RecDoc 2011-155321 - Laserfiche WebLink

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i � I 1/ . � � I I Principal Residence - shall mean an Affordable Unit occupied by a Qualified. ' Buyer as his or her primary residence, that is not leased or rented to others for any period , of time. Qualified Buyers - shall have the meaning set forth in Section 5.02 below. ' I Qualified Lessees - shall have the meaning set forth in Section 4.01 below II Rental Affordability Covenants - shall mean the affordability covenants which apply to the Project during the period in which the ProjecYs housing units are made available as rental units and the Affordable Units are rented by Qualified Lessees. i Rental Affordability Covenants Term - shall have the meaning set forth in , Section 4A2 below. I Resale Restriction Agreement - shall have the meaning set forth in Section 5.01 i below. i Article II I Densitv Bonus. Incentives and Concessions. I Waivers of Develooment Standards. and Parkinq Standa�ds � I i Section 2.01. Densitv Bonus. in accordance with Section 65915(b)(1)(D) and (�(4), OWNER has elected to I provide seventeen (17) Affordable Units in exchange for an increase in density in accordance with Section 65915(�(4) of the Density Bonus Law: These 17 Affordable Units represent seventeen percent (17%) of the permitted number of residential units allowed under the City's North Main Street Precise Plan standard of forty-four (44) units per acre, or one hundred and one (101) units for the entire Project site. Pursuant to Section 65915(f)(4), OWNER is entitled to and the City has granted a density bonus of twelve percent (12%), or an additional thirteen (13) units, over the North Main Street Specific Plan's permitted density of 101 units. OWNER hereby acknowledges and agrees � that the 13 additional density bonus units described in this Section 2.01 fully satisfies OWNER's right to a density bonus under the Density Bonus Law. Section 2.02. Incentives and Concessions In accordance with Section 65915(d)(2)(A), OWNER has requested and is entitled i to, and the City has granted, two incentives or concessions in exchange for OWNER's ' agreement to construct a common interest development as described in Section I 6591b(b)(1)(D), in the form of the following: � (a) One incentive in the form of eighteen (18) additional market-rate units to be � included in the Project, thereby bringing the total number of residential dwelling units to be � included in the Project to one hundred and thirty-two (132); and I (b) One concession in the form of a waiver of the requirements of Chapter 30, i Article XI (Condominiums) of the City's Municipal Code, except as such provisions and requirements are incorporated into the Project as conditions of approval of the Vesting I i I 4 � , , i i