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F. On August 4, 2015, the Santa Ana City Council reviewed and approved an Inclusionary Housing Plan that was prepared by the Developer in accordance with the requirements imposed by the Ordinance and the Administrative Procedures Manual established by the City Council to implement the Ordinance requirements. G. Pursuant to Santa Ana Municipal Code section 41-1904(c)(2), any application to pay a fee in lieu of constructing some or all of the required inclusionary units for a project comprised of more than twenty residential units shall be subject to the review and approval of the City Council, which may grant such request if substantial evidence supports a finding that the cost of providing inclusionary units on site would substantially exceed the amount of the applicable in -lieu fee. H. This Inclusionary Housing Agreement, when fully executed by the City and the Developer and recorded, is intended to satisfy the requirement that the Developer enter into an Inclusionary Housing Agreement, as set forth in the Ordinance and the conditions to City Approvals. NOW, THEREFORE, in consideration of the mutual promises set forth in this Inclusionary Housing Agreement and other good and valuable consideration, the receipt and sufficiency of which is acknowledged by the City and the Developer, the Parties, agree as follows: DEFINITIONS OF TERMS The following words, terms and phrases are used in this Inclusionary Housing Agreement, as follows, unless the particular context of usage of a word, term or phrase requires another interpretation. Administrative Procedures Manual is this administrative procedures manual, which has been prepared by the City for the implementation and enforcement of the Ordinance. A copy of the Administrative Procedures Manual shall be maintained on file with the City, and shall be provided to the Developer. Affordability Gap is equal to the difference between the Fair Market Value of the Inclusionary Unit and the Affordable Sales Price for the Inclusionary Unit. Inclusionary Housing Agreement Page 2 City of Santa Ana February 17, 2015 1603\14\1654522.2