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EXHIBIT 1 <br />Affordable Unit received all permits from City required for occupancy of the Unit. In the event <br />that a conflict exists between the date specified by Developer for the commencement of the Total <br />Affordability Term for an Affordable Unit and the date specified by City's issuance of all required <br />permits for occupancy of the Unit, the date specified by City's issuance of all required permits for <br />occupancy of the Unit shall control. <br />3.3 Levels of Affordability. <br />3.3.1 Very Low Income Tenants. Developer covenants that no less than fifty-six <br />(56) Affordable Units in the Project shall at all times during the Density Bonus Housing Agreement <br />Term be rented to, or held vacant and available for immediate occupancy by Very Low Income <br />Tenants, at a rent that does not exceed thirty percent (30%) of fifty percent (50%) of the area <br />median income, as adjusted for household size, including an allowance for utilities. <br />3.3.2 Low Income Tenants. Developer covenants that no less than four hundred. <br />ninety-one (491) Affordable Units in the Project shall at all times during the Density Bonus <br />Housing Agreement Term be rented to, or held vacant and available for immediate occupancy by <br />Lower Income Tenants, at a rent that does not exceed thirty percent (30%) of sixty percent (60%) <br />of the area median income, as adjusted for household size, including an allowance for utilities. <br />3.4 Affordable Rental Schedule. The Affordable Rental Schedule shall be determined <br />by the regulatory agreements entered into between the Developer and the California Tax Credit <br />Allocation Committee (CTCAC) and the California Debt Limit Allocation Committee (CDLAC) <br />governing the project. <br />4. OWNERSHIP AND OPERATION OF THE PROJECT BY OWNER <br />4.1 RecordiiieofDocuments. <br />No laterthan issuance of building permits for the Project, <br />Developer and the City shall record or cause to be recorded in the Official Records for Orange <br />County, California, an executed original of this Agreement. City shall cooperate with Developer <br />in promptly executing in recordable form this Agreement. Upon the date of recording, the terms <br />and conditions of this Agreement shall be binding upon and run with the Property and the Project. <br />It is the express intent and agreement between the Parties that this Agreement shall remain binding <br />and enforceable against the Property, the Project, and the Units to ensure compliance with the State <br />Density Bonus Law, City Density Bonus Law, and the City Housing Opportunity Ordinance, and <br />to ensure the continued supply of Affordable Units in the Project. <br />4.2 Rental of Units. Upon the completion of construction of the Project and receipt by <br />Developer of all required permits for the occupancy of the Units, Developer shall rent or cause to <br />be rented each Affordable Unit for the Total Affordability Term for such Affordable Unit in <br />accordance with the terms and conditions set forth in this Agreement, which provide among other <br />terms and conditions for the rental of each Affordable Unit at an Affordable Rent to an Eligible <br />Household for the Total Affordability Tenn. <br />60A-14 <br />