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(f) Homeowner Association assessments and dues. 1.1.29 "Median Income" means the Orange County, California area median income,Adjusted for Household Size pursuant to California Health and Safety Code § 50052.5(h), as periodically published by HCD. 1.1.30 "Moderate Income Household(s)" means a Household whose income does not exceed One Hundred Twenty Percent (120%) of the area median income for the Orange County, California PMSA as published by HCD, 1.1.31 "Primary Residence" means that the Homebuyer is occupying the Affordable Unit for at least ten (10) months out of any twelve(12) month period. 1.1.32 "Project" means that certain affordable residential development as more particularly described in the Recitals and Section 2 of this Agreement. 1.1.33 "Project Approvals" means all approvals, conditions, and entitlements issued by the City, inclusive of the Planning Commission and City Council. 1.1.34 "Property"means that certain real property more particularly described in the legal description in Exhibit A and improvements thereon. 1.1.35 "Request for Default" means the request for default attached hereto as Exhibit I. 1.1,36 "State Density Bonus Law" means Government Code Section 65915, et seq., as they exist on the Effective Date. 1.1.37 "Supportable Mortgage" means the mortgage amount that can be supported by a Moderate Income Household based on the Affordable Housing Cost calculations. The mortgage calculation is based on the prevailing market interest rate for a 3 0-year fully amortizing mortgage with a fixed interest rate. The Supportable Mortgage shall be determined in accordance with the City's Administrative Procedures Manual, provided that it should be determined for a Moderate Income Household consistent with the requirements of this Agreement and State Density Bonus Law. 1.1.38 "Transfer" means any sale, assignment, conveyance, lease or transfer, voluntary or involuntary, of any interest in the Property. Without limiting the generality of the foregoing, Transfer shall include(i) a transfer by devise, inheritance or intestacy; (ii) creation of a life estate or joint tenancy interest; (iii) a gift of all or any portion of the Property; or (iv) any voluntary conveyance of the Property. 1.1.39 "Transferee"means any natural person or entity who obtains ownership or possessory rights in the Property pursuant to a Transfer. 1.1.40 "Term"means the period during which this Agreement shall be in full force and effect, as provided for in Section 5.1 below. Page 7 55394.00101143721567.1