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"Senior Loan Documents" means, collectively, the loan agreement governing the Senior <br />Loan, the Senior Loan Note, the Senior Loan Deed of Trust, and any other agreement, <br />document or instrument that the Senior Lender requires in connection with the Senior Loan. <br />"Senior Loan Note" means the promissory note evidencing the Senior Loan from the <br />Senior Lender. <br />"Term of Affordability" the terms and conditions contained herein shall remain in effect <br />for fifty-five (55) years from the date of issuance of the Certificate of Completion. <br />"Very Low Income" means an adjusted income which does not exceed fifty percent (50%) <br />of the area median income for the Orange County, California PMSA, adjusted for household <br />size, as published by HUD. <br />2. Use of the Property. Owner covenants and agrees (for itself, its successors, its assigns, <br />and every successor in interest to the Property of any part thereof) that Owner, such successors, <br />and assigns shall use the Property to provide affordable rental housing, for Extremely Low and <br />Very Low Income households, as provided in the Loan Agreement and these Restrictions. <br />3. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE <br />PROPERTY <br />3.1 Use Covenants and Restrictions. <br />a. Owner agrees and covenants, which covenants shall run with the land and bind <br />Owner, its successors, its assign and every successor in interest to the Property that Owner will make <br />all rental units on the Property available to extremely -low, very low and low income households at <br />rents affordable to such households for fifty-five (55) years from the effective date of the issuance of <br />the Certificate of Completion. <br />b. The Project shall consist of approximately fifty-eight (58) units of which <br />there will be twenty-six (26) one -bedroom units, fifteen (15) two-bedroom units and seventeen <br />(17) three-bedroom units. There will be twenty (20) units with incomes at or below 30% AMI, <br />six (6) units for households with incomes at or below 35% AMI; six (6) units for households <br />with incomes at or below 40% AMI; twenty-five (25) units for households with incomes at or <br />below 60% AMI; and the retraining unit will be reserved for the on-site manager. <br />C. The proposed unit mix, initial rents, and levels of affordability are as <br />follows: <br />30% AMI <br />35% AMI <br />40% AMI <br />60% AMI <br />Unit Size <br />No. Rent <br />Units <br />No' Rent <br />Units <br />No. Rent <br />Units <br />No. <br />Units <br />Rent Total <br />1 Bedroom <br />14 $587 <br />6 $685 <br />6 $783 <br />26 <br />2 Bedroom <br />2 $704 <br />--- --- <br />--- --- <br />12 <br />$1,408 14 <br />3 Bedroom <br />4 $813 <br />--- --- <br />--- --- <br />13 <br />$1,627 17 <br />Total <br />20 <br />6 <br />6 <br />25 <br />57 <br />