Item 12 - Density Bonus Agreement No. 2025-03

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for the required number/percentage of the total number of units in the Project which are to be rented or available for rent to Eligible Households. The Affordable Rent Schedule shall be established at the time of the issuance of the occupancy permit ("Initial Rent Schedule") and shall be created in accordance with the Orange County, California Primary Metropolitan Statistical Area ("PMSA") as published by the California Department of Housing and Community Development ("HCD"), adjusted for family size, and shall be updated no less than annually. 1.1.4 "Affordable Units(s)" means the three (3) unit(s), which shall each be two - bedroom units. Any change to the number, bedroom size, or distribution of Affordable Units is subject to City Manager approval. 1.1.5 "Agreement" means this Density Bonus Housing Agreement. 1.1.6 "City" means the City of Santa Ana, California 1.1.7 "City Council" means the City Council of the City of Santa Ana. 1.1.8 "City Attorney" means the City Attorney for the City of Santa Ana. 1.1.9 "City Manager" means the City Manager for the City of Santa Ana. 1.1.10 "City's Planning Commission" means the Planning Commission for the City of Santa Ana. 1.1.11 "Density Bonus Application" shall mean the Density Bonus Application No. 2025-03 for the Project. 1.1.12 "Developer" means Olive Crest, a California nonprofit corporation, and its permitted successors and assigns to all or any part of the Property, Project or this Agreement. 1.1.13 "Effective Date" means the date the Developer and the City shall record or cause to be recorded in the Official Records for Orange County, California, an executed original of this Agreement, pursuant to section 4.1 herein. 1.1.14 "Eligible Household" means a Household whose income does not exceed the "Very -Low Income Tenant" qualifying limit as defined herein. 1.1.15 "Household" means all persons residing in a Unit. 1.1.16 "Median Income" means the Orange County, California area median income, adjusted for family size pursuant to California Health and Safety Code § 50052.5(h), as periodically published by HCD. 1.1.17 "Monthly Rent" means the total of monthly payments for: (a) use and occupancy of each Affordable Unit and land and facilities associated therewith; (b) any separately charged fees or service charges assessed by Developer which are required of all tenants, other than security deposits, application fees or credit check fees; (c) a reasonable allowance for an adequate level of service of utilities not included in (a) or (b) above, including garbage collection, sewer, 2130 East Fourth Street Density Bonus Agreement 55394.00101 \43846773.1