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EXHIBIT 3 <br />"City Project Manager" shall mean the City Manager and/or his/her <br />designee. <br />"Close of Escrow" shall mean the date upon which the Agency Loan <br />Agreement and Agency Deed of Trust is recorded in the Official Records of the County. <br />"Closing Statement" means the final statement of Developer's Escrow <br />account for the purchase of the Property pursuant to the purchase contract. <br />"County" means the County of Orange, California. <br />"Developer" means AMCAL 1440 Santa Ana Fund, LP, a California <br />limited partnership. <br />"Developer's Representative" shall mean an officer of the General <br />Partner of the Developer or his/her designee. <br />"Event of Default" has the meaning set forth in Section 20.1. <br />"Extremely Low -Income" means an adjusted income which does not <br />exceed thirty percent (30%) of the area median income for the Orange County, California <br />primary metropolitan statistical area ("PMSA"), adjusted for household size, as published <br />by HCD in accordance with Sections 50052.5 and 50053 of the Health & Safety Code. <br />"General Partner" means AMCAL Multi -Housing Two LLC, a <br />California limited liability company. <br />"Governmental Authority" means any governmental or quasi - <br />governmental agency, board, bureau, commission, department, court, administrative <br />tribunal or other instrumentality or authority, and any public utility. <br />"Hazardous Materials" means flammable materials, explosives, <br />radioactive materials, hazardous wastes, toxic substances and similar substances and <br />materials, including all substances and materials defined as hazardous or toxic wastes, <br />substances or materials under any applicable law, including without limitation the <br />Resource Conservation and Recovery Act, 42 U.S.C. §§ 6901 et seq., and the <br />Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 <br />U.S.C. §§ 9601, et seq., as amended. Hazardous Material shall not include (i) <br />construction products, household cleaners and office materials of the type and quantity <br />ordinarily used in the normal construction, operation and maintenance of properties <br />similar to the Project or (ii) small amounts of household mold to the extent promptly <br />remediated upon discovery. <br />"HCD" means the California Department of Housing and Community <br />Development and any successors or assigns thereof. <br />5 <br />3-15 <br />