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the timeframes required by this Inciusionary Housing Covenants Declaration, and <br />the City has opted not to exercise the City's Purchase Option within the <br />timeframes allowed pursuant to this Inciusionary Housing Covenants Declaration <br />Fair Market Value means the value of the Inciusionary 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 &SG shall mean the California Health and Safety Code <br />Inciusionary Housing Covenants Declaration means the Declaration of <br />Inciusionary Housing Covenants, Conditions and Restrictions. <br />Inciusionary Unit means the completed affordable owner - occupied housing unit, <br />that is being purchased by the Truster. <br />Moderate Income refers to Households whose Incomes meet the standard's <br />defined by the H &SC Section 56693, Generally, Moderate Income means <br />household Income that does noit exceed 126% 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 7, 2011, which Is codified in Article XVIIIA Section 41- <br />1 900 at seq. of the City's Municipal Code. <br />Owner means the current owner of the Inciusionary Unit, <br />Primary Residence is defined as the only home that may be owned by the <br />Owner. The Owner must reside In the Inciusionary Unit for not less than 16 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 1 to this City Geed of Trust. <br />Rents means all rents, issues, profits, royalties, revenues, income and other <br />benefits derived from the Property. <br />IncluaSnnary rlaaising i.',�2vsoanps f?eclsraban PA90 0 <br />Assumption Agreement August 11, 2014 <br />75C -172 <br />