HABITAT FOR HUMANITY OF ORANGE COUNTY (4)

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of any portion of the Inclusionary Grant and that the Property and the Project shall be subject to the covenants and restrictions set forth herein. D. In addition, in connection with the Project, Developer seeks a density bonus under California Government Code § 65915, et seq. ("State Density Bonus Law") and Santa Ana Municipal Code sections 41-1600, et seq. ("City Density Bonus Ordinance"), Based on the Property size of 0.37 acres, and the City's allowable density for the Property of seven (7) dwelling units per acre, without the density bonus, the existing density for the Property would allow only two (2) dwelling units on the Property (rounded down from 2.59). Thus, the City also enters into this Agreement to fulfill requirements of the State Density Bonus Law and City Density Bonus Ordinance. E. In light of the purpose of the State Density Bonus Law and City Density Bonus Ordinance, City has determined to approve Developer's application for four (4) concessions/incentives and one (1) waiver. F. Based upon the foregoing, on the terms and conditions set forth below, this Agreement, and the exhibits attached hereto and incorporated herein by reference, are intended to (1) implement and fulfill obligations set forth in the Conditional Grant Agreement, and (2) implement the Project's requirement to provide affordable housing units in exchange for receiving the density bonus, concession and waivers set forth herein. 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 California Health and Safety Code Section 50052.5(h). 1.1.2 "Administrative Procedures Manual" shall mean the City's Administrative Procedures Manual: Ownership Housing Development, setting forth rules and regulations for the City's homeownership program. 1.1.3 "Affordable Housing Cost" means the total housing costs paid by a qualifying Low Income Household in accordance with California Health and Safety Code Section 50052.5. 1.1.4 "Affordable Housing Resale Restrictions" means the restrictions imposed on each Affordable Unit that restrict sales to qualified Eligible Households pursuant to a 2 55394.00101 \42405923.1