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Affordable Housing Cost means the maximum costs that can be borne by a Low or Moderate Income Household based on the requirements imposed by HSC Section 50052.5. The calculation methodology is described in the Administrative Procedures Manual. California Health and Safety Code ("HSC") provides definitions of household income and affordable housing costs that are used in this Inclusionary Housing Agreement. City means the City of Santa Ana, California. City Approvals are defined as the entitlement approvals and the Inclusionary Housing Plan that must be approved by the City Council prior to the issuance of building permits for the Project. City Council means the City of Santa Ana City Council. City Manager is the City Manager of the City of Santa Ana. Default means the failure of a Party to perform any action or covenant required by this Inclusionary Housing Agreement within the time period provided herein following notice and opportunity to cure, as set forth in Article 3 — Section 1 of this Inclusionary Housing Agreement. Developer means the developer of the residential project that is subject to this Inclusionary Housing Agreement and its successors and assigns. Effective Date means the date on which the Inclusionary Housing Agreement is approved and executed by appropriate authorities of the Developer and the City; and the Inclusionary Housing Agreement is executed by the authorized representatives of the City and delivered to the Developer. Exhibits means the exhibits to this Inclusionary Housing Agreement, which are listed in Article V. Fair Market Value means the value of the Inclusionary Unit under normal circumstances in which the seller and the buyer freely negotiate the terms of the transfer of ownership. The Fair Market Value is estimated based on the assumption that no income or affordability restrictions are placed on the Inclusionary Unit. Inclusionary Housing Agreement Page 3 City of Santa Ana February 17, 2015 1603\14\1654522.2