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EXHIBIT 3 <br />Sections 50052.5 and 50053 of the Health & Safety Code, the fractions specified by State <br />law shall control. <br />"Affordable Rent" means the monthly rents which do not exceed the <br />maximum amount applicable to Extremely Low, Very Low and Low -Income households, <br />as promulgated by the California Tax Credit Allocation Committee (TCAC), or by the <br />State of California, as applicable. <br />"Agency" means the Housing Authority of the City of Santa Ana, acting <br />as the Housing Successor Agency, a public body, corporate and politic, exercising <br />governmental functions and powers, and organized and existing under the CRL. The <br />principal office of the Agency is located at 20 Civic Center Plaza, Santa Ana, California <br />92702. "Agency" shall also refer to the City where the context dictates, to the effect that <br />the City shall have all rights granted to the Agency hereunder. <br />"Agency Deed of Trust" means the deed of trust encumbering the <br />Property, in the form attached hereto as Exhibit C, to be executed by the Developer <br />pursuant to Section 5.B in order to secure the Agency Loan Note. <br />"Agency Loan" means a loan in the original principal amount of up to <br />eight million five hundred twenty-two thousand seven hundred forty dollars ($8,522,740) <br />to be made to Developer by the Agency to be funded exclusively from the Low and <br />Moderate Income Housing Asset Fund held by the Agency. <br />"Agency Promissory Note" means that certain promissory note for <br />Agency Loan funds in the original principal amount of $8,522,740 in the form attached <br />hereto as Exhibit D, and to be executed by Developer in favor of Agency to evidence the <br />obligation of Developer to repay the Agency Loan through residual receipts as further <br />described in the Agency Promissory Note. <br />"Building Permit" means the building permit(s) issued by the City and <br />required for the construction. <br />"Business Day" means any Monday, Tuesday, Wednesday, Thursday or <br />Friday on which the City of Santa Ana City Hall is open to the public for the conduct of <br />City affairs. <br />"Calendar Year" means each consecutive twelve (12) month period from <br />January 1 to December 31. <br />"Certificate of Completion" has the meaning set forth in Section 17. <br />"City" means the City of Santa Ana, California, a charter city and <br />municipal corporation. "City" shall also refer to the Agency where the context dictates, <br />to the effect that the Agency shall have all the rights granted to the City hereunder. <br />M <br />3-14 <br />