55A - AGMT LEGACY APARTMENTS - Laserfiche WebLink

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"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, the Agreement, the Inclusionary Promissory Note, the Inclusionary Deed of Trust, and these Restrictions, and any other agreement, document, or instrument that the City reasonably requires in connection with the execution of these Restrictions or from time to time to effectuate the purposes of these Restrictions. "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). "Median Income for the Area" means the median income for 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'. "Project" means the construction of the Improvements upon the Property by Developer pursuant to the Agreement. "Property" means the property that is to be located at 301 East Santa Ana Boulevard in the City of Santa Ana, and as more fully described in the "Legal Description" of the Property attached as Exhibit A to the Agreement. "Restricted Units" means the forty-five (45) "Housing Units" at the Project that shall be operated as Affordable Housing for the Tenn of Affordability. Twenty-seven (27) of the Restricted Units shall and will be restricted to households earning no more than 30% of the AMI and eighteen (18) Restricted Units shall and will be restricted to a household earning no more than 50% of the AMI. "Senior Lender" means a commercial or institutional financial institution providing the Senior Loan or any other holder of the Senior Loan Note. "Senior Loan" means a loan from the Senior Lender concurrent to the Inclusionary Loan for payment of a portion of the acquisition and rehabilitation costs, and shall include any subsequent loan that refinances the initial Senior Loan. "Senior Loan Deed of Trust" means the first deed(s) of trust securing the Senior Loan by encumbering the Property. "Senior Loan Documents" means, collectively, the loan agreement governing the Senior Loan, the Senior Loan Note, the Senior Loan Deed of Trust, and any other agreement, document or instrument that the Senior Lender requires in connection with the Senior Loan. 55A-68