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CITY COUNCIL DRAFT <br />C. Homebuyer desires and intends to restrict the Property and the improvements <br />thereon in accordance with this Affordable Housing Resale Restrictions. Homebuyer agrees and <br />acknowledges that this Affordable Housing Resale Restrictions is intended to implement and <br />further the intent of the Density Bonus Agreement, entered into between City and Developer of <br />the Property, which was recorded against the Affordable Unit to impose the conditions, covenants, <br />and restrictions as set forth herein. This Affordable Housing Resale Restrictions shall be construed <br />in accordance with the Regulatory Agreement. <br />D. Homebuyer is a Moderate Income Household, as that term is defined in this <br />Agreement. <br />E. Homebuyer has represented to City that Homebuyer and Homebuyer's household <br />intend to reside in the Property as Homebuyer's principal residence at all times during <br />Homebuyer's ownership of the Property. <br />NOW, THEREFORE, for good and valuable consideration, the parties agree as follows: <br />DEFINITIONS <br />"Affordability Term" means that period of time commencing upon the Date of this <br />Agreement and terminating on the date that is fifty-five (55) years from the date a Certificate of <br />Occupancy was issued for the Property. <br />"Affordable Housing Cost" means the purchase price for Moderate Income Households <br />pursuant to California Health & Safety Code Section 50052.5, and implementing regulations of <br />Sections 6920, 6924 and 6930 of Title 25 of the California Code of Regulations for Moderate <br />Income Households. The Affordable Housing Cost shall not exceed thirty-five percent (35%) <br />times one hundred ten percent (110%) of the Orange County Median Income for a household size <br />appropriate to the unit, pursuant to Santa Ana Municipal Code. <br />"Affordable Sales Price" means a purchase price required under a written purchase sale <br />agreement that does not exceed the sum of the Supportable Mortgage plus the Benchmark Down <br />Payment. <br />Affordable Unit" or "Property" means the individual dwelling unit restricted by this <br />Agreement <br />"City" means the City of Santa Ana, California, a California municipal corporation, and <br />the City's successors and assigns. <br />"City Deed of Trust" means the City Deed of Trust, securing this Affordable Housing <br />Resale Restrictions and the City Promissory Note, and dated on or about the same date hereof. <br />"City Equity Share " means the amount that Homebuyers agree to pay to the City in <br />accordance with the City Promissory Note. <br />"City Promissory Note" means the City Promissory Note, evidencing Homebuyer's <br />agreement to pay the City Equity Share and dated on or about the same date hereof. <br />Page 30 <br />Exhibit B <br />55394.00 10 1\43724951.1 <br />