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Affordable dousing Cost means the maximum costs that can be borne by a <br />Low or Moderate Income Household based on the requirements imposed by <br />HSC Section 50052.5. The calculation methodology is described in the <br />Administrative Procedures Manual, <br />California Health and Safety Code ( "HSC ") provides definitions of household <br />income and affordable housing costs that are used in this Inclusionary 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 City Council prior to the issuance of <br />building permits for the Project. <br />City Council means the City of Santa Ana City Council, <br />City Manager is the City Manager of the City of Santa Ana, <br />Default means the failure of a Party to perform any action or covenant required <br />by this Inclusionary Housing Agreement within the time period provided herein <br />following notice and opportunity to cure, as set forth in Article 3 — Section 1 of <br />this Inclusionary Housing Agreement, <br />Developer means the developer of the residential project that is subject to this <br />Inclusionary Housing Agreement and its successors and assigns. <br />Effective Date means the date on which the Inclusionary Housing Agreement is <br />approved and executed by appropriate authorities of the Developer and the City; <br />and the Inclusionary Housing Agreement is executed by the authorized <br />representatives of the City and delivered to the Developer. <br />Exhibits means the exhibits to this Inclusionary Housing Agreement, which are <br />listed in Article V. <br />Fair Market Value means the value of the Inclusionary Unit under normal <br />circumstances in which the seller and the buyer freely negotiate the terms of the <br />transfer of ownership. The Fair Market Value is estimated based on the <br />assumption that no income or affordability restrictions are placed on the <br />Inclusionary Unit. <br />odusionary Housing Agreement page 3 <br />City of Santa Ana February 17, 2015 <br />1603114116545222 32B-23 <br />