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Owner means the current owner of an Incluslonary Unit. <br />Party and Parties mean the City and the Homebuyer as parties to the <br />Inclusionary Housing Covenants Declaration, <br />Permitted Sales are defined as a sale to an Eligible Purchaser or a sate <br />executed under the City's Purchase Option, <br />Primary Residence is defined as the only home that may be owned by the <br />Owner. The Owner must reside in the Inclusionary Unit for not less than 14 out <br />of every 12 months. <br />Program Director has the day-to -day authority for making determinations <br />related to the Ordinance and Administrative Procedures Manual. The Program <br />Director will be appointed by the Executive Director. <br />Prohibited Sales and Transfers are defined as any sale or transfer that Is not <br />explicitly allowed by this Inclusionary Housing Covenants Declaration. Prohibited <br />Transfers specifically include any transfer of a use, rental or leasehold interest in <br />the Inoluslonary Unit. <br />Project means the owner - occupied housing project proposed to be developed on <br />the Property at the Developer's sole cost and expense. <br />Project CC Rs means the Declaration of Covenants, Conditions and <br />Restrictions of the Project recorded or to be recorded against the entirety of the <br />Property and applicable to the Inclusionary Unit and the Homebuyer, <br />Property means the real property on which the Project is to be developed, for <br />which the legal description is provided In Exhibit 1 to the Inclusionary Housing <br />Agreement. <br />Recordation bate means the date of recording in the Official Records of the <br />County of Orange, California of the City Dead of Trust and the Inclusionary <br />Housing Covenants Declaration. <br />Resale means the resale of the lnclusionary Unit by the Owner. Prior to the <br />Resale of the Inclusionary Unit, the Owner must submit a Notice of Resale to the <br />City as set forth in Exhibit 4 to this Inclusionary Housing Covenants Declaration. <br />Resale Price is defined as the lesser of the flair Market Value or the Affordable <br />Sales Price. <br />��� Inclusdnzay FSt7paingo-renurita6eplsrakian Pagel l <br />Cefy of Santa Ana January 2015 <br />25G -47 <br />