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Owner means the current owner of an Inclusionary Unit. Party and Parties mean the City and the Homebuyer as parties to the Inclusionary Housing Covenants Declaration, Permitted Sales are defined as a sale to an Eligible Purchaser or a sale executed under the City's Purchase Option. Primary Residence is defined as the only home that may be owned by the Owner. The Owner must reside in the Inclusionary Unit for not less than 10 out of every 12 months. Program Director has the day -to -day authority for making determinations related to the Ordinance and Administrative Procedures Manual. The Program Director will be appointed by the Executive Director. Prohibited Sales and Transfers are defined as any sale or transfer that is not explicitly allowed by this Inclusionary Housing Covenants Declaration. Prohibited Transfers specifically include any transfer of a use, rental or leasehold interest in the Inclusionary Unit. Project means the owner - occupied housing project proposed to be developed on the Property at the Developer's sole cost and expense. Project CC &Rs means the Declaration of Covenants, Conditions and Restrictions of the Project recorded or to be recorded against the entirety of the Property and applicable to the Inclusionary Unit and the Homebuyer. Property means the real property on which the Project is to be developed, for which the legal description is provided in Exhibit 1 to the Inclusionary Housing Agreement. Recordation Date means the date of recording in the Official Records of the County of Orange, California of the City Deed of Trust and the Inclusionary Housing Covenants Declaration. Resale means the resale of the Inclusionary Unit by the Owner. Prior to the Resale of the Inclusionary Unit, the Owner must submit a Notice of Resale to the City as set forth in Exhibit 4 to this Inclusionary Housing Covenants Declaration. Resale Price is defined as the lesser of the Fair Market Value or the Affordable Sales Price. Inclusionary Housing Covenants Declaration Page 11 City of Santa Ana January 2015