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D. The Project complies with the affordability requirements for a housing <br /> development as set forth in the State Density Bonus Law and City Density Bonus <br /> for Affordable Housing. <br /> E. In light of the purpose of the State Density Bonus Law and City Density Bonus for <br /> Affordable Housing, and the express provisions of Government Code Section <br /> 65915(d)(1)(2)(A), the City has determined that the Project is eligible for one (1) <br /> incentive or concession,and waivers as prescribed by the State Density Bonus Law. <br /> F. This Agreement, and the exhibits attached hereto and incorporated herein by <br /> reference, are intended to set forth the terms and conditions for the implementation <br /> of the Project's requirement to provide affordable housing units in exchange for <br /> receiving the density bonus, concession and waivers set forth herein. <br /> NOW, THEREFORE,in consideration of the above recitals,which are incorporated herein <br /> by this reference, and of the mutual covenants contained herein, and for other good and valuable <br /> consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as <br /> follows: <br /> 1. DEFINITIONS AND EXHIBITS <br /> 1.1 Definitions. In addition to the terms that may be defined elsewhere in this <br /> Agreement, the following terms when used in this Agreement shall be defined as follows: <br /> 1.1.1 "Affordability Covenants" means restrictions on the sale and conveyance <br /> of the Property pursuant to California Government Code Section 65915 that ensure that the <br /> Property will be preserved for Very Low income Households for at least fifty five (55) years for <br /> owner-occupied housing units and will be sold or resold only to persons or families of very low, <br /> as defined in Section 50052.5 of the California Health and Safety Code. <br /> 1.1.2 "Adjusted for family size appropriate to the unit" shall have the <br /> meaning set forth by Health and Safety Code Section 50052.5(h). <br /> 1.1.3 "Administrative Procedures Manual" shall mean the City's <br /> Administrative Procedures Manual: Ownership Housing Development, setting forth rules and <br /> regulations for the City's homeownership program. <br /> 1.1.4 "Affordability Term" means the duration of the Affordability Covenants <br /> asset forth in Section 3.1. <br /> 1.1.5 "Affordable Housing Cost" means the total Housing costs paid by a <br /> qualifying Very Low Income Household in accordance with California Health and Safety Code <br /> Section 50052.5, and implementing regulations of Sections 6920, 6924 and 6926 of Title 25 of the <br /> California Code of Regulations for Very Low Households. . <br /> 1.1.6 "Affordable Housing Resale Restrictions" means the restrictions <br /> imposed on each Affordable Unit that restrict sales to qualified Eligible Households pursuant to a <br /> Page 2 <br /> 55394.00101\43423340.1 <br />