55A - AGMT LEGACY APARTMENTS - Laserfiche WebLink

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hundred forty-seven dollars ($3,170,547) to be made to Developer by the City to be funded exclusively from the Inclusionary Housing Fund. "Inclusionary Promissory Note" means that certain promissory note for Inclusionary Loan funds in the original principal amount of $3,170,547 in the form attached hereto as Exhibit D, and to be executed by Developer in favor of City to evidence the obligation of Developer to repay the Inclusionary Loan through residual receipts as further described in the Inclusionary Promissory Note. "Indemnitees" has the meaning set forth in Section 14.5. "Investor Limited Partner" means Bank of America, N.A., and Banc of America CDC Special Holding Company, Inc., or its permitted successors or assigns. "Laws" means all statutes, laws, ordinances, regulations, orders, writs, judgments, injunctions, decrees or awards of the United States or any state, county, municipality or other Governmental Authority. "Lien" means any lien, mortgage, pledge, security interest, charge or encumbrance of any kind, including any conditional sale or other title retention agreement, any lease in the nature thereof, and any agreement to give any lien or security interest. "Loan Documents" or "Inclusionary Loan Documents" means, collectively, this Agreement, the Inclusionary Promissory Note, the Inclusionary Deed of Trust, and the Affordability Restrictions on Transfer of Property, and any other agreement, document, or instrument that the City reasonably requires in connection with the execution of this Agreement or from time to time to effectuate the purposes of this Agreement. "Low Income" means an adjusted income which does not exceed eighty percent (80%) of the Median Income for the Area, adjusted for household size, as published by the U.S. Department of Housing and Urban Development (HUD). "Managing General Partner" means NCRC Legacy MGP, LLC, a California limited liability company. "Median Income for the Area" means the median income for the Orange County, California PMSA as most recently determined by HUD. Also may be referred to interchangeably in the Inclusionary Loan Documents as "Area Median Income" or "AMP'. "Partnership Agreement" means the Amended and Restated Agreement of Limited Partnership of the Developer, dated as of �], 2020, as may be amended, modified or supplemented. "Project" means the construction of the Improvements upon the Property by Developer pursuant to this Agreement. "Project Budget" means the line -item budget for the Project attached hereto as Exhibit E, as modified from time to time in accordance with this Agreement. 55A-19