or caused to be constructed by Developer pursuant to this Agreement. 1.1.23 "Unrestricted Units" means the Units within the Project to be constructed or caused to be constructed by Developer to a Household without restriction. 1.1.24 “Very-Low Income Tenant” means a Household whose income does not exceed fifty (50%) of the area median income for the Orange County, California PMSA, adjusted for household size, as published by HCD. Very-Low Income Tenant shall include a household that qualifies as an Extremely Low-Income Household. 1.2 Exhibits. The following documents are attached to, and by this reference made a part of, this Agreement: 1.2.1 Exhibit A – Legal Description of the Property 1.2.2 Exhibit B – Tenant Verification 1.2.3 Exhibit C – Annual Tenant Recertification 1.2.4 Exhibit D – Annual Rental Housing Compliance Report 1.2.5 Exhibit E – Notice of Affordability Restrictions on Transfer of Property City Council 23 – 27 10/17/2023