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DRAFT <br />1.1.31 "Project Approvals" means all approvals, conditions, and entitlements <br />issued by the City, inclusive of the Planning Commission and City Council. <br />1.1.32 "Property" means that certain real property more particularly described in <br />the legal description in Exhibit A and improvements thereon. <br />1.1.33 "Request for Default" means the request for default attached hereto as <br />Exhibit I. <br />1.1.34 "State Density Bonus Law" means Government Code Section 65915, et <br />seq., as they exist on the Effective Date. <br />1.1.35 "Supportable Mortgage" means the mortgage amount that can be <br />supported by a Very Low Income Household based on the Affordable Housing Cost calculations. <br />The mortgage calculation is based on the prevailing market interest rate for a 30-year fully <br />amortizing mortgage with a fixed interest rate. The Supportable Mortgage shall be determined in <br />accordance with the City's Administrative Procedures Manual, provided that it should be <br />determined for a Very Low Income Household consistent with the requirements of this Agreement <br />and State Density Bonus Law. <br />1.1.36 "Transfer" means any sale, assignment, conveyance, lease or transfer, <br />voluntary or involuntary, of any interest in the Property. Without limiting the generality of the <br />foregoing, Transfer shall include (i) a transfer by devise, inheritance or intestacy; (ii) creation of a <br />life estate or joint tenancy interest; (iii) a gift of all or any portion of the Property; or (iv) any <br />voluntary conveyance of the Property. <br />1.1.37 "Transferee" means any natural person or entity who obtains ownership or <br />possessory rights in the Property pursuant to a Transfer. <br />1.1.38 "Term" means the period during which this Agreement shall be in full <br />force and effect, as provided for in Section 5.1 below. <br />1.1.39 "Unit" means a residential dwelling unit within the Project to be <br />constructed or caused to be constructed by Developer pursuant to this Agreement. <br />1.1.40 "Unrestricted Units" means the Units within the Project to be constructed <br />or caused to be constructed by Developer to a Household without restriction. <br />1.2 Exhibits. The following documents are attached to, and by this reference made <br />a part of, this Agreement: <br />1.2.1 <br />Exhibit A: <br />Legal Description of the Property <br />1.2.2 <br />Exhibit B: <br />Affordable Housing Resale Restrictions, Equity <br />Sharing and Regulatory Agreement <br />1.2.3 <br />Exhibit C: <br />City Promissory Note <br />1.2.4 <br />Exhibit D: <br />City Deed of Trust <br />1.2.5 <br />Exhibit E: <br />Income Verification Form <br />1.2.6 <br />Exhibit F: <br />Certification of Continued Occupancy <br />Page 7 <br />55394,00101 \43423340.1 <br />