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"Housing Successor Agency Loan Deed of Trust" means the deed of <br />trust encumbering the Property, in the form attached hereto as Exhibit D, to be <br />executed by Developer pursuant to Section 5.E.2 in order to secure the Housing <br />Successor Agency Loan Note. <br />"Housing Successor Agency Loan Note" means that certain promissory <br />note in the original principal amount of TWO MILLION, FIFTY-FOUR <br />THOUSAND, THREE HUNDRED AND TWENTY-SEVEN DOLLARS <br />($2,054,327), in the form attached hereto as Exhibit E, and to be executed by <br />Developer in favor of Agency to evidence the obligation of Developer to repay the <br />Housing Successor Agency Loan <br />"Close of Escrow" shall mean the date upon which the Housing Successor <br />Agency Loan 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 />"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 />