SANTA ANA 5, LLC -2015 - Laserfiche WebLink

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ARTICLE 2 INCLUSIONARY HOUSING COVENANTS Developer Compliance with the Ordinance The Developer acknowledges that the City has provided the Developer with copies of the Ordinance and the Administrative Procedures Manual. The Developer is familiar with the requirements of all the foregoing documents and shall ensure that the Project complies in all material respects with this Inclusionary Housing Agreement and the requirements set forth in all the foregoing documents. II. Inclusionary Housing Covenants The Developer covenants and agrees that twelve (12) of the units to be developed on the Property shall be Inclusionary Units reserved for sale at the Affordable Sales Price and occupancy by Homebuyers whose Gross Household Income at the time of occupancy of each Inclusionary Unit does not exceed the household income qualification limits of a Moderate Income Household. This covenant and agreement shall be binding on the successors and assigns of Developer, as set forth herein and in the Inclusionary Housing Covenants Declaration (Exhibit 5) and the City Deed of Trust (Exhibit 6). II -A. The Inclusionary Units to be developed on the Property shall be reasonably dispersed throughout the market rate project as depicted on Exhibit 3. The Developer may change the location of any Inclusionary Unit to another area within the Project upon approval of the Program Director. Changes in the location of Inclusionary Units as approved on the Tentative Subdivision Map in which the Project is included shall be made consistent with all requirements of the Ordinance and the Administrative Procedures Manual, and shall be subject to the approval of the Program Director, such approval not to be unreasonably withheld. II -B. The Inclusionary Units to be developed on the Property shall be proportional in the number of bedrooms to the market rate units in the Project; they shall be comparable to the market rate units in terms of design, materials, finished quality and appearance; and be permitted the same access to the Project amenities and recreation facilities as the market rate units. Incluslonary Housing Agreement - Ownership Project Page 13 City of Santa Ana January 2015