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the conditions, covenants and restrictions contained herein. Capitalized terms used herein and not <br /> otherwise defined shall have the same meaning as set forth in the Density Bonus Agreement. <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 Very Low 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 /> 1. 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"inenns the purchase price for Very Low Income Households <br /> pursuant to California Health & Safety Code Section 50052.5, and implementing regulations of <br /> Sections 6920, 6924 and 6926 of Title 25 of the California Code of Regulations for Very Low <br /> Income Households. <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 rnunicipal 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 /> Page 28 <br /> Exhibit B <br /> 55394.00101143423340.1 <br />