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65915(p)(2)(A), the Project will provide twenty-two (22) total onsite parking spaces or 1 space per <br />one -bedroom and two -bedroom units. No parking concession is requested or provided. <br />E. For the purpose of implementing this State Density Bonus Law onsite parking <br />standard incentive, Developer has agreed to restrict eleven percent (I I %) of the units, in the Project <br />to very low income households, which will result in two (2) Affordable Units, as defined. <br />F. 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 this <br />Agreement, the Project shall be the "housing development" as defined in the State Density Bonus <br />Law. <br />G. 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 65915 (d)(1)(2)(B), <br />and 65915(e)(1), the City has determined to approve the application with two (2) concessions and <br />two (2) waivers. <br />H. This Agreement, and the exhibits attached hereto and incorporated herein by <br />reference, 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 bonus <br />incentive 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 in Section <br />1.1.16. The Affordable Rent shall be adjusted to reflect a reasonable utilities allowance for utilities <br />paid by the household using the Santa Ana Housing Authority Multi -Family Housing Utility <br />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 />2 <br />