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EXHIBIT 2 ` <br /> 1.1.27 "Very Low Income" means an adjusted income that does <br /> not exceed fifty percent (50%) of the area median income for the Orange County, <br /> California PMSA, adjusted for household size, as published by HUD. <br /> 1.1.28 "Very Low Income Household"means a Household whose <br /> annual income qualifies as Very Low .Income, adjusted :for household size, as 'F <br /> published by HUD. <br /> 1.2 Exhibits. The following documents are attached to, and by this reference made a <br /> part of, this Agreement: <br /> 1.2.1 Exhibit A—Legal Description of the Property <br /> 1.2.2 Exhibit 13—Tenant Verification <br /> 1.2.3 Exhibit C--Annual Tenant Recertification <br /> 1.2.4 Exhibit D—Annual Rental Housing Compliance Report <br /> 2. DEVELOPMENT OF TJJE PROPERTY <br /> 2.1 Pr.__ojecfi. Owner shall rehabilitate, operate,and maintain,or cause the rehabilitation, <br /> operation and .maintenance of, the Property as an eleven (11) unit rental residential community, � <br /> with ten(10)Affordable Units for Qualified Residents. <br /> 2.2 Parking Requirements.The Project shall have no less than twenty-nine(29)parking <br /> spaces, with twenty(20) spaces for residents and nine (9) spaces for the intended preschool. The <br /> parking shall include one (1)accessible space and one (1) loading parking stall. <br /> 2.3 Minimum Develo ment Standards for Affordable Un4a. The Affordable Units <br /> shall be constructed with the same exterior appearance and interior features, fixtures, and <br /> amenities, and shall use the same type and duality of materials as provided for any Unrestricted <br /> Units,regardless of whether such Unrestricted Units are in the Project. <br /> 2.4 Permits and Processing; Compliance with Laws. Owner, at its sole cost and <br /> expense, or as otherwise set forth in a separate written agreement, shall secure or cause to be <br /> secured any and all permits that may be required for the construction and rehabilitation, of the � <br /> Project by City or any other federal, state, or local governmental entity having or claiming 3 <br /> jurisdiction over the Property or Project. Upon securing any and all permits, and all necessary <br /> tivancing and property interests, Owner shall carry out and perform the rehabilitation, operation, <br /> and maintenance of the Project or cause the performance of the rehabilitation, operation, and F <br /> maintenance of the Project, in conformity with all applicable federal, state, and local laws and <br /> regulations, and all conditions of approval issued by the City Council and City's Planning <br /> Commission for the Project. Any changes to the Project,shall be reviewed by the City to determine <br /> compliance with this Agreement, If any changes to the Project shall materially alter the ability of E <br /> Owner to comply with any terms of this Agreement in. City's sole determination, then City and <br /> Owner shall meet and confer to address amendments and revisions to this Agreement as necessary, <br /> City Council 16 — 58 5/19/2026 <br />