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7. Repay the Agency Loans -- Rental Component from 0% of the Residual al receipts <br />generated by Phases RA and R -2. <br />The Agreement requires the Developer to fulfill the following requirements related to the for sale <br />component of the Project: <br />Satisfy the following requirements related to the provision of affordable for -sale housing <br />in Phase FS: <br />a. Construct one moderate income townhome unit on each of the six parcels <br />contained in Phase FS, for a total of six 6 income restricted units. <br />b. Covenant and agree that each of the Affordable For --Sale Units will be sold at an <br />Affordable Housing Cost. <br />C. Prepare and submit to the Agency a Marketing and Outreach Plan. <br />d. Coordinate a public lottery with respect to the Affordable For -Sale Units, with <br />preference given as follows, <br />i. Households displaced within the Station District; <br />ii. Households who lire or work in Santa Ana; and <br />iii. All other households. <br />e. Provide, or cause to be provided, a one -on -one housing counseling with each <br />prospective hornebuyer. <br />2. Satisfy the following requirements prior to the sale of each Affordable For -Sale Unit and <br />the disbursement by the Agency of each Homebyer Assistance Loan: <br />a. Provide the Agency a minimum of ten days notice of the estimated closing <br />date of each Affordable For -Sale Unit-, <br />b. Approve and record the Covenants, Conditions, and restrictions for the <br />homeowners association; <br />C. Complete the construction of the Affordable For -Sale Unit, as evidenced by a <br />certificate of occupancy; <br />d. Enter into and deliver to the escrow holder the Hornebyer Loan Agreement and <br />all related loan documents; <br />e. Submit sufficient evidence of the issuance a homeowners insurance policy; and <br />8 <br />