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EXHIBIT 3 <br />"Executive Director" means the Executive Director of the Community <br />Development Agency, or his/her designee. <br />"Extremely Low Income" an adjusted income which does not exceed <br />thirty percent (30%) of the area median income for the Orange County, California PMSA, <br />adjusted for household size, as published by HUD.. <br />"General Partner(s)" means the General Partners of Developer, <br />Cornerstone Housing Partners LP, and their respective successors and assigns. <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 sue., and the <br />Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 <br />U.S.C. §§ 9601, et seq., as amended. <br />"HOME Compliance Period" is the 15 year period applicable only to the <br />original HOME loans provided to the Project. In cases where the initial HOME <br />Compliance period was established for thirty (30) years, the City will follow the 15 year <br />HOME Compliance period for HOME rehabilitation projects [24CFR 92.252 (e)]. The last <br />HOME Compliance period from the HOME Loan Agreements will end on December 23, <br />2019. <br />"HOME Program" has the meaning set forth in Recital "A" above. <br />"HOME Regulations" has the meaning set forth in Recital "A" above. <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 (including, without limitation, streets, <br />curbs, storm drains, and adjacent street lighting). <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 />