TINY TIM LP (C/O COMMUNITY DEVELOPMENT PARTNERS)

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"Inclusionary Promissory Note" means that certain promissory note for Inclusionary Loan funds in the original principal amount of $1,300,000 in the form attached hereto as Exhibit D, and to be executed by Developer in favor of City to evidence the obligation of Developer to repay the Inclusionary Loan through residual receipts as farther described in the Inclusionary Promissory Note. "Laws" means all statutes, laws, ordinances, regulations, orders, writs, judgments, injunctions, decrees or awards of the United States or any state, county, municipality or other Governmental Authority. "Lien" means any lien, mortgage, pledge, security interest, charge or encumbrance of any kind, including any conditional sale or other title retention agreement, any lease in the nature thereof, and any agreement to give any lien or security interest. "Loan Documents" or "Inclusioanry Loan Documents" means, collectively, the Agreement, the Inclusionary Promissory Note, the Inclusionary Deed of Trust, and these Restrictions, and any other agreement, document, or instrument that the City reasonably requires in connection with the execution of these Restrictions or from time to time to effectuate the purposes of these Restrictions. "Low Income" means an adjusted income which does not exceed eighty percent (80%) of the Median Income for the Area, adjusted for household size, as published by the U.S. Department of Housing and Urban Development (HUD). "Median Income for the Area" means the median income for Orange County, California PMSA as most recently detennined by HUD. Also may be referred to interchangeably in the Inclusionary Loan Documents as "Area Median Income" or "AMI". "Project" means the constriction of the Improvements upon the Property by Developer pursuant to the Agreement. "Property" means the property that is located at 2223 West Fifth Street in the City of Santa Ana, and as more frilly described in the "Legal Description" of the Property attached as Exhibit A to the Agreement. "Restricted Units" means fifty (50) of the "Housing Units" at the Project shall and will be restricted to affordable rents pursuant to the Maximum Rents published yearly by the California Tax Credit Allocation Committee (TCAC) and referenced in the regulatory agreement containing conditions, covenants and restrictions executed by Developer and TCAC for a period not less than fifty-five (55) years recorded against the Project in the Official Records, County of Orange, California. At least fifteen (15) of the Housing Units at the Project shall and will be restricted to households earning 30% or less of the AMI. One (1) Housing Unit will be rented to an on-site property manager; the manager's unit will not be rent restricted. 5