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F. Developer desires to accept the Inclusionary Grant on the terms and conditions set <br /> forth in this Agreement. Among other things, this Agreement requires a Regulatory Agreement <br /> Imposing Affordable Housing Covenants and Restrictions (Density Bonus) ("Regulatory <br /> Agreement") must be recorded against the Property and other protections to ensure the affordable <br /> housing requirements of this Agreement. <br /> G. The Project is in the best interest of the City and the health, safety and welfare of the <br /> residents of the City,and in accordance with the public purposes and provisions of applicable federal, <br /> state and local laws and requirements. <br /> NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein <br /> contained, City and Developer agree as follows: <br /> 1. DEFINITIONS AND INTERPRETATION <br /> 1.1 Defined Terms. All capitalized terms used herein, including, without limitation, in <br /> the Recitals above and in all other Project Documents, unless otherwise expressly defined, are <br /> defined where first used in this Agreement and/or as set forth in this Article 1. <br /> (a) "Building Permit" means the building permit(s) issued by City and <br /> required for the construction. <br /> (b) "Business Day" means any Monday, Tuesday, Wednesday, Thursday or <br /> Friday on which Santa Ma City Hall is open to the public to conduct City affairs. <br /> (c) "Calendar Year" means each consecutive twelve(12) month period from <br /> January 1 to December 31. <br /> (d) "Certificate of Completion" has the meaning set forth in Article 13. <br /> (e) "City" means the City of Santa Ana, California, a charter city and <br /> municipal corporation. <br /> (1) "City Deed of Trust" shall mean the deed of trust in favor of the City <br /> executed by homebuyers in accordance with the Regulatory Agreement. <br /> (g) "City Project Manager" shall mean the City's Housing Division Manager <br /> and/or his/her designee. <br /> (h) "County" means the County of Orange, California. <br /> (i) "Developer" means Habitat for Humanity of Orange County, a nonprofit <br /> organization. <br /> 2 <br /> 55394.0010 R42414134.1 <br />