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DR:1F'l <br />local preference for families who live or work in the City of Santa Ana at an Affordable Sales <br />Price, in the form of Exhibit B attached hereto. <br />1.1.7 "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 />1.1.8 "Affordable Units(s)" means the five (5) unit(s), which shall comprise of <br />two (2) four -bedroom, two (2) three -bedroom units and one (1) two -bedroom unit, which always <br />must be proportionate to the unit mix for the property. Any change to the number, bedroom size, <br />location, or distribution of Affordable Units is subject to City Manager approval. <br />1.1.9 "Agreement" means this Density Bonus Housing Agreement With <br />Declaration of Covenants, Conditions and Restrictions. <br />1.1.10 `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 />1.1.11 "City" means the City of Santa Ana, California. <br />1,1.12 "City Attorney" means the City Attorney for the City of Santa Ana. <br />1.1.13 "City Council" means the City Council of the City of Santa Ana. <br />1.1.14 "City Deed of Trust" means the deed of trust to be executed by the <br />Homebuyer and recorded against Affordable Unit the Homebuyer's obligations under the City <br />Promissory Note, substantially in the form attached hereto as Exhibit D. <br />1.1.15 "City Manager" means the City Manager for the City of Santa Ana. <br />1.1.16 "City's Planning Commission" means the Planning Commission for the <br />City of Santa Ana. <br />1.1.17 "City Promissory Note" means the promissory note executed by the <br />Homebuyer evidencing Homebuyer's agreement to pay the City Equity Share, substantially in the <br />forin attached hereto as Exhibit C. <br />1.1.18 "Density Bonus Application" shall mean the Density Bonus Application <br />No. 2025-01 for the Project. <br />1.1.19 "Developer" means MLC Holdings Inc./Meritage Homes, and its <br />permitted successors and assigns to all or any part of the Property, Project or this Agreement. <br />1.1.20 "Effective Date" means the date the Developer and the City shall record or <br />cause to be recorded in the Official Records for Orange County, California, an executed original <br />of this Agreement, pursuant to Section 4.2 herein. <br />Page 3 <br />55394.00101143423340.1 <br />