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Resale Price is defined as the lesser of the Fair Market Value or the Affordable <br />Sales Price. <br />Seller means the current Owner of the Inclusionary Unit in the context of the sale <br />of the Inclusionary Unit. <br />Senior Lender means a bank, savings and loan association, insurance <br />company, pension fund, publicly traded real estate investment trust, <br />governmental agency, charitable organization or other governmentally regulated <br />entity regularly engaged in making residential real estate loans. <br />Senior Loan means a purchase money loan of funds to be used by the <br />Homebuyer for financing the acquisition of the Inclusionary Unit, or a refinancing <br />approved by the City, which loan is in a lien position prior to this Inclusionary <br />Housing Covenants Declaration. <br />Supportable Mortgage means the mortgage amount that can be supported by a <br />Moderate Income Household based on the Affordable Housing Cost calculations. <br />The mortgage calculation is based on the prevailing market interest rate for a 30- <br />year fully amortizing mortgage with a fixed interest rate. See Section VI -B of the <br />Administrative Procedures Manual for an explanation of the calculation <br />methodology. <br />Transfer shall mean any sale, transfer, lease, exchange, assignment or <br />conveyance of an Inclusionary Unit, including any portion or interest in an <br />Inclusionary Unit or other disposition of any interest in an Inclusionary Unit, <br />whether voluntary or involuntary. <br />Inclusionary Housing Covenants Declaration Page 12 <br />City of Santa Ana January 2015 <br />