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a. The housing developed hereunder does and shall qualify as affordable housing under 24 CFR §92.252 because each Housing Unit shall be rented at an Affordable Rent to households whose annual income is in compliance with the HOME Regulations; and b. This Agreement serves as the written agreement that imposes and enumerates (by meeting or exceeding) all of the affordability requirements from 24 CFR §92.252; the property standards requirements of 24 CFR §92.251; and income determinations made in accordance with 24 CFR §92.203. "HOME Units" shall mean eleven (11) of the Housing Units (specifically, ten (10) of the three-bedroom units and one (1) five-bedroom unit) which shall be designated as HOME Units and shall be subject to all applicable HOME Regulations. All HOME Units shall be "Low HOME" units pursuant to the HOME Regulations. The HOME Units shall be "fixed" HOME Units, such that the specific Housing Units designated as HOME Units shall not change. Developer shall designate eleven (11) of the Housing Units as HOME Units, subject to approval by the Executive Director and in accordance with this paragraph, the HOME Program, and the HOME Regulations. "Housing Unit" or "Housing Units" means the thirty-six (36) individual apartment units at the Property to be constructed, leased, managed, and operated by Developer as long term Affordable Housing and in implementation of the Project (inclusive of the Affordable Units and the HOME Units). "HUD" means the United States Department of Housing and Urban Development and any successors or assigns thereof. "Improvements" means all improvements and fixtures to be constructed by Developer at the Property, including, without limitation, landscaping, trees and plant materials; and offsite improvements (including, without limitation, streets, curbs, storm drains, and adjacent street lighting), all as more specifically defined in Section 301 and in the Scope of Development attached hereto. "Indemnitees" means City and Agency, and their past and present elected officials, officers, employees, attorneys, contractors, elective and appointive boards and commissions, representatives, agents, and volunteers. "Legal Description" means the legal description of the Property attached hereto as Exhibit A and incorporated herein. "Loan Documents" means, collectively, this Agreement, the City Promissory Note, the City Deed of Trust, the Agency Promissory Note, the Agency Deed of Trust, the Affordability Restrictions, and any other agreement, document, or instrument that the City or Agency requires in connection with the Loans or from time to time to effectuate the purposes of this Agreement. "Loans" means the Agency Loan and the City Loan. "Notice" is defined in Section 2102. "NSP Covenants" means those certain Affordability Covenants and Restrictions by and between Developer and City, recorded against the Property in the official records of Orange County, California on June 2, 2010 as Instrument No. 2010000258490, which set forth certain affordability, 7 DOC SOC/ 14695 83v5/200272-0003