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EXHIBIT 2 (a) One-third (1/3) of the 50% AMI MTSP rent for a three-bedrooni unit; or (b) 30%of the household's actual income. 3.3.7 A utility allowance must be deducted from the maximum Affordable Rent charged at the Project for each Affordable Unit. The Dousing Authority of the City of Santa Ana provides a multi-family Utility Allowance I Schedule that must be used to calculate the utility allowances for the Affordable Units. 3.4 Rent Increases. 3.4.1 On any annual basis, the City shall provide Owner with the maximum allowable schedule of rents that must be,used for determining Affordable Rent for the Property in accordance with changes in allowable rent and income tables published by HCD. In no event can Owner charge any tenant more than,the Affordable Rent as determined from the updated schedule of rents. 3.4.2 All rent increases on the Affordable Units are subject to City approval pursuant to the terms of this Section. No later than sixty (60) days prior to the proposed,implementation of any rent increase,Owner shall submit to the City a schedule of any proposed increase in the rent. The City will disapprove a rent increase if it does not comply with the restrictions set forth ill Section 3.3 above, 1 3.5 Termination of Tenancy, Owner may not terminate the tenancy or refuse to renew x the lease of tenant except for serious or repeated violation of the terms and conditions of the Lease; for violation of applicable federal, state, or local law; or, according to the lease terms. Any termination or refusal to renew trust comply with applicable federal, state, or local law. 3.6 Continued Income Qualification and Vacated Affordable Units. 1f the annual recertification demonstrates that a previously Eligible Household's Gross Household Income exceeds the allowed Median Income for the Affordable Unit, the Owner will be considered in compliance with this agreement acid such tenant may be permitted to continue to occupy the Affordable Unit at the rental rate as provided for in Section 3.3 and 3.4 above, until the tenant chooses to vacate the Affordable Unit. After the Affordable Unit is vacated, the Affordable Unit shall be re-rented to a.new Eligible Household pursuant to the terms, covenants and conditions of this Agreement. 4. OPERATION OF THE PROJECT 4,1 Recording of Documents. No later than issuance of building permits for the Project, Owner and the City shall record or cause to be recorded in the Official Records for Orange County, California, an executed original of this Agreement. This agreement shall not be subject or subordinate to any other lieu on the Property,except with the written consent of the City. City shall � cooperate with Owner in promptly executing in recordable form this Agreement. The date of recording of the Agreement shall be the Effective bate of the Agreement. Upon the date of recording, the terms and conditions of this Agreement shall be binding upon acid run with the i E City Council 16— 61 5/19/2026 . I i