|
EXHIBIT 3
<br />"Housing Authority" means the Housing Authority of the City of Santa
<br />Ana, a public body, corporate and politic.
<br />"HUD" means the United States Department of Housing and Urban
<br />Development and any successors or assigns thereof.
<br />"Improvements" means all improvements and fixtures now and hereafter
<br />comprising any portion of the Property, including, without limitation, landscaping, trees
<br />and plant materials; and offsite improvements, as required through the City of Santa Ana
<br />Planning and Building Agency entitlement process.
<br />"Indebtedness" of a person means (a) all indebtedness for borrowed
<br />money, (b) notes payable and drafts accepted representing extensions of credit, whether
<br />or not representing obligations for borrowed money, (c) any obligation for the purchase
<br />of property or services in excess of $10,000 in the aggregate that is: (i) deferred for more
<br />than six (6) months, or (ii) evidenced by a note or similar instrument, and (d) all recourse
<br />and all non-recourse indebtedness secured by any Lien on any property or asset of such
<br />person (whether or not assumed by such person).
<br />"Indemnitees" has the meaning set forth in Section 14.5.
<br />"Laws" means all statutes, laws, ordinances, regulations, orders, writs,
<br />judgments, injunctions, decrees or awards of the United States or any state, county,
<br />municipality or other Governmental Authority.
<br />"Lien" means any lien, mortgage, pledge, security interest, charge or
<br />encumbrance of any kind (including any conditional sale or other title retention
<br />agreement, any lease in the nature thereof, and any agreement to give any lien or security
<br />interest).
<br />"Limited Partner" means, collectively, Bank of America, N.A., a
<br />national banking association, and Banc of America CDC Special Holding Company, Inc.,
<br />a North Carolina corporation.
<br />"Loan Documents" or "Agency Loan Documents" means, collectively,
<br />this Agreement, the Agency Promissory Note, the Agency Deed of Trust, and the
<br />Affordability Restrictions on Transfer of Property, and any other agreement, document,
<br />or instrument that the Agency reasonably requires in connection with the execution of
<br />this Agreement or from time to time to effectuate the purposes of this Agreement.
<br />"Low -Income" means an adjusted income which does not exceed eighty
<br />percent (80%) of the area median income for the Orange County, California PMSA,
<br />adjusted for household size, as published by HCD in accordance with Sections 50052.5
<br />and 50053 of the Health & Safety Code.
<br />0
<br />3-16
<br />
|