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local preference for families who live or work in the City of Santa Ana at an Affordable Sales <br />Price as set forth in Section 4.6.3, in accordance with Homebuyer Loan Agreement. <br />1.1.5 "Affordable Sales Price" means the maximum sales price that can be <br />charged for an Affordable Unit as set forth in Section 3.3.2. <br />1.1,6 "Affordable Unit(s)" means the six (6) individual dwelling units, which <br />shall be constructed within three (3) duplex buildings, and each restricted for occupancy to Low <br />Income Households. <br />1.1.7 "Area Median Income" or "AMI" shall mean the area median income <br />published by HCD in accordance with California Health and Safety Code § 50093. <br />1.1.8 "Benchmark Down Payment" is a component of the Affordable Sales <br />Price calculations. For the purposes of this Agreement, the Benchmark Down Payment is set at <br />5% of the total Affordable Sales Price. The Benchmark Down Payment is used solely as a <br />component for determining the Affordable Sales Price for an Affordable Unit. It does not represent <br />a cap on the down payment amount that can be contributed by a Homebuyer. <br />1.1.9 "Certificate of Occupancy" shall mean a certificate of occupancy issued <br />by the City after completion of construction and a dwelling unit has been certified by the City has <br />available for occupancy. <br />1.1.10 "City" means the City of Santa Ana, California <br />1.1.11 "City Council" means the City Council of the City of Santa Ana. <br />1.1.12 "City Attorney" means the City Attorney for the City of Santa Ana. <br />1.1.13 "City Manager" means the City Manager for the City of Santa Ana. <br />1.1.14 "City's Planning Commission" means the Planning Commission for the <br />City of Santa Ana. <br />1.1.15 "City Deed of Trust" means a deed of trust, in the form attached hereto as <br />Exhibit C, executed by Homebuyer in favor of the City that secures the performance of the <br />Affordable Housing Resale Restrictions, the City and Homebuyer Loan Agreement, and the City <br />Promissory Note, and which is recorded against each Affordable Unit as required under this <br />Agreement. <br />1.1.16 "City Promissory Note" shall mean a promissory note, in the form <br />attached hereto as Exhibit D, executed by Homebuyer evidencing an agreement to pay to City the <br />amount owed pursuant to the City and Homebuyer Loan Agreement. <br />1.1.17 "Density Bonus Application" shall mean the Density Bonus Application <br />No. 2024-01 for the Project. <br />5 5 3 94. 00101 \42 40 5 92 3.1 <br />