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operated by Developer as rental properties. E. The Project complies with the affordable housing requirements set forth in the State Density Bonus Law, City Density Bonus for Affordable Housing, and the City's Affordable Housing Opportunity and Creation Ordinance. 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 and three waivers. G. This Agreement, and the exhibits attached hereto and incorporated herein by reference, is intended to set forth the terns and conditions for the implementation of the Project's requirement to provide affordable housing units in exchange for receiving the Density Bonus Units and additional concessions and waivers 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)(111), restrictions on the sale and conveyance of the Property that ensure that the Property will be preserved for lower 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 eight (8) units, which shall be comprised of one (1) two -bedroom unit, one (1) three -bedroom unit, four (4) three -bedroom plus den units, and two (2) three bedroom plus den (optional 0' bedroom) units for Low -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 "Base Units" means the thirty-five (35) Units that Developer would be authorized to develop on the Property without application of the State Density Bonus Law. 1.1.5 "City" means the City of Santa Ana, California 1.1.6 "City Council" means the City Council of the City of Santa Ana. 1.1.7 "City Attorney" means the City Attorney for the City of Santa Ana. 2