Laserfiche WebLink
EXHIBIT 3 <br />obligations hereunder and thereunder, including liens on the Property, use and deed <br />restrictions and covenants running with the land. <br />NOW, THEREFORE, forand in consideration of the to imat covetiauts and <br />agreements herein contained, City and Developer agree as follows. <br />1. DEFINITIONS AND INTERPRETATION <br />1.1 Detincd Terms. All capitalized terms used herein, including, without <br />limitation, in the TLecitals above and in all other Project Documents, unless otherwise <br />expressly defined, are defined where first used in this Agreement and/or as set forth in <br />This Article 1. <br />"Affordable Housing" means housing operated in ,iccorclanec with the <br />requirements of 24 CH? parl 570, and uliliiing the standards of the HOME Investment <br />Partnerships Program (TTOME) at 24 CFR 92252and 24 CFR 92253, and the rents issued <br />by the Tax Credit Allocation Convnittec. <br />"Affordability Restrictions on Transfer of Property" means that <br />certain document affecting real property benefiting the City, attached hereto as Fxhibit F_ <br />"Affordable Rent" means the Monthly rents that arc sct lorth in inure detail <br />in Section 7 of this Agreement. <br />"Building Permit" means the building permit(s) issued by City and <br />rccluired for the construction, if any. <br />"Business Day" me,nrs any Monday. Tuesday. Wednesday, Thursday or <br />Friday on which Santa Ana City Hall is open to the public for the conduct of City affairs. <br />"Calendar fear" means each consecutive twelve (12) month period from <br />Jauuary 1 to December 31. <br />"CI)BG Compliance Period" is for a period of l'i fieeii (15) years. <br />"CDBG Program" has the, meaning set forth in Recital "A" above. <br />"CDBG Regidatinns" has the meaning set forth in Recital "A" above. <br />"Cerlifieale of Completion" has the meaning set Ibrth in Article IT <br />"City" means the City ofSanta Ana, California, a charter city and <br />municipal corporalion. <br />"City/CDBG Loam" means the loan to be made to Developer by City <br />from CDBG funds pursuant to Article 5 of this Agrecmcnt. <br />"City/CDRC Loan Deed of Trust" means the deed of truSt encuntherinv <br />City Council 3 21 — 7 4/20/2021 <br />