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"Agreement" means the Inclusionary Loan Agreement between the City and the <br />Developer, and any attachments or amendments thereto. <br />"Applicable Law" shall mean those federal, state and local laws, ordinances, regulations, <br />policies and procedures applicable to the City Housing Program, and the Inclusionary Housing <br />Funds. <br />"Area Median Income" means the median income for the Orange County, California <br />PMSA as most recently determined by the U.S. Department of Housing and Urban Development <br />("HUD"). Also may be referred to interchangeably in the Inclusionary Loan Documents as <br />"Median Income for the Area" or "AMI". <br />"Borrower" means Tiny Tim LP, a California limited partnership. <br />"Calendar Year" means each consecutive twelve (12) month period from January 1 to <br />December 31. <br />"City Assisted Units" shall mean those affordable rental units constructed on the Property, <br />which are subject to the 55 -year Tenn of Affordability. <br />"City's Percentage" with reference to the Residual Receipts, shall mean fifty percent (50%) <br />of the total Residual Receipts from the Property as further described in section 5 hereof. <br />"Closing Costs" shall mean: <br />(i) In the case of a Sale, reasonable brokerage commissions payable to a broker <br />as a result of the Sale, which shall not in any event exceed the customary <br />amount charged for similar transactions in the immediate market place, <br />costs of title insurance premiums, documentary stamp taxes, escrow fees, <br />recording charges, loan repayment charges and other costs reasonably <br />incurred with respect to the Property, in each case actually paid by Borrower <br />as a condition of the Sale. <br />(ii) In the case of a Refinancing, the reasonable and necessary costs of <br />consummating such Refinancing, including, without limitation, loan fees, <br />loan repayment charges, costs of title insurance premiums, escrow fees, <br />recording fees and attorneys' fees. <br />"Extremely Low Income" means an adjusted income which does not exceed thirty percent <br />(30%) of the area median income for the Orange County, California PMSA, adjusted for household <br />size, as published by HUD. <br />"Gross Revenues" shall mean all revenues and receipts of every kind actually received by <br />Borrower from operating the Property, and all parts thereof, including, but not limited to, income <br />from both cash and credit transactions, rental from leased and/or subleased spaces and parking fees <br />