SANTA ANA 8 INV. LLC - Laserfiche WebLink

Home Browse Search

C. Homebuyer desires and intends to restrict the Property and the improvements thereon in accordance with this Affordable Housing Resale Restrictions. Homebuyer agrees and acknowledges that this Affordable Housing Resale Restrictions is intended to implement and further the intent of the Density Bonus Agreement, entered into between City and Developer of the Property,which was recorded against the Affordable Unit to impose the conditions, covenants, and restrictions as set forth herein. This Affordable Housing Resale Restrictions shall be construed in accordance with the Regulatory Agreement. D. Homebuyer is a Moderate Income Household, as that term is defined in this Agreement. E. Homebuyer has represented to City that Homebuyer and Homebuyer's household intend to reside in the Property as Homebuyer's principal residence at all times during Homebuyer's ownership of the Property. NOW,THEREFORE, for good and valuable consideration, the parties agree as follows: 1. DEFINITIONS "Affordability Term" means that period of time commencing upon the Date of this Agreement and terminating on the date that is fifty-five (55) years from the date a Certificate of Occupancy was issued for the Property. "Affordable Mousing Cost"means the purchase price for Moderate Income Households pursuant to California Health & Safety Code Section 50052.5, and implementing regulations of Sections 6920, 6924 and 6930 of Title 25 of the California Code of Regulations for Moderate Income Households. The Affordable Housing Cost shall not exceed thirty-five percent (35%) times one hundred ten percent(110%) of the Orange County Median Income for a household size appropriate to the unit, pursuant to Santa Ana Municipal Code. "Affordable Sales Price"means a purchase price required under a written purchase sale agreement that does not exceed the sum of the Supportable Mortgage plus the Benchmark Down Payment, Affordable Unit" or"Property"means the individual dwelling unit restricted by this Agreement "City"means the City of Santa Ana, California, a California municipal corporation, and the City's successors and assigns. "City Deed of Trust"means the City Deed of Trust, securing this Affordable Housing Resale Restrictions and the City Promissory Note, and dated on or about the same date hereof. "City Equity Share"means the amount that Homebuyers agree to pay to the City in accordance with the City Promissory Note. "City Promissory Note"means the City Promissory Note, evidencing Homebuyer's agreement to pay the City Equity Share and dated on or about the same date hereof. Page 30 Exhibit B 55 394.0010 1\43721567.1