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EXHIBIT 2 <br />F. Developer desires to accept the Inclusionary Grant on the terms and conditions set <br />forth in this Agreement. Among other things, this Agreement requires a Regulatory Agreement <br />Imposing Affordable Housing Covenants and Restrictions (Density Bonus) ("Regulatory <br />Agreement") must be recorded against the Property and other protections to ensure the affordable <br />housing requirements of this Agreement. <br />G. The Project is in the best interest of the City and the health, safety and welfare of the <br />residents of the City, and in accordance with the public purposes and provisions of applicable federal, <br />state and local laws and requirements. <br />NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein <br />contained, City and Developer agree as follows: <br />1. DEFINITIONS AND INTERPRETATION <br />1.1 Defined Terms. All capitalized terms used herein, including, without limitation, in <br />the Recitals above and in all other Project Documents, unless otherwise expressly defined, are <br />defined where first used in this Agreement and/or as set forth in this Article 1. <br />(a) "Building Permit" means the building permit(s) issued by City and <br />required for the construction. <br />(b) "Business Day" means any Monday, Tuesday, Wednesday, Thursday or <br />Friday on which Santa Ana City Hall is open to the public to conduct City affairs. <br />(c) "Calendar Year" means each consecutive twelve (12) month period from <br />January 1 to December 31. <br />(d) "Certificate of Completion" has the meaning set forth in Article 13. <br />(e) "City" means the City of Santa Ana, California, a charter city and <br />municipal corporation. <br />(f) "City Deed of Trust' shall mean the deed of trust in favor of the City <br />executed by homebuyers in accordance with the Regulatory Agreement. <br />(g) "City Project Manager" shall mean the City's Housing Division Manager <br />and/or his/her designee. <br />(h) "County" means the County of Orange, California. <br />(1) "Developer" means Habitat for Humanity of Orange County, a nonprofit <br />organization. <br />2 <br />5 53 94.0010 1 \42414134.1 <br />