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a four bedroom Affordable Unit. Household Size Appropriate for the Unit is not intended to <br />constitute a limitation on the number of persons who may live in the Unit. <br />"Improvements" means the improvements to be constructed by the Developer upon the <br />Sites, all more specifically defined herein and in the Scope of Development. <br />"Lender" is defined in Section 311.2 hereof. <br />"Low Income Households" shall mean persons and families whose income does not <br />exceed the qualifying limits for Low income families in Orange County as established by the <br />State of California pursuant to Health and Safety Code section 50079.5, as such qualifying limit <br />is amended from time to time. <br />"Monthly Housing Costs" shall mean (i) one-twelfth of the annual cost of principal and <br />interest payments on each loan secured by a mortgage on the Affordable Unit and loan insurance <br />fees, if any, associated with such mortgages; (ii) one-twelfth of the annual cost of property taxes <br />and assessments; (iii) one-twelfth of the annual cost of fire and casualty insurance covering <br />replacement value of property improvements; (iv) one-twelfth of the annual cost of property <br />maintenance and repairs; (v) one-twelfth of the annual cost of a reasonable allowance for utilities <br />to be determined by the Agency, including garbage collection, sewer, water, gas, electricity, and <br />other heating, cooking or refrigeration fuels, but not telephone service, and (vi) one-twelfth of <br />annual homeowners association dues and assessments. <br />"Mortgage" is defined in Section 311.2 hereof. <br />"No Further Action Letter" is defined in Section 208.3 hereof. <br />"Notice" shall mean notice in the form prescribed by Section 601 hereof. <br />"Outside Date" shall mean the last date the Closing shall occur, as set forth in Section <br />202.4 hereof. <br />"Phase I Report" is defined in Section 208.1 hereof. <br />"Project" means predevelopment activities related to the Sites, the acquisition of the <br />Sites by Developer, the construction of two (2) Affordable Units, the sale thereof to qualified <br />purchasers of the Affordable Units at an Affordable Housing Cost and any other activities <br />undertaken in connection therewith. <br />"Project Budget" means the budget for the project submitted and approved by the <br />Agency, attached hereto and incorporated herein as Exhibit E. <br />"Purchase Price" means the price to be paid by the Developer to the Agency in <br />consideration for the conveyance of fee title to each of the Sites. <br />600457905v2 -515 <br />