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DRAFT <br /> local preference for families who live or work in the City of Santa Ana at an Affordable Sales <br /> Price,in the form of Exhibit B attached hereto. <br /> 1.1.7 "Affordable Sales Price" means the maximum sales price that can be <br /> charged for an Affordable Unit as set forth in Section 3.3.2. <br /> 1.1.8 "Affordable Units(s)"' means the five (5)unit(s), which shall comprise of <br /> two (2) four-bedroom, two (2) three-bedroom units and one(1) two-bedroom unit, which always <br /> must be proportionate to the unit mix,for the property. Any change to the number, bedroom size, <br /> location, or distribution of Affordable Units is subject to City Manager approval. <br /> 1.1.9 "Agreement" means this Density Bonus Housing Agreement With <br /> Declaration of Covenants, Conditions and Restrictions. <br /> 1.1.1 Q ` Benchmark Down Payment" is a component of the Affordable Sales <br /> Price calculations. For the purposes of this .Agreement, the Benchmark Down Payment is set at <br /> 5010 of the total Affordable Sales Price, The Benchmark Down Payment is used solely as a <br /> component for determining the Affordable Sales Price for an Affordable Unit.It does not represent <br /> a cap on the down payment amount that can be contributed by a Homebuyer. <br /> 1.1,11 "City" means the City of Santa Ana, California. <br /> 1.1.12 "City Attorney" means the City Attorney for the City of Santa Ana. <br /> 1.1.13 "City Council" means the City Council of the City of Santa Ana. <br /> 1.1.14 "City Deed of Trust" means the deed of trust to be executed by the <br /> Homebuyer and regarded against Affordable Unit the Homebuyer's obligations under the City <br /> Promissory Note, substantially in the form attached hereto as.Exhibit D, <br /> 1.1.15 "City Manager" means the City Manager for the City of Santa Ana, <br /> 1.1..16 "City's Planning Commission" means the Planning Commission for the <br /> City of Santa Ana. <br /> 1.1..17 "City Promissory Note" means the promissory note executed by the <br /> Homebuyer evidencing Homebuyer's agreement to pay the City Equity Share, substantially in the <br /> form attached hereto as Exhibit C. <br /> 1.1,18 "Density Bonus Application" shall mean the Density Bonus Application <br /> No. 2025-01 for the Project. <br /> 1.1,19 "Developer" means MLC Holdings Inc./Meritage Homes, and its <br /> permitted successors and assigns to all or any part of the Property, Project or this Agreement. <br /> 1.1,20 "Effective Date" means the date the Developer and the City shall record or <br /> cause to be recorded in the Official Records for Orange County, California, an executed original <br /> of this Agreement, pursuant to Section 4.2 herein. <br /> Page 3 <br /> 5539001 OIW3423340,1 <br />