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PLANNING COMMISSION DRAFT <br />SUBJECT TO CITY COUNCIL APPROVAL <br />1.1.26 "Moderate Income Household(s)" means a Household whose income <br />does not exceed One Hundred Twenty Percent (120%) of the area median income for the Orange <br />County, California PMSA, adjusted for household size, as published by HCD. <br />1.1.27 "Project" means that certain affordable residential development as more <br />particularly described in the Recitals and Section 2 of this Agreement. <br />1.1.28 "Project Approvals" means all approvals, conditions, and entitlements <br />issued by the City, inclusive of the Planning Commission and City Council. <br />1.1.29 "Property" means that certain real property more particularly described <br />in the legal description in Exhibit A and improvements thereon. <br />1.1.30 "State Density Bonus Law" means Government Code Section 65915, et <br />seq., as they exist on the Effective Date. <br />1.1.31 "Supportable Mortgage" means the mortgage amount that can be <br />supported by a Moderate Income Household based on the Affordable Housing Cost calculations. <br />The mortgage calculation is based on the prevailing market interest rate for a 30-year fully <br />amortizing mortgage with a fixed interest rate. The Supportable Mortgage shall be determined in <br />accordance with the City's Administrative Procedures Manual, provided that it should be <br />determined for a Moderate Income Household consistent with the requirements of this <br />Agreement and State Density Bonus Law. <br />1.1.32 "Term" means the period during which this Agreement shall be in full <br />force and effect, as provided for in Section 5.1 below. <br />1.1.33 "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 />1.1.34 "Unrestricted Units" means the Units within the Project to be <br />constructed or caused to be constructed by Developer to a Household without restriction. <br />1.2 Exhibits. The following documents are attached to, and by this reference made <br />a part of, this Agreement: <br />1.2.1 Exhibit A (1-2): Legal Description of the Property <br />1.2.2 Exhibit B: Declaration of Inclusionary Housing Covenants <br />1.2.3 Exhibit C: Income Verification Form <br />1.2.4 Exhibit D: Certification of Continued Occupancy <br />1.2.5 Exhibit E: Disclosure, Acknowledgment <br />and Assumption Agreement <br />DEVELOPMENT OF THE PROPERTY <br />55394.00101\n^^^'�.-.a4,7 ' 42998272.1 <br />