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Sections 65915 (p)(1)(A) and 65915 (p)(1)(B), the Project will provide seventeen (17) <br />total onsite parking spaces or 1.1 spaces per unit at a ratio of one (1) stall for studio or <br />one -bedroom units, and one and one-half (1.5) stalls for two -bedroom units. No <br />additional parking concession is requested or provided. <br />E. The Project complies with the affordable housing requirements set forth in the State <br />Density Bonus Law and City Density Bonus for Affordable Housing. For purposes of <br />this Agreement, the Project shall be a "housing development" as defined in the State <br />Density Bonus Law. <br />F. In light of the purpose of the State Density Bonus Law and City Density Bonus for <br />Affordable Housing, and the express provisions of Government Code Sections <br />65915(d)(1)(2)(A) and 65915(e)(1), the City has determined to grant Developer's <br />application for one (1) concession and four (4) waivers. <br />G. This Agreement, and the exhibits attached hereto and incorporated herein by reference, <br />are intended to set forth the terms and conditions for the implementation of the Project's <br />requirement to provide affordable housing units in exchange for receiving the density <br />bonus, concession and waivers set forth herein. <br />NOW, THEREFORE, in consideration of the above recitals, which are incorporated herein <br />by this reference, and of the mutual covenants contained herein, and for other good and valuable <br />consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as <br />follows: <br />1. DEFINITIONS AND EXHIBITS <br />1.1 Definitions. In addition to the terms that may be defined elsewhere in this <br />Agreement, the following terms when used in this Agreement shall be defined as follows: <br />1.1.1 "Adjusted for family size appropriate to the unit" shall have the <br />meaning set forth by Health and Safety Code Section 50052.5(h). <br />1.1.2 "Affordable Rent" means the maximum Monthly Rent that may be <br />charged to and paid by an Eligible Household for the Affordable Units, as required by the terms <br />of this Agreement, and which shall not exceed one -twelfth (1/12) of the product of thirty percent <br />(30%) times fifty percent (50%) times the Median Income for Orange County, as defined below <br />in Section 1.1.17. The Affordable Rent shall be adjusted to reflect a reasonable utilities allowance <br />for utilities paid by the household using the Santa Ana Housing Authority Multi -Family Housing <br />Utility Allowance Schedule, and shall be updated no less than annually. <br />1.1.3 "Affordable Rent Schedule" means a rent schedule established as of the <br />date of issuance of an occupancy permit (exclusive of tenant utility payments or security deposits) <br />for the required number/percentage of the total number of units in the Project which are to be <br />rented or available for rent to Very -Low Income Tenants. Said Affordable Rent Schedule shall be <br />established at the time of the issuance of the occupancy permit ("Initial Rent Schedule") and shall <br />2 <br />