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55A - AGMT LEGACY APARTMENTS
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55A - AGMT LEGACY APARTMENTS
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12/10/2020 5:00:39 PM
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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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"Extremely Low Income" means an adjusted income which does not exceed thirty percent <br />(30%) of the area median income for the Orange County, California PMSA, adjusted for household <br />size, as published by HUD. <br />"Gross Revenues" shall mean all revenues and receipts of every kind actually received by <br />Borrower from operating the Property, and all parts thereof, including, but not limited to, income <br />from both cash and credit transactions, rental from leased and/or subleased spaces and parking fees <br />and charges, but not including security deposits and other tenant deposits, except to the extent such <br />deposits are forfeited to the Borrower under the tenant's lease. Gross Revenues also includes any <br />casualty insurance proceeds in excess of those used to restore the Property, and any rental <br />interruption insurance proceeds. Any credit consideration shall be included in Gross Revenues at <br />the time cash proceeds (principal and/or other) are received. Borrower shall establish and maintain <br />accounts for the Gross Revenues (the "Project Accounts") that are segregated from revenues and <br />income received by Borrower from all other projects. Gross Revenues shall also include all interest <br />earned on the Project Accounts, and shall specifically exclude any capital contributions made by <br />the Investor Limited Partner. <br />"Inclusionary Deed of Trust" shall mean the deed of trust encumbering the Property, in the <br />form attached to the Agreement as Exhibit C, which is incorporated herein by this reference, to be <br />executed by Developer pursuant to section 6.1(e) of the Agreement in order to secure the <br />Inclusionary Promissory Note. <br />"Inclusionary Housing Funds" shall mean the money provided by the City from the <br />Inclusionary Housing Fund for the construction of the City Assisted Units hereunder. <br />"Inclusionary Loan" means a loan in the original principal amount of up to Three -million, <br />one -hundred seventy thousand five hundred forty-seven dollars ($3,170,547) to be made to <br />Developer by the City to be fixnded exclusively from the Inclusionary Housing Fund held by the <br />City. <br />"Interest" shall mean that the NOTE shall bear simple interest at the rate of Three percent <br />(3%) per annum, from the date of issuance of the Certificate of Occupancy/Completion. <br />"Low Income" means an adjusted income which does not exceed eighty percent (80%) of <br />the area median income for the Orange County, California PMSA, adjusted for household size, as <br />published by HUD. <br />"Operating Expenses" shall mean the sum of the following: <br />(i) payments of principal and interest and all other charges relating to the <br />Senior Loan(s); <br />property management fee not to exceed 5% [to confirm] of gross rents; <br />55A-95 <br />
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