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MINIMUM <br />revised development proformas and projected cash flows for the Project; provided, <br />however, that the Inclusionary Grant is not materially increased or extended. <br />F. In furtherance of the Inclusionary Housing Program, Developer has applied <br />to the City for a grant with which to develop and construct the Project. <br />G. The City, on certain terms and conditions, desires to make such Conditional <br />Inclusionary Grant to Developer in order to make possible the development and construction <br />of the Project, thereby expanding the supply of decent, safe, sanitary and affordable housing <br />within the City. <br />H. This Agreement is entered into for the purpose of providing for <br />development and construction of affordable residential ownership units in the City of Santa <br />Ana pursuant to the hiclusionary Housing Fund regulations and guidelines. The parties to <br />this Agreement are separately entering into a ninety-nine (99) year Ground Leases for each <br />of the two Property parcels that will establish and require recordation of affordability and <br />maintenance restrictions on the Property and allow the Developer to maintain those <br />restrictions. <br />NOW, THEREFORE, for and in consideration of the mutual covenants and agreements <br />herein contained, City and Developer agree as follows: <br />1. DEFINITIONS AND INTERPRETATION <br />1.1 Defined Terms. All capitalized terms used herein, including, without <br />limitation, in the Recitals above and in all other Project Documents, unless otherwise <br />expressly defined, are defined where first used in this Agreement and/or as set forth in this <br />Article 1. <br />"Best Management Practices" shall mean the City's Best Management <br />Practices as described in the attached Exhibit D. <br />"Building Permit" means the building permit(s) issued by City and <br />required for the construction. <br />"Business Day" means any Monday, Tuesday, Wednesday, Thursday or <br />Friday on which Santa Ana City Hall is open to the public to conduct City affairs. <br />"Calendar Year" means each consecutive twelve (12) month period from <br />January 1 to December 31. <br />"Certificate of Completion" has the meaning set forth in Article 14. <br />"City" means the City of Santa Ana, California, a charter city and <br />municipal corporation. <br />3 <br />80A-11 <br />