Laserfiche WebLink
IMMI <br />(e) A reasonable utility allowance, as determined by the Orange County <br />Housing Authority; and <br />(f) Homeowner Association assessments and dues. <br />"Legal Description" means the legal description of the Property which is attached hereto <br />as Exhibit A and incorporated herein. <br />"Median Income" means the area median income for Orange County PMSA, adjusted <br />for family size appropriate to the unit pursuant to California Health and Safety Code § <br />50052.5(h), as periodically published by the California Department of Housing and Community <br />Development. <br />"Very Low Income and Very Low Income Households" means a Household whose <br />income does not exceed fifty (50%) of the area median income for the Orange County, California <br />PMSA, adjusted for household size, as published by HCD. <br />"Notice of Intent to Transfer" means a written notice from Homebuyer to the City that <br />provides notice of an intent to Transfer the Property and all information required by this Agreement <br />in connection with the proposed Transfer. <br />"Permitted Transfer" means any Transfer which is permitted under this Agreement with <br />the written consent of the City. <br />"Prohibited Transfer" means any Transfer which is disapproved by the City or violates <br />this Agreement. <br />"Property" means that certain real property located at the street address set forth in Recital <br />A and legally described in the Legal Description. <br />"Purchase Agreement" means that certain agreement pursuant to which Homebuyer has <br />agreed to purchase the Property from the Developer. <br />"Request for Notice" means the Request for Notice of Default attached hereto as Exhibit <br />I and incorporated herein. <br />"Sales Price" means the sum to be paid by a Transferee for the Transfer of the Property. <br />"Transfer" shall mean any sale, assignment, conveyance, lease or transfer, voluntary or <br />involuntary, of any interest in the Property. Without limiting the generality of the foregoing, <br />Transfer shall include (i) a transfer by devise, inheritance or intestacy; (ii) creation of a life estate; <br />(iii) creation of a joint tenancy interest; (iv) a gift of all or any portion of the Property; or (v) any <br />voluntary conveyance of the Property. <br />"Transferee" shall mean any natural person or entity who obtains ownership or possessory <br />rights in the Property pursuant to a Transfer. <br />Exhibit B <br />Page 30 <br />5 53 94.00 10 1 \43423340.1 <br />