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Code section 41-1904.1, the City has determined to grant Developer's application for density bonuses and related concessions and waivers. F. The Project has been granted waivers and concessions of City development standards including (i) reduction of publicly accessible open space from required 15% of total lot area to 3.6%, (ii) reduction in building setback requirements, and (iii) increased driveway width from 24 feet to 25-28 feet. G. City desires to increase the number of affordable rental units and the degree to which they are affordable in the City of Santa Ana. H. In order to promote this goal, City will provide a density bonus to Developer pursuant to the provisions of Sections 65915 through 65918 of the Government Code of the State of California, as well as an additional density bonus pursuant to Santa Ana Municipal Code section 41-1904.1. I. As a condition of approval of the Project with the density bonuses by City, Developer will provide and maintain all of the dwelling units in said Project offering Affordable Rents ("Affordable Rental Units"). WHEREFORE, for and in consideration of the mutual promises, covenants and conditions contained herein, the Parties hereto do hereby agree as follows: I. DEFINITIONS The following words and phrases shall mean and be defined and used for the purposes of this Density Bonus Agreement as follows: A. "Affordable Rent" means the monthly rents which do not exceed the maximum amount applicable to Extremely Low, Very Low and Low Income households, as promulgated by the U.S. Department of Housing and Urban Development (HUD), or by the California Tax Credit Allocation Committee, as applicable. B. "Affordable Rent Schedule" means a rent schedule established as of the date of issuance of an occupancy permit (exclusive of tenant utility payments or security deposits) for the required number/percentage of the total number of units in the Project which are to be rented or available for rent to very low or lower income tenants. Said Affordable Rent Schedule shall be established at the time of the issuance of the.occupancy permit ("Initial Rent Schedule") and shall be created in accordance with the Orange County, California PMSA as published by the United States Department of Housing and Urban Development ("HUD"), adjusted for family size as follows: -2- 60E-6