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D. The Agreement contains certain provisions relating to the use of the Property <br />both before and after completion of such development. <br />NOW, THEREFORE, AGENCY AND DEVELOPER COVENANT AND AGREE <br />AS FOLLOWS: <br />1. Definitions <br />"Affordable Housing Cost" means a price which is established at a level which <br />ensures that the monthly housing costs of (a) any Lower Income Household purchaser <br />which earns not greater than eighty percent (80%) of the Area Median Income adjusted <br />for household size, does not exceed the product of thirty percent (30%) multiplied by <br />seventy percent (70%) of the Area Median Income adjusted for Household Size <br />Appropriate to the Unit, and (b) any Lower Income Household purchaser which earns not <br />less than seventy percent (70%) or more than eighty percent (80%) of Area Median <br />Income adjusted for household size, the payment of which does not exceed thirty percent <br />(30%) of the gross income of such purchaser. Such housing costs (including mortgage <br />payments, a reasonable utility allowance and similar costs) shall not exceed the <br />maximum amount applicable to lower income households pursuant to California Health <br />and Safety Code Section 50052.5. Such housing costs (including mortgage payments, a <br />reasonable utility allowance and similar costs) shall not exceed the maximum amount <br />applicable to lower income households pursuant to California Health and Safety Code <br />Section 50052.5(b)(3). <br />"Affordable Sales Price" shall mean the sales price which does not exceed the <br />maximum amount applicable to Lower Income households, as promulgated by the <br />California Department of Housing and Community Development. <br />"Lower Income households" shall mean persons and families whose income does not <br />exceed the qualifying limits for lower income families in Orange County as established <br />by the State of California pursuant to Health and Safety Code section 50079.5, as such <br />qualifying limit is amended from time to time. <br />"Pro ert 'shall mean each of the three parcels upon which the Affordable Units shall <br />be constructed. Term maybe used interchangeably with "Site". <br />2. Use of the Property. Developer covenants and agrees (for itself, its successors, its <br />assigns, and every successor in interest to the Site of any part thereof) that Developer, <br />such successors, and such assigns shall use the Property exclusively to provide. affordable <br />owner-occupied housing, for Lower Income households, as provided in the Agreement <br />and these Restrictions. <br />3. Ownership Housing Requirements. Developer is required to sell the Property to a <br />Lower Income household, for an Affordable Purchase Price, for use as owner-occupied <br />housing, upon terms and conditions that are mutually acceptable to the Agency and <br />Developer and in accordance with the following restrictions: <br />2 <br /> <br />