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costs in the City of Santa Ana, as that increase is established by the annual change in the "Construction Cost Index -Los Angeles," published by Engineering News -Record, or substitute index chosen by the Executive Director should this index is discontinued. The fee shall be paid for each phase, as set forth in section 5,1.1 of this Agreement, prior to issuance of the first building permit for that phase, and shall be utilized by the City in the Quadrant of the City (as set forth in the City's Park A&D Fee program) in which the Project is located, with priority given to Santiago Park. 5.8.5 Covenants, Conditions, and Restrictions. Covenants, Conditions, and Restrictions (CC&R's) must be provided and approved by the Executive Director for the project prior to the issuance of the first building permit. Such CC&R's must contain at a minimum, the following: (1) No more than four residents per live -work unit. (2) All residential and live -work units shall remain owner occupied and shall not allow rental of the entire unit. (3) Use Restriction for Live -Work Units. The live -work project must remain as a live -work community. The work component shall be limited to one of the allowable uses as specified in the Specific Development (SD-59) zoning district. (4) Repair of perimeter walls will be specified in the CC&R's in the event of damage. (5) The CC&R's shall provide notice to prospective owners of the urban character of the City and this area, including but not limited to the permitted uses of the property and buildings in the immediate area of the development (e.g.., Main Place Regional Shopping Mall, and surrounding property zoned and/or devoted to commercial use), and shall provide a release of all claims against the City which may arise from or relate to the disclosed matters. (6) The CC&R's shall reflect that ground floor space in the live -work units shall be restricted to work/retail activities. (7) The CC&R's shall reflect that balconies may not be used for storage. (8) Terms and Content: i. CC&R's are to be in effect for 66 years. ii. Any proposed modifications to the foregoing provisions of the CC&R's will require approval by the Executive Director. 13