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the covenants and restrictions set forth herein. Thus, this Regulatory Agreement is intended to implement and fulfill obligations set forth in the Conditional Grant Agreement. D. This Agreement, and the exhibits attached hereto and incorporated herein by reference, are intended to set forth the terms and conditions for the implementation of the Project's requirement to provide affordable housing units in accordance with the Conditional Grant Agreement. NOW, THEREFORE, in consideration of the above recitals, which are incorporated herein by this reference, and of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. DEFINITIONS AND EXHIBITS 1.1 Definitions. In addition to the terms that may be defined elsewhere in this Agreement, the following terms when used in this Agreement shall be defined as follows: 1.1.1 "Adjusted for family size appropriate to the unit" shall have the meaning set forth by Health and Safety Code Section 50052.5(h). 1.1.2 "Affordable Rent" means the maximum Monthly Rent that may be charged to and paid by an Eligible Household for the Affordable Units, as required by the terms of this Agreement, and which shall not exceed rents established by the Multifamily Tax Subsidy Program for the Eligible Household, as further set forth in Section 3.3 of this Agreement. The Affordable Rent shall be adjusted to reflect a reasonable allowance for utilities paid by the household using the Santa Ana Housing Authority Multi-Family Housing Utility Allowance Schedule, and shall be updated no less than annually. 1.1.3 "Affordable Rent Schedule" means a rent schedule established as of the date of issuance of an occupancy permit (exclusive of tenant utility payments or security deposits) for the required number/percentage of the total number of units in the Project which are to be rented or available for rent to Qualified Residents. Said Affordable Rent Schedule shall be established at the time of the issuance of the occupancy permit ("Initial Rent Schedule") and shall be created in accordance with the Orange County, California Primary Metropolitan Statistical Area ("PMSA") as published by the California Department of Housing and Community Development ("HCD"), adjusted for family size, and shall be updated no less than annually. 1.1.4 "Affordable Units" shall mean the ten(10) affordable units restricted for occupancy by the Regulatory Agreement as follows: one (1) one- bedroom unit and seven(7)two-bedroom units shall be restricted for occupancy by Qualified Homeless Youth, and two (2) three-bedroom units shall be restricted for occupancy by Qualified Seniors who qualify as Very Low Income, as further