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EXHIBIT 2 <br />EXHIBIT D <br />1.1.27 "Low Income Household" means a Household whose income does not <br />exceed eighty percent (80%) of the area median income for the Orange County, California PMSA, <br />adjusted for actual household size, as published by HCD, and in accordance with the definition of <br />"low-income household" set forth in SAMC § 41-1901 and California Health and Safety Code § <br />50079.5. <br />1.1.28 "Notice of Affordability Restrictions" means the notice of affordability <br />restrictions to prospective buyers, which shall have a term of at least forty-five (45) years, in the <br />form attached hereto as Exhibit E. <br />1.1.29 "Program Director" has the day-to-day authority for making <br />determinations related to the Administrative Procedures Manual. The Program Director will be <br />appointed by the Executive Director for the City's Community Development Agency. <br />1.1.30 "Project" means that certain affordable residential development as more <br />particularly described in Recital B and Section 2 of this Agreement. <br />1.1.31 "Property" means that certain real property more particularly described in <br />the legal description in Exhibit A and improvements thereon, including each Affordable Unit. <br />1.1.32 "Regulatory Agreement" means this Affordable Housing Agreement and <br />Declaration of Covenants and Restrictions. <br />1.1.33 "State Density Bonus Law" means Government Code sections 65915, et <br />seq., as they exist on the Effective Date. <br />1.1.34 "Supportable Mortgage" means the mortgage amount that can be <br />supported by a Low Income Household based on the Affordable Housing Cost calculations. The <br />mortgage calculation is based on the prevailing market interest rate for a 30-year fully amortizing <br />mortgage with a fixed interest rate. The Supportable Mortgage shall be determined in accordance <br />with the City's Administrative Procedures Manual, provided that it should be determined for a <br />Low Income Household consistent with the requirements of this Agreement and State Density <br />Bonus Law. <br />1.1.35 "Unit" means a residential dwelling unit within the Project to be <br />constructed or caused to be constructed by Developer pursuant to this Agreement. <br />1.2 Exhibits. The following documents are attached to, and by this reference made a <br />part of, this Agreement: <br />1.2.1 <br />Exhibit A: <br />Legal Description of the Property <br />1.2.2 <br />Exhibit B: <br />Affordable Housing Resale Restrictions <br />1.2.3 <br />Exhibit C: <br />City Deed of Trust <br />1.2.4 <br />Exhibit D: <br />City Promissory Note <br />1.2.5 <br />Exhibit E: <br />Notice of Affordability Restrictions <br />1.2.6 <br />Exhibit F: <br />Income Verification Form <br />1.2.7 <br />Exhibit G: <br />Certification of Continued Occupancy <br />7 <br />5 53 94.00101 \42405 923.1 <br />