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ensure achievement of the public purposes set out in the Density Bonus Law, OWNER <br /> and the CITY agree as follows: <br /> Article l <br /> Recitals; Capitalized Terms and Definitions <br /> Section 1 .01 . Recitals. <br /> The recitals set forth above are true and correct and incorporated herein by this <br /> reference. <br /> Section 1 . 02. Capitalized Terms and Definitions. <br /> For purposes of this Agreement, the following terms shall have the meaning set <br /> forth below: <br /> Affordable Housing Monitoring Payment — shall have the meaning set forth in <br /> Section 4. 05 below. <br /> Affordable Rent - shall have the meaning set forth in Section 4. 01 below. <br /> Affordable Unit — shall mean a rental unit that meets the requirements of Section <br /> 4.01 . <br /> Qualified Lessees - shall have the meaning set forth in Section 4. 01 below <br /> Rental Affordability Covenants - shall mean the affordability covenants which <br /> apply to the Project during the period in which the Project's housing units are made <br /> available as rental units and the Affordable Units are rented by Qualified Lessees. <br /> Rental Affordability Covenants Term - shall have the meaning set forth in <br /> Section 4. 02 below. <br /> Article II <br /> Density Bonus, Incentives and Concessions, <br /> Waivers of Development Standards, and Parking Standards <br /> Section 2.01 . Density Bonus. <br /> In accordance with Section 65915, OWNER has elected to provide seven (7) <br /> Affordable Units in exchange for an increase in density in accordance with Section <br /> 65915(f)(4) of the Density Bonus Law. These 7 Affordable Units represent ten percent <br /> ( 10%) of the permitted number of residential units allowed under the City's Mixed Use <br /> Corridor - Veteran Boulevard (MUC-VB) Zoning District's standard of sixty (60) units per <br /> acre, or sixty nine (69) units for the entire Project site. Pursuant to Section 65915, <br /> OWNER is entitled to and the City has granted a density bonus of thirty percent (30%) , or <br /> an additional twenty one (21 ) units, over the Mixed Use Corridor — Veteran Boulevard <br /> (MUC-VB) permitted density of sixty nine (69) units. OWNER hereby acknowledges and <br /> agrees that the seven (7) density bonus units described in this Section 2.01 fully satisfies <br /> OWNER's right to a density bonus under the Density Bonus Law. <br /> ATTY/AGR/2016.243/849 VETERANS AFFORDABLE HOUSING AGREEMENT <br /> REV: 08-30-16 VR <br /> Page 2 of 12 <br />