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CITY COUNCIL DRAFT <br />(f) Homeowner Association assessments and dues. <br />1.1.29 "Median Income" means the Orange County, California area median <br />income, Adjusted for Household Size pursuant to California Health and Safety Code § 50052.5(h), <br />as periodically published by HCD. <br />1.1.30 "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 as published by HCD. <br />1.1.31 "Primary Residence" means that the Homebuyer is occupying the <br />Affordable Unit for at least ten (10) months out of any twelve (12) month period. <br />1.1.32 "Project" means that certain affordable residential development as more <br />particularly described in the Recitals and Section 2 of this Agreement. <br />1.1.33 "Project Approvals" means all approvals, conditions, and entitlements <br />issued by the City, inclusive of the Planning Commission and City Council. <br />1.1.34 "Property" means that certain real property more particularly described in <br />the legal description in Exhibit A and improvements thereon. <br />1.1.35 "Request for Default" means the request for default attached hereto as <br />Exhibit I. <br />1.1.36 "State Density Bonus Law" means Government Code Section 65915, et <br />seq., as they exist on the Effective Date. <br />1.1.37 "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 Agreement <br />and State Density Bonus Law. <br />1.1.38 "Transfer" means any sale, assignment, conveyance, lease or transfer, <br />voluntary or involuntary, of any interest in the Property. Without limiting the generality of the <br />foregoing, Transfer shall include (i) a transfer by devise, inheritance or intestacy; (ii) creation of a <br />life estate or joint tenancy interest; (iii) a gift of all or any portion of the Property; or (iv) any <br />voluntary conveyance of the Property. <br />1.1.39 "Transferee" means any natural person or entity who obtains ownership or <br />possessory rights in the Property pursuant to a Transfer. <br />1.1.40 "Term" means the period during which this Agreement shall be in full force <br />and effect, as provided for in Section 5.1 below. <br />Page 7 <br />5 53 94.0010 1 \43721567.2 <br />