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City Council means the City of Santa Ana City Council. <br />City Manager is the City Manager of the City of Santa Ana. <br />Default means the failure of a Party to perform any action or covenant required <br />by this Inclusionary Housing Agreement within the time period provided herein <br />following notice and opportunity to cure, as set forth in Article 3 — Section 1 of <br />this Inclusionary Housing Agreement. <br />Developer means the developer of the residential project that is subject to this <br />Inclusionary Housing Agreement. <br />Effective Date means the date on which the Inclusionary Housing Agreement is <br />approved and executed by appropriate authorities of the Developer and the City; <br />and the Inclusionary Housing Agreement is executed by the authorized <br />representatives of the City and delivered to the Developer. <br />Exhibits means the exhibits to this Inclusionary Housing Agreement, which are <br />listed in Section 1.6. <br />Fair Market Value means the value of the Inclusionary Unit under normal <br />circumstances in which the seller and the buyer freely negotiate the terms of the <br />transfer of ownership. The Fair Market Value is estimated based on the <br />assumption that no income or affordability restrictions are placed on the <br />Inclusionary Unit. <br />Gross Income means all income from whatever source from all adult household <br />members for the previous calendar year as defined in California Code of <br />Regulations Title 25 Housing and Community Development Section 6914. The <br />definition includes the following specific requirements: <br />Except as provided in subdivision (2), all payments from all sources <br />received by the head of household (even if temporarily absent) and each <br />additional member of the household who is not a minor shall be included <br />in the annual income of a household. Gross Income shall include, but not <br />be limited to: <br />a. The gross amount, before any payroll deductions, of wages and <br />salaries, overtime pay, commissions, fees, tips and bonuses; <br />b. The net income from operation of a business or profession or from <br />rental or real or personal property (for this purpose, expenditures <br />Inclusionary Housing Agreement Page 3 <br />City of Santa Ana November 4, 2013 <br />75D -98 <br />