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1.1.31 "Project Approvals" means all approvals, conditions, and entitlements <br /> issued by the City, inclusive of the Planning Commission and City Council. <br /> 1.1.32 "Property" means that certain real property more particularly described in <br /> the legal description in Exhibit A and improvements thereon. <br /> 1.1.33 "Request for Default" means the request for default attached hereto as <br /> Exhibit I. <br /> 1.1.34 "State Density Bonus Law" means Government Code Section 65915, et <br /> seq., as they exist on the Effective Date. <br /> 1.1.35 "Supportable Mortgage" means the mortgage amount that can be <br /> supported by a Very Low Income Household based on the Affordable Housing Cost calculations. <br /> The mortgage calculation is based on the prevailing market interest rate for a 30-year fully <br /> amortizing mortgage with a fixed interest rate. The Supportable Mortgage shall be determined in <br /> accordance with the City's Administrative Procedures Manual, provided that it should be <br /> determined.for a Very Low Income Household consistent with the requirements of this Agreement <br /> and State Density Bonus Law. <br /> 1.1.36 "Transfer" means any sale, assignment, conveyance, lease or transfer, <br /> voluntary or involuntary, of any interest in the Property. Without limiting the generality of the <br /> foregoing,Transfer shall include(i) a transfer by devise, inheritance or intestacy; (ii) creation of a <br /> life estate or joint tenancy interest; (iii) a gift of all or any portion of the Property; or (iv) any <br /> voluntary conveyance of the Property. <br /> 1.1.37 "Transferee"means any natural person or entity who obtains ownership or <br /> possessory rights in the Property pursuant to a Transfer. <br /> 1.1.38 "Term" means the period during which this Agreement shall be in full <br /> force and effect, as provided for in Section 5.1 below. <br /> 1.1.39 "Unit" means a residential dwelling unit within the Project to be <br /> constructed or caused to be constructed by Developer pursuant to this Agreement. <br /> 1.1.40 "Unrestricted Units" means the Units within the Project to be constructed <br /> or caused to be constructed by Developer to a Household without restriction. <br /> 1.2 Exhibits. The following documents are attached to, and by this reference made <br /> a part of, this Agreement: <br /> 1.2.1 Exhibit A : Legal Description of the Property <br /> 1.2.2 Exhibit B: Affordable Housing Resale Restrictions, Equity <br /> Sharing and Regulatory Agreement <br /> 1.2.3 Exhibit C: City Promissory Note <br /> 1.2.4 Exhibit D: City Deed of Trust <br /> 1.2.5 Exhibit E: Income Verification Form <br /> 1.2.6 Exhibit F: Certification of Continued Occupancy <br /> Page 7 <br /> 5 53 94.00101\43423340.1 <br />