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City Deed of Trust means a deed of trust that secures the Owner's obligation to <br />comply with the obligations imposed by the Inclusionary Housing Covenant <br />Declaration. <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 I of this <br />Inclusionary Housing Agreement. <br />Delivery Date means the date on which an Inclusionary Unit Escrow closes and <br />the Homebuyer acquires a fee title Interest in the completed Inclusionary Unit. <br />Developer means the developer of the Project. <br />Effective Date means the date on which this Inclusionary Housing Agreement is <br />approved and executed by appropriate authorities of the Developer and the City: <br />and this Inclusionary Housing Agreement is delivered to the Developer. <br />Eligible Purchaser shall mean a Homebuyer who meets the eligibility criteria set <br />forth in the Administrative Procedures. <br />Executive Director is the Executive Director of the Community Development <br />Agency of the City. The Executive Director, or designee, has the ultimate <br />authority to evaluate appeals submitted in relation to the Administrative <br />Procedures, <br />Exhibits means the exhibits to this Inclusionary Housing Agreement, which are <br />listed in Article 1 - Section V. <br />Fair Market Value means the value of the Inolusionary 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 />Gross Household Income means all Income from whatever source from all <br />adult Household members, which is anticipated to be received during the 12- <br />month period following the date of the determination of Gross Household Income. <br />The applicable sources of income are defined in California Code of Regulations <br />Title 25 Housing and Community Development Section 6914. The definition <br />includes the following specific requirements: <br />I nolusionary Housing Aqroeniont - Ownersiblp Projout Noe 4 <br />City of 8 anta Ana <br />75C-74 <br />