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3.2 Memorializing Commencement of Total Affordability. The commencement <br />date for each Affordable Unit is the date that a deed is recorded conveying the Affordable Unit <br />from Developer to a member of the homebuying public. Developer shall deliver a copy of each <br />grant deed to the City so that the City has a record of the commencement date for each Affordable <br />Unit. <br />3.3 Levels of Affordabili <br />3.3.1 Low Income Households. Developer covenants that no less than eight (8) <br />Affordable Units in the Project during the Density Bonus Housing Agreement Term will be built <br />and initially sold or conveyed to, or preserved for Low -Income Households. <br />4. OWNERSHIP AND OPERATION OF THE PROJECT BY OWNER <br />4.1 Payment of Density Bonus Setup Fee. Prior to the Effective Date, Developer <br />delivered payment to City of the required density bonus setup fee in the amount of one -eighth <br />(1/8th) of one percent (1%) of the total estimated construction budget for the Project. <br />4.2 Recording of Documents. No later than 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. The date of recording of the Agreement <br />shall be the Effective Date of the Agreement ("Effective Date"). Upon the date of recording, the <br />terms and conditions of this Agreement shall be binding upon and run with the Property and the <br />Project. It is the express intent and agreement between the Parties that this Agreement shall remain <br />binding and enforceable against the Property, the Project, and the Affordable Units to ensure <br />compliance with the State Density Bonus Law and City Density Bonus Law. It is the express intent <br />and agreement between the Parties that this Agreement shall remain binding and enforceable <br />against the Affordable Units to ensure the continued supply of Affordable Units in the Project, <br />except as expressly set forth in this Agreement. <br />4.3 Sale of Units. Upon the completion of construction of each Affordable Unit in the <br />Project and receipt by Developer of all required permits for the occupancy of the Units, Developer <br />shall sell or convey each Affordable Unit for the Total Affordability Term for such Affordable <br />Unit in accordance with the terms and conditions set forth in this Agreement, which provide among <br />other terms and conditions for the sale or resale of each Affordable Unit to an Eligible Household <br />for the Total Affordability Term. <br />4.4 Location of Affordable Units. During the Density Bonus Housing Agreement <br />Term, the Affordable Units shall be dispersed throughout the Project as provided in the approved <br />Inclusionary Housing Plan Application dated April 27, 2022. <br />4.5 Use of the Property. All uses conducted on the Property by Developer, including, <br />without limitation, all activities undertaken by the Developer pursuant to this Agreement, shall <br />conform to all applicable provisions of the Santa Ana Municipal Code and other applicable federal, <br />state, and local laws, rules, and regulations. The Project shall at all times during the term of this <br />7 <br />