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1.1.27 “Very Low Income” means an adjusted income that does <br />not exceed fifty percent (50%) of the area median income for the Orange County, <br />California PMSA, adjusted for household size, as published by HUD. <br />1.1.28 “Very Low IncomeHousehold” means a Household whose <br />annual income qualifies as Very Low Income, adjusted for household size, as <br />published by HUD. <br />1.2 Exhibits. The following documents are attached to, and by this reference made a <br />part of, this Agreement: <br />1.2.1 Exhibit A – Legal Description of the Property <br />1.2.2 Exhibit B – Tenant Verification <br />1.2.3 Exhibit C – Annual Tenant Recertification <br />1.2.4 Exhibit D – Annual Rental Housing Compliance Report <br />2.DEVELOPMENT OF THE PROPERTY <br />2.1 Project. Owner shall rehabilitate, operate, and maintain, or cause the rehabilitation, <br />operation and maintenance of, the Property as an eleven (11) unit rental residential community, <br />with ten (10) Affordable Units for Qualified Residents. <br />2.2 Parking Requirements. The Project shall have no less than twenty-nine (29) parking <br />spaces, with twenty (20) spaces for residents and nine (9) spaces for the intended preschool. The <br />parking shall include one (1) accessible space and one (1) loading parking stall. <br />2.3 Minimum Development Standards for Affordable Units. The Affordable Units <br />shall be constructed with the same exterior appearance and interior features, fixtures, and <br />amenities, and shall use the same type and quality of materials as provided for any Unrestricted <br />Units, regardless of whether such Unrestricted Units are in the Project. <br />2.4 Permits and Processing; Compliance with Laws. Owner, at its sole cost and <br />expense, or as otherwise set forth in a separate written agreement, shall secure or cause to be <br />secured any and all permits that may be required for the construction and rehabilitation of the <br />Project by City or any other federal, state, or local governmental entity having or claiming <br />jurisdiction over the Property or Project. Upon securing any and all permits, and all necessary <br />financing and property interests, Owner shall carry out and perform the rehabilitation, operation, <br />and maintenance of the Project or cause the performance of the rehabilitation, operation, and <br />maintenance of the Project, in conformity with all applicable federal, state, and local laws and <br />regulations, and all conditions of approval issued by the City Council and City's Planning <br />Commission for the Project. Any changes to the Project shall be reviewed by the City to determine <br />compliance with this Agreement. If any changes to the Project shall materially alter the ability of <br />Owner to comply with any terms of this Agreement in City’s sole determ ination, then City and <br />Owner shall meet and confer to address amendments and revisions to this Agreement as necessary. <br />EXHIBIT 2