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of the Project. The Agency acknowledges that Phase R- I and Phase R-2 may have different <br />Investor Limited Partners. <br />"Land e ppr• a " is defined in Section 303. <br />"Legal Description " in eans the legal description of the Agency Parcels attached hereto as <br />Attachment No. 2 and incorporated herein by reference. <br />"M lei -ia Income" and "M j -ate Incoine Hou eh " i eans moderate income <br />households as defined in Health & Safety Code Section 50093. <br />��M a t) Housilig Cost" nears, for a Moderate Income e H useh ld purchasing all <br />Affordable For -Sale Unit, all of the following associated with such. Affordable For -Sale Unit, <br />estimated or known as of the date of the proposed sale: principal and interest payments on a <br />i n tigage loan, including any loan insurance fees associated therewith (provided that if the <br />mortgage loan obtained by the purchaser contains are adjustable interest rate, then the principal <br />and interest payments shall be deemed to be those which would be due upon a inortgage loan <br />amoili ed over a thirty-year period with an interest rate equal to prevailing market rates for <br />thirty -gear fixed-rate mortgage loans); (ii) taxes and assessments; (iii) fire and casualty <br />insurance covering replacement valLie of property improvements; iv homeowner association <br />fees; and a reasonable utility allowance. The Monthly Horsing Cost shall be all average of <br />estimated costs for the next twelve 12 month l eri d. <br />"Monthly Rent" is defined in Section 401.5. <br />"Notice" shall mean a notice in the form prescribed by Section 60t. <br />"Not f f f� f r• abi1itj) e- r fiction" is defined in Section 40 1.11. <br />" OutsNe Closing Date" ineans the Phase R- 0 tits ide Cl os ing bate, the phase R-2 <br />Outside Closing Bate or the FS Outside Closing Date, as applicable. <br />"Partnership Agreemen ' means, with respect to each of Phase R-1 and Phase -2, are <br />agreement that sets forth the terms of a limited partnership to which the Developer Transfers its <br />rights, interest, and obligations in and to this Agreement with respect to the applicable Phase of <br />the Rental Portion of the Project, as such agreement ma y be amended from time t o time, so long <br />as consistent with the requirements of this Agreement. The Partnership Agreements shall be <br />entered into 1 ehveen or aniong the general pats ers and the Investor I invited Partner that <br />comprise the limited partnership that Developer assigns its rights and obligations to with respect <br />to each Phase of the Rental Portion of the Project. <br />"Phas " shall mean, individually and collectively, Phase R-1, Phase R -2 and phase FS <br />of the Project. <br />"Ph(t FS" shall mean the Phase of construction of the Project eet hich shall include the <br />development of approximately thirt y-try 2 Foy --Sale units. inclusive of the Affordable <br />For -Sale Units the For -Sale Portion f the Site. Specifically, Phase FS will be constructed <br />8 <br />DO CS C/I 400673iil 3/2 00272 -0001 <br />