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EXHIBIT 2 <br />EXHIBIT D <br />of any portion of the Inclusionary Grant and that the Property and the Project shall <br />be subject to the covenants and restrictions set forth herein. <br />D. In addition, in connection with the Project, Developer seeks a density bonus under <br />California Government Code § 65915, et seq. ("State Density Bonus Law") and <br />Santa Ana Municipal Code sections 41-1600, et seq. ("City Density Bonus <br />Ordinance"). Based on the Property size of 0.37 acres, and the City's allowable <br />density for the Property of seven (7) dwelling units per acre, without the density <br />bonus, the existing density for the Property would allow only two (2) dwelling units <br />on the Property (rounded down from 2.59). Thus, the City also enters into this <br />Agreement to fulfill requirements of the State Density Bonus Law and City Density <br />Bonus Ordinance. <br />E. In light of the purpose of the State Density Bonus Law and City Density Bonus <br />Ordinance, City has determined to approve Developer's application for four (4) <br />concessions/incentives and one (1) waiver. <br />F. Based upon the foregoing, on the terms and conditions set forth below, this <br />Agreement, and the exhibits attached hereto and incorporated herein by reference, <br />are intended to (1) implement and fulfill obligations set forth in the Conditional <br />Grant Agreement, and (2) implement the Project's requirement to provide <br />affordable housing units in exchange for receiving the density bonus, concession <br />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 California Health and Safety Code Section 50052.5(h). <br />1.1.2 "Administrative Procedures Manual" shall mean the City's <br />Administrative Procedures Manual: Ownership Housing Development, setting forth rules and <br />regulations for the City's homeownership program. <br />1.1.3 "Affordable Housing Cost" means the total housing costs paid by a <br />qualifying Low Income Household in accordance with California Health and Safety Code Section <br />50052.5. <br />1.1.4 "Affordable Housing Resale Restrictions" means the restrictions <br />imposed on each Affordable Unit that restrict sales to qualified Eligible Households pursuant to a <br />2 <br />5 53 94.00101 \42405 923.1 <br />