1901 E. FIRST STREET OWNER LLC (2) - 2014

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First Ten Inclusionary Units have been occupied by Eligible Tenants, as each of those initial affordable tenancies ends, the next Inclusionary Units to be occupied need not be the same units as the First Ten Inclusionary Units and may be selected by Property Owner provided that those next Inclusionary Units otherwise comply with the requirements of the Regulatory Agreement and this Housing Plan. This selection process will continue throughout the term of the Regulatory Agreement." 3. The Inclusionary Units shall be comparable to the Market Rate Units as set forth in the Housing Plan, which provides, among other things: "Characteristics of Inclusionary Units. The Inclusionary Units shall be comparable to the Market Rate Units in terms of design, materials, finished quality and appearance. However, not all of the units within the Project will be of the same size, have the same amenities, or have the same views. Therefore, while all one and two - bedroom units will have comparable characteristics to other one and two - bedroom units, they may not be identical. Residents of the Inclusionary Units will have the same access as all other tenants to Project amenities and recreational facilities." 4. Phasing of the Inclusionary Units shall be as set forth in the Housing Plan, which provides, among other things: "Phasing. All units within the Project shall be constructed in a single construction phase. No specific units within the Project shall be permanently designated "Inclusionary Units" to allow for the most efficient implementation of the Housing Plan during the term of this Inclusionary Housing Agreement. Although the Project will be constructed in a single phase, the release of units within the Project shall occur in phases. The exact number of `rental phases" is within the sole discretion of Property Owner, The First Ten Inclusionary Units shall be made available for occupancy to Eligible Tenants as their respective phases are released. The current phasing plan for the release of units is included as Exhibit 3 to this Inclusionary Housing Agreement. Property Owner may change the timing and /or phasing of the release of units provided that the phasing of the release of First Ten Inclusionary Units is not unreasonably deferred." 5. Five (5) of the Inclusionary Units shall be one - bedroom units and five (5) of the Inclusionary Units shall be two - bedroom units. Inclusionary Housing Agreement — Rental Project Page 14 City of Santa Ana September 18, 2014