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6.1.E. - Page 7 <br /> Pr�r�cl�al Residsnce - shall mean an Affard�ble Unit occupied by a Q+�alifi� <br /> Buyer as h(s or her pr�rnary nesidence, that Is rtat leased or rerited ta others i+or�nY perlad <br /> af t�me, i <br /> I <br /> Quatltled 8uyer�s-shall�a�e the meaning set torlh In Sectio�5.Q�2 bela�w. � <br /> I <br /> Quallfied lreasesa-�half h�ne ti�e meaning�et fvrth fn Sec�lon 4 0�1 belc>w ! <br /> Rer�i A�or9dsb111�y Covenant� - aha�l me�n 1he aiford�bllity oovenenta whir� <br /> apply to fhe PrpJect durin� the �er�iod ln whlq� t�e Project's ho�slr�g units ar�e made <br /> avsilable as rer�fiat units and the Af�rda�le UnP�are r�er�ted by Qual(�ied L�sees, � <br /> ReMal Afl�ordablliqr Co�rensnts Term-st�a�ll have the me�ning�et forth fn <br /> ; <br /> Section 4.42 below. � <br /> , <br /> ! <br /> Rasala R�frfctfon Agree�nent-��alt have the meanir�g set forth irr Sec�on 5.�9 � <br /> belaw. � <br /> i <br /> �rt�aBJl � <br /> i <br /> Denaltv Bonu� rnea� �s and Conca ,�s ; <br /> � n P in � <br /> SecNon�.09. n <br /> �n acoordance wfth Sectbn 65815{bx'f)(D) end (fx4), OWN�R has elected tn � <br /> provfde seventeen (1i� A�a�able Un� in sxchanae for an inc�ea�e ln de�sf#�r In � <br /> accorcJance ►�vitl� Sectlon 85915��(4) af ffte De�ns)ty Banue Law. These 47 Afford�b�e ; <br /> Units repre�errt seventeen �ercent �17�6� o� t�e permltbBd n�rmber of resldentisl unf�s ; <br /> allovwad under the City`$ North AAain �treet Precise Pla� standar+� of f+�rty-f�our i44) unita � <br /> per acre, or one hundred and or�e (T01) urdts inr #he errtire Projec� st�. Pursuar�t fio = <br /> Sec�an 659�b f fl(�#), QWN�R f� enti�ed fa and the �Ity has grar�ted � der�si#y bor�us of � <br /> twehre percent (1296�, or en addi6onal #hirhaen (13) unPt�, aver the NQrth Matn Street � <br /> Specif�c Plan's perrr�ftted slenslty af 401 units. QyVtwiE17 i�reby ac�trtowled�ss and egr�es � <br /> i�at t�e 98 addltiana( density bonus vn�ts described in thi� SecNan 2.01 #wily sstisftes <br /> OWNER`s rlght to a dens€ty�us under the DensKy Bor�us Law <br /> ���0?• �Ci�erdi+�e,s�nd conc� <br /> In accordanc�w[th Sectlian G.5�15(d�Cl}(A}� OWNER has requested and �s entided <br /> fin, and the C#ty has granted, two �ncer�tives or cancesslons fn exchan�e far OWNER's ' <br /> agneemer�t �o construck � corramon in#erast developmer�t as described in Sectinn ` <br /> 65875(b}(T)(D)��n the fortn of�e fioqowing: � <br /> (a) Or�e�ncer�ve In fhe form of ePghteen (1B}�ddiflonal market rate ur�fFs to be � <br /> inc�uded fn the PraJect,thereby brfnging the to#�!number of residerrtla�dwe�ling units to be ' <br /> Included fn the ProJeCt ta one hundred a�d thlrly-two{i32);and <br /> (bj One conoe�slon �n the form of a waivsr af'the r�equirements flf Chap�r S0, <br /> Ardcle XI (Co�domJniums� of the City's Munfapal Code, except as such provlsions and <br /> requirernents are lncorporat�ti Itrto the proJect as car�it�or�s af approval of the Vestfng <br /> 4 <br />