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CITY COUNCIL DRAFT <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 />"Moderate Income" and "Moderate Income Households" means moderate income <br />households as defined in Health & Safety Code Section 50079.5, with Gross Income for the <br />Household that does not exceed one hundred twenty percent (120%) AMI. <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 />2. HOMEBUYER'S REPRESENTATIONS AND WARRANTIES AS TO THE SALE OF <br />THE PROPERTY TO HOMEBUYER. <br />2.1 Homebuyer represents and warrants to City that the financial and other <br />information which Homebuyer has provided to City with respect to Homebuyer's income and the <br />Exhibit B <br />Page 32 <br />55394.00 10 1\43724951.1 <br />