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2. DEVELOPMENT OF THE PROPERTY 2.1 Project. Developer shall develop, operate, and maintain, or cause the development, operation and maintenance of, the Property as a fifteen (15) unit rental residential community, with one (1) Affordable Unit for Very -Low Income Tenants. 2.2 Density Bonus. The Project shall have fifteen (15) Units, to be rented, occupied, operated, and maintained pursuant to the terms and conditions of this Agreement. Developer understands and agrees that Developer is utilizing a twenty -seven -and -a -half percent (27.5%) density bonus increase provided by the State Density Bonus Law (12 Base Units x 27.5% = 4 State Density Bonus Units) for a total of sixteen (16) units. However, Developer is only proposing fifteen (15) Units, so Developer shall not construct or develop, or otherwise claim a right to construct or develop any additional State and/or City Density Bonus Units on the Property. 2.3 Development Concessions, Incentives, and Waivers. As set forth in the City entitlements, Developer petitioned for and is hereby granted the following concessions, incentives, and waivers as part of the approval of Density Bonus Application No. DBA-2023-1 for the Project: 2.3.1 Concession. In accordance with Government Code Section 65915(d)(1), Developer is granted a concession for relief from the requirement for ground floor retail or services, as set forth in Santa Ana Municipal Code § 41-2007. 2.3.2 Waivers. In accordance with Government Code Section 65915(e)(1), Developer is granted the following waivers: (a) The height limitation set forth in Santa Ana Municipal Code § 41-2013(a) is waived to the extent the building height for this Project maybe up to fifty-one (51) feet and nine (9) inches and four (4) stories. (b) The maximum allowable building size and massing ratio set forth in Santa Ana Municipal Code § 41-2022(i)(5) are waived to the extent that the second through fourth floor will exceed the maximum allowable building size and massing ratio, and are 97.9-percent of the ground floor's volume, (c) The open space requirements set forth in Santa Ana Municipal Code § 41- 2022(f) are waived such that the Project shall not be required to provide common open space in the form of a courtyard or in the front as a forecourt, and only five -hundred ninety-one (591) square feet of private open space will be required in the form of private decks for nine (9) Units. (d) The requirement for a landscape buffer set forth in Santa Ana Municipal Code § 41-2020(6) is waived to the extent that a two (2) foot landscape buffer will be provided along the western property line, instead of the required five (5), and no landscape planters will be provided on the surface parking lot. 2.4 Parking Requirements. Onsite parking shall be provided in compliance with Government Code Sections 65915(p)(1)(A) and 65915(p)(1)(B). No parking concession is 5