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the timeframes required by this Inclusionary Housing Covenants Declaration, and <br />the City has opted not to exercise the City's Purchase Option within the <br />th-neframes allowed pursuant to this Inclusionary Housing Covenants Declaration. <br />Fair Market Value means the value of the Incluslonary 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 must be established by a licensed <br />Real Estate agent based on three comparable properties. <br />H&SC shall mean the California Health and Safety Code, <br />Inclusionary Housing Covenants Declaration means the Declaration of <br />Incluslonary Housing Covenants, Conditions and Restrictions, <br />Inclusionary Unit means the completed affordable owner-occupied housing unit, <br />that is being purchased by the Trustor, <br />Moderate Income refers to Households whose incomes meet the standards <br />defined by the H&SC Section 500W. Generally, Moderate Income means <br />household income that does not exceed 120% of the County Median Income, as <br />adjusted for Household size, The maximum household income amount for <br />Moderate Income Households shall be set at the amount published by HCD <br />annually, <br />Moderate Income Household shall mean individuals or Households who have <br />an adjusted Gross Income that does not exceed Moderate Income. <br />Ordinance means the Housing Opportunity Ordinance adopted by the City <br />Council on November 28, 2011, which is codified in Article XVIII.1 Section 41- <br />1900 et seq. of the City's Municipal Code. <br />Owner means the current owner of the Inclusicnary Unit. <br />Primary Residence is defined as the only home that may be owned by the <br />Owner, The Owner must reside in the Incluslonary Unit for not less than 10 out <br />of every 12 months. <br />Property means the real property on which the Project Is to be developed, for <br />which the legal description is provided in Exhibit I to this City Deed of Trust. <br />Rents means all rents, issues, profits, royalties, revenues, income and other <br />benefits derived from the Property. <br />Induslonary Housing Covananf5 Ndaobun Pogo Fi <br />Aasunpgon Ag mement January 2£116 <br />32A -130 <br />