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E. On February 23, 2015, the Program Director, acting on behalf of the City, <br />approved an Inclusionary Housing Plan that was prepared by the <br />Developer in accordance with the requirements imposed by the Ordinance <br />and the Administrative Procedures Manual established by the City Council <br />to implement the Ordinance requirements. <br />F. This Inclusionary Housing Agreement, when fully executed by the City and <br />the Developer and recorded, is intended to satisfy the requirement that the <br />Developer enter into an Inclusionary Housing Agreement, as set forth in <br />the Ordinance and the conditions to City Approvals. <br />NOW, THEREFORE, in consideration of the mutual promises set forth in this <br />Inclusionary Housing Agreement and other good and valuable consideration, the <br />receipt and sufficiency of which is acknowledged by the City and the Developer, <br />the Parties, agree as follows: <br />DEFINITIONS OF TERMS <br />The following words, terms and phrases are used in this Inclusionary Housing <br />Agreement, as follows, unless the particular context of usage of a word, term or <br />phrase requires another interpretation. <br />Administrative Procedures means the regulations promulgated by the <br />Executive Director pursuant to the Ordinance. <br />Administrative Procedures Manual is the Affordable Ownership Housing <br />Administrative Procedures Manual — Developer Requirements dated January <br />2014, which has been prepared by the City for the implementation and <br />enforcement of the Ordinance. A copy of the Administrative Procedures Manual <br />shall be maintained on file with the City, and shall be provided to each Developer <br />of Inclusionary Units. <br />Affordability Gap is equal to the difference between the Fair Market Value of the <br />Inclusionary Unit and the Affordable Sales Price for the Inclusionary, Unit at the <br />time of acquisition by the Homebuyer. <br />Affordability Period shall be defined for each Inclusionary Unit in the <br />Inclusionary, Housing Covenants Declaration recorded on legal title to the <br />Property. <br />Inclusionary Housing Agreement - Ownership Project Page 2 <br />City of Santa Ana <br />