BRANDYWINE ACQUISITION GROUP, LLC

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affordable units. The Project will provide eighty (80) onsite parking spaces. No parking concession is requested or provided. E. The Project complies with the affordable housing requirements set forth in the State Density Bonus Law and City Density Bonus for Affordable Housing. For purposes of this Agreement, the Project shall be the "housing development" as defined in the State Density Bonus Law. F. In light of the purpose of the State Density Bonus Law and City Density Bonus for Affordable Housing, and the express provisions of Government Code Section 65915(d)(2)(A), the City has determined to grant Developer's application for one concession. G. This Agreement, and the exhibits attached hereto and incorporated herein by reference, are intended to set forth the terms and conditions for the implementation of the Project's requirement to provide affordable housing units in exchange for receiving the density bonus concession set forth herein. NOW, THEREFORE, in consideration of the above recitals, which are incorporated herein by this reference, and of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: DEFINITIONS AND EXHIBITS 1.1 Definitions. In addition to the terms that may be defined elsewhere in this Agreement, the following terms when used in this Agreement shall be defined as follows: 1.1.1 "Affordability Restrictions" means, pursuant to California Government Code Section 65915(c)(2)(A)(ii)(III), restrictions on the sale and conveyance of the Property that ensure that the Property will be preserved for moderate- income housing for at least 55 years for owner -occupied housing units and will be sold or resold only to persons or families of very low, low, or moderate income, as defined in Section 50052.5 of the California Health and Safety Code. 1.1.2 "Affordable Units" means four (4) units, which shall be comprised of four (4) three -bedroom units for Moderate -Income Households. Any change to the number or distribution of Affordable Units is subject to City Manager approval. 1.1.3 "Agreement" means this Density Bonus Housing Agreement. 1.1.4 "City" means the City of Santa Ana, California 1.1.5 "City Council" means the City Council of the City of Santa Ana. 1.1.6 "City Attorney" means the City Attorney for the City of Santa Ana. 1.1.7 "City Manager" means the City Manager for the City of Santa Ana.