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EXHIBIT 3 <br />"Building Permit" means the building permit(s) issued by City and <br />required for the construction, if any. <br />"Business Day" means any Monday, Tuesday, Wednesday, Thursday or <br />Friday on which Santa Ana City Hall is open to the public for the conduct of 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 Article 17. <br />"CHDO" means Community Housing Development Organization <br />"City" means the City of Santa Ana, California, a charter city and <br />municipal corporation. <br />"City/HOME Loan" means the loan to be made to Developer by City <br />from HOME funds pursuant to Article 5 of this Agreement. <br />"City/HOME Loan Deed of Trust" means the deed of trust encumbering <br />the Property, in the form attached hereto as Exhibit D, to be executed by Developer <br />pursuant to Section 5.13.2 in order to secure the City/HOME Loan Note. <br />"City/HOME Loan Note" means that certain promissory note in the <br />original principal amount of FIVE MILLION, ONE HUNDRED, TWENTY-EIGHT <br />THOUSAND, ONE HUNDRED AND FIFTY-TWO DOLLARS ($5,128,152), in the <br />form attached hereto as Exhibit E, and to be executed by Developer in favor of City to <br />evidence the obligation of Developer to repay the City/HOME Loan. <br />"Close of Escrow" shall mean the date upon which the City/HOME Loan <br />Deed of Trust is recorded in the Official Records of the County. <br />"Closing Statement" means the final statement of Developer's <br />Escrow account for the purchase and sale of the Property pursuant to the Purchase Contract. <br />"County" means the County of Orange, California. <br />"Developer" means CORNERSTONE HOUSING PARTNERS LP, a <br />California limited partnership, its successors and assigns. <br />"Developer's Representative" shall mean the President of <br />the Managing General Partner of Developer or his/her designee. <br />"Escrow Holder" means First American Title Insurance Company, <br />18500 Von Karman Avenue, Suite 600, Irvine, CA 92612. <br />"Event of Default" has the meaning set forth in Section 20.1. <br />