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NOW, THEREFORE, Owner and City hereby agree as follows: <br />Definitions. The following terms which are used herein shall have the <br />following definitions: <br />"Affordable Housing Cost" means a price which is established at a level which <br />ensures that the monthly housing costs of (a) any Low Income Household purchaser which earns not <br />greater than eighty percent (80 %) of the Area Median Income adjusted for household size, does not <br />exceed the product of thirty percent (30 %) multiplied by seventy percent (70 %) of the Area Median <br />Income adjusted for Household Size Appropriate to the Unit, and (b) any Low Income Household <br />purchaser which earns not less than seventy percent (70 %) or more than eighty percent (80 %) of <br />Area Median Income adjusted for household size, the payment of which does not exceed thirty <br />percent (30 %) of the gross income of such purchaser. Such housing costs (including mortgage <br />payments, a reasonable utility allowance and similar costs) shall not exceed the maximum amount <br />applicable to lower income households pursuant to California Health and Safety Code section <br />50052.5. Such housing costs (including mortgage payments, a reasonable utility allowance and <br />similar costs) shall not exceed the maximum amount applicable to low income households pursuant <br />to California Health and Safety Code Section 50052.5(b)(3). <br />"Affordable Unit" is defined in Recital D of this Agreement. <br />"Agreement" means this Density Housing Bonus Agreement between the City <br />and the Owner. <br />"Area Median Income" means the median income figures for Orange County <br />adopted by the State of California pursuant to Health and Safety Code section 50093, as <br />amended from time to time. <br />"City" means the City of Santa Ana, a charter city and municipal corporation. <br />"Household Size Appropriate for Unit" for the purpose of determining Affordable <br />Housing Cost only, means three persons for a two bedroom Affordable Unit and four persons for a <br />three bedroom Affordable Unit. Household Size Appropriate for Unit is not intended to constitute a <br />limitation on the number of persons who may live in the Unit. <br />"Low Income Household" shall mean a person and family whose income does <br />not exceed the qualifying limits for lower income families in Orange County as established by <br />the State of California pursuant to Health and Safety Code section 50079.5, as such qualifying <br />limit is amended from time to time. <br />"Owner" shall mean SAM Construction & Builder Corp., a California <br />corporation. <br />"Project" means the construction of five (5) for -sale condominium units, <br />including one (1) Affordable Unit, the sale thereof to a qualified purchaser of the Affordable <br />Unit at an Affordable Housing Cost and any other activities undertaken in connection therewith. <br />2. Provision of Affordable Ownership Housing. One for -sale, <br />condominium residential unit which are required to be developed as part of Project shall be sold <br />to a Low Income Household at the prices set forth in paragraph 3 hereof (the "Affordable Unit'). <br />The specific location of the Affordable Unit is as shown on the map attached hereto as <br />Attachment No. 2, which is incorporated herein by this reference. <br />