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Affordable Housing Cost means the maximum costs that can be borne by <br />Moderate Income Household based on the requirements imposed by H&SC <br />Section 50052,5. The calculation methodology is described in Section VI of the <br />Administrative Procedures Manual. <br />Affordable Sales Price means the maximum sales price that can be charged for <br />an Incluslonary Unit. The Affordable Sales Price is equal to the lesser of, <br />The sum of the Supportable Mortgage plus the Benchmark Down <br />Payment-, or <br />2. The purchase price prospective buyers are willing to pay in return for <br />purchasing a home that Is subject to restrictive covenants. <br />The statutorily set Affordable Sales Prices for the initial sale of each Incluslonary <br />Unit are shown in Exhibit 8 to this Incluslonary Housing Agreement. The <br />Affordable Sales Prices for I noluslonary Units shall be adjusted quarterly, <br />Benchmark Down Payment is a component of the Affordable Sales Price <br />GaICUlations. For the purposes of these Administrative Procedures, the <br />Benchmark Down Payment is set at 6% of the total Affordable Sales Price. <br />California Health and Safety Code ("HSC") provides definitions of household <br />income and affordable housing costs that are used in this I nclusionary Housing <br />Agreement. <br />City means the City of Santa Ana, California. <br />City Approvals are defined as the entitlement approvals and the Inclusionary <br />Housing Plan that must be approved by the Program Director prior to the <br />issuance of building permits for the Project. <br />City Council means the City of Santa Ana City Council. <br />City Deed of Trust means a deed of trust that secures the Owner's obligation to <br />comply with the obligations imposed by the [nolusionary Housing Covenant <br />Declaration. <br />Default means the failure of a Party to perform any action or covenant required <br />by this Inclusionary Housing Agreement withln the time period provided herein <br />following notice and opportunity to cure, as set forth in Article 3 — Section I of this <br />Inclusionary Housing Agreement. <br />Inclusionary Housing Agreement. 0%Mnorship Prepot Page <br />City of Santa Am <br />25G-5 <br />