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55A - AGMT LEGACY APARTMENTS
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55A - AGMT LEGACY APARTMENTS
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Last modified
12/10/2020 5:00:39 PM
Creation date
12/10/2020 4:55:21 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
55A
Date
12/15/2020
Destruction Year
2025
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"Escrow" is the escrow opened for the closing of the Senior Loan and <br />Inclusionary City Loan. <br />"Escrow Holder" is [Fidelity National Title Insurance Company]. <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 Median Income for the Area, adjusted for household <br />size, as published by the U.S. Department of Housing and Urban Development. <br />"General Partner" means collectively, jointly and severally, the <br />Administrative General Partner and the Managing General Partner. <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 sec., 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) construction <br />products, household cleaners and office materials of the type and quantity ordinarily used <br />in the normal construction, operation, ownership, occupancy and maintenance of properties <br />similar to the Project or (ii) small amounts of household mold to the extent promptly <br />remediated upon Developer's discovery. <br />"Housing Authority" means the Housing Authority of the City of Santa <br />Ana (CA093), a public body, corporate and politic. <br />"HUD" means the United States (U.S.) 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 />"Inclusionary Deed of Trust" means the deed of trust encumbering the <br />Property, in the form attached hereto as Exhibit C, to be executed by Developer pursuant <br />to Section 5.13.1 in order to secure the Inclusionary Loan Note. <br />"Inclusionary Loan" or "Inclusionary City Loan" means a loan in the <br />original principal amount of up to three -million, one -hundred seventy thousand five <br />55A-18 <br />
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