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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 Inclusionary <br />Unit are shown in Exhibit 8 to the Inclusionary Housing Agreement. The <br />Affordable Sales Prices for Inclusionary Units shall be adjusted quarterly. <br />Assumption Agreement means the Disclosure, Acknowledgement and <br />Assumption Agreement in the form attached as Exhibit 4 to this Inclusionary <br />Housing Covenants Declaration that shall be entered into between the City and a <br />transferee as a condition of an Exempt Transfer. <br />Benchmark Household Income is used in the Affordable Housing Cost <br />calculations, and is based on the requirements imposed by H&SC Section <br />50052.5. For a Moderate Income Household, the Benchmark Household Income <br />is based on 110% of the County Median Income for an Adjusted Household Size <br />Appropriate for the Unit. <br />City means the City of Santa Ana, California. <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 Inclusionary Housing Covenant <br />Declaration, <br />City Manager means the City Manager of the City of Santa Ana. <br />City's Purchase Option means the irrevocable option that the Owner must offer <br />to the City under the circumstances defined in Article 3 - Section II of this <br />Inclusionary Housing Covenants Declaration. <br />City's Share of Excess Proceeds means 50% of the Excess Proceeds <br />generated under an Extraordinary Sale. The City's Share of Excess Proceeds, if <br />received, shall be deposited in the City's Inclusionary Housing Fund. <br />County means the County of Orange. <br />County Median Income shall mean the Median Income adjusted by actual <br />household size as published annually by HCD for the County. <br />Default means the failure of an Owner to perform any action or covenant <br />required by this Inclusionary Housing Covenants Declaration within the time <br />Inclusionary Housing Covenants Declaration Page 4 <br />City of Santa Ana January 2015 <br />32A-71 <br />