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<br /> 3 <br /> <br />Studio 1 $558 <br />One bedroom 2 635 <br />Two bedrooms 2 712 <br /> <br />In no case shall the Affordable Rent exceed the average market rent charged to tenants of non - <br />Low Income Units with the same number of bedrooms. <br />“Area” means the Primary Metropolitan Statistical Area in which the Project is located, as <br />promulgated by HUD. <br />“Bond Counsel” means an attorney-at-law or a firm of attorneys of recognized expertise in the field <br />of federal income tax matters relating to municipal securities selected by the Issuer. <br />“Bond Documents” has the meaning given to such term in the Indenture. <br /> “Bonds” means Housing Authority of the City of Santa Ana Multifamily Housing Revenue <br />Refunding Bonds (City Gardens Apartments) 2006 Series B. <br />“Borrower” means LINC—Bristol Associates I, a California Limited Partnership, and its successors <br />and assigns. <br />“Certificate of Continuing Program Compliance” means the certificate with respect to the Project to <br />be filed by the Borrower with the Issuer which shall be substantially in the form attached to this Regulatory <br />Agreement as Exhibit C. <br />“City” means the City of Santa Ana, California. <br />“Closing Date” means November 22, 2006, the date the Bonds are issued and delivered to the <br />initial purchaser thereof. <br />“Code” means the Internal Revenue Code of 1986, together with applicable temporary and final <br />regulations promulgated, and applicable official public guidance published thereunder. <br />“Completion Date” means December 1, 1996, the date of the completion of the acquisition and <br />rehabilitation of the Project. <br />“County” means the County of Orange, California. <br />“Credit Facility” has the meaning given to such term in the Indenture. <br />“Facilities” means the buildings, structures and other improvements to be acquired and rehabilitated <br />on the Site, and all fixtures and other property owned by the Borrower and located on, or used in connection <br />with, such buildings, structures and other improvements. <br />“Financing Agreement” means the Financing Agreement dated as of November 1, 2006, entered <br />into by the Borrower, the Trustee and the Issuer pursuant to which the Loan was made. <br />“General Partner” means LINC Community Development Corporation, a California nonprofit public <br />benefit corporation, the general partner of the Borrower. <br />EXHIBIT 1 <br />4-7