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�0�106264 "PropeYty Management Agt-eement" means that certain Property Management Agreement, dated as of the date hereof, by and between the Owner and the Manager. "Qualified Project Period" means a period beginning on the Occupancy Date and ending on the date which is the Required Number of Years after the Occupancy Date as set forth on the Summary Page. "Qualified Tenants" means and includes individuals and families (i) whose income is equal or less than the Applicable Income Percentage of area median gross income (including adjustrnents for family size) as elected and determined in accordance with the Code and Regulations and {ii) who have been properly selected by the Owner or the Manager pursuant to the Leasing Guidelines attached as Exhibit B to the Property Managernent Agreement. Except as otherwise provided herein, the occupants of a Dwelling Unit shall not be considered to be of low income if any occupant is a student (as defined in Section 151(c)(4) of the Code). Notwithstanding the foregoing, a Dwelling Unit is not disqualified as a Qualified Unit merely because it is occupied (i) by a student receiving AFDC assistance under Title IV of the Social Security Act, (ii) by a student who was previously under the care and placement responsibility of the state agency responsible for administrating a plan under Part B or Part E of Title N of the Social Security Act, {iii) by a student enrolled in a government-supgorted job training program, (iv) entirely by full-rime students who are single pazents and their children, provided such accupants are not dependents (as defined in Code Section 152, determined without regard to subsections (b)(1), (b)(2) and (d)(1}(B) thereo� of another person or (v) by full-time students who are married and file a joint return. The determination of whether an individual or family is a Qualified Tenant shall be made at least annually on the basis of the current income of such occupants. Any Dwelling Unit occupied by an individual or family who is a Qualified Tenant at the commencement of occupancy shall continue ta be treated as if occupied by a Qua.lified Tenant, provided that, should such Qualified Tenant's income subsequently exceed 140% of the applicable income limit, such tenant shall no longer be a Qualified Tenant if, after such determination of income, but prior to the next determination, any residential unit of compazable or smaller size is rented to a tenant who is not a Qualified Tenant. "Qualified Unit" means a residential unit in the Project designated for occupancy by Qualified Tenants. "Related Persons" means two or more persons related within the meaning of Section 147(a)(2) of the Code, including, but not lirnited to, familial and hust rela.tionships, actual or attributed partnership interests, related corporations and certain corpora.te shareholders. "Rent Restricted Unit" means a Dwelling Unit if the gross rent with respect to the Dwelling Unit does nat exceed 30% of the imputed income limita.rion applicable to such Dwelling Unit (based on the number of bedrooms therein in accordance with Section 42(g)(2)(C) of the Code). "RequiYed Number of Years" means the number of years after the Occupancy Date on which the Qualified Project Period expires and as set forth on the Sumrnary Page. 4840-0052-9929.1 3