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EXHIBIT 3 <br />exclusively from the Low and Moderate Income Housing Asset Fund (the "LMIHAF") <br />held by the Agency. <br />D. The amount of the Agency Loan was determined based upon the City and <br />Agency's review of the Developer's request for the receipt of the Agency Loan and the <br />development proforma and projected cash flows for the Project submitted by the <br />Developer to the City/Agency as of March 18, 2016 ("Proforma"). The Housing <br />Authority's Executive Director has authority to approve revised development proformas <br />and projected cash flows for the Project; provided, however, that the Agency Loan is not <br />materially increased or extended. <br />E. In furtherance of the CRL and the Redevelopment Plan, Developer has <br />applied to the Agency for a loan with which to: <br />1. Provide deeper affordability and construct the improvements to the <br />Property, and <br />2. Thereafter to maintain, operate and professionally manage the Project <br />as decent, safe, sanitary and affordable rental housing. <br />F. The Agency, on certain terms and conditions, desires to make such <br />Agency Loan to the Developer in order to make possible the construction of the Project, <br />thereby expanding the supply of decent, safe, sanitary and affordable housing. <br />G. If there is any inconsistency between Federal, State, and local guidelines <br />with regard to any of the terms and conditions contained herein, the more stringent shall <br />apply. <br />NOW, THEREFORE, for and in consideration of the mutual covenants and agreements <br />herein contained, Agency and Developer agree as follows: <br />1. DEFINITIONS AND INTERPRETATION <br />1.1 Defined Terms. All capitalized terms used herein, including, without <br />limitation, in the Recitals above and in all other Project Documents, unless otherwise <br />expressly defined, are defined where first used in this Agreement and/or as set forth in <br />this Article 1. <br />"Affordability Restrictions on Transfer of Property" means that <br />certain document affecting real property benefiting the Agency, attached hereto and <br />incorporated herein as Exhibit B. <br />"Affordable Housing" means the total housing costs paid by a qualifying <br />household, which shall not exceed the fraction of gross income specified in accordance <br />with Sections 50052.5 and 50053 of the Health & Safety Code. In the event of a conflict <br />between the fractions specified in this Defined Terms section, and those found in <br />3 <br />3-13 <br />