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F. It is agreed by and between the Parties that the foregoing Recitals are a <br />substantive part of this Agreement and the following terms and conditions are approved and <br />together with the Recitals and all exhibits and attachments hereto, shall constitute the entire <br />agreement between the Agency and Developer. <br />NOW THEREFORE, the Agency and Developer hereby agree as follows: <br />100. DEFINITIONS <br />"Affordable Housing Resale Restrictions"" means the document containing the <br />covenants and restrictions pertaining to affordability of the Units for a term of at least forty-five <br />(45) years running with the land, to be executed by the Agency and each Homebuyer and <br />recorded against each of the Properties. The Affordable Housing Resale Restrictions, along with <br />the legally required Notice, are attached hereto as Exhibit F and incorporated herein by this <br />reference. <br />"Affordable Housing Cost" means the maximum purchase price of an Affordable For- <br />Sale Unit by a Low and Moderate Income Household pursuant to California Health and Safety <br />Code Section 50052.5(b)(3) and 50052.5(b)(4). <br />"Affordable Unit" means each of the Homes to be constructed and sold at an Affordable <br />Housing Cost pursuant to this Agreement. <br />"Agency" means the Community Redevelopment Agency of the City of Santa Ana, a <br />public body, corporate and politic, exercising governmental functions and powers and organized <br />and existing under Chapter 2 of the Community Redevelopment Law of the State of California, <br />and any assignee of or successor to its rights, powers and responsibilities. <br />"Agency's Conditions Precedent" means the conditions precedent to each Closing to <br />the benefit of the Agency, as set forth in Section 205.1 hereof. <br />"Agreement" means this Disposition and Development Agreement between the Agency <br />and Developer. <br />"Area Median Income" means the median income figures for Orange County adopted <br />by the State of California pursuant to Health and Safety Code Section 50093, as amended from <br />time to time. <br />"City" means the City of Santa Ana, a charter city and municipal corporation. <br />"Closing" means the close of escrow for the conveyance of the Sites in a Phase from the <br />Agency to the Developer and shall occur at the time and on the day the Grand Deed is filed for <br />record with the Orange County Recorder's Office. <br />"Closing Date" means the day on which the Closing of a Phase occurs. <br />"Condition of Title" is defined in Section 203 hereof. <br />2 EXHIBIT 4 <br />8OA-17