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EXHIBIT 3 <br />the Property, in the forin attached hereto as Exhibit 1), to he executed by Developer <br />pursuant to Section 5.132 in order to seats the Loan Note- <br />"City/CDB(; Loan Note" mans that certain promissory note in the <br />original principal amount of $1,687,047, in the form attached hereto as Fxhibit F., and to <br />he executed by Developer in favor of 'iIy to evidence the obligation ofDeveIoper to repay <br />the City/CD130 Loan - <br />"Close of Escrow" shall mean the date upon which the City/CDBG Loan <br />Deed of Trust is recorded in the Official Records Of the County - <br />"Closing Stalement" means the final Aateinent of Developer's <br />Escrow account for the Pill ehase and sale of the Property pursuant to the Purchase Contract. <br />"Community Deveopmcnt Block Grant" or "CDBG" has the meaning <br />set finch in Recital "A" above- <br />"COUMV" 111e311s the County of Orange, California. <br />"Developer" means North TTarbor Uousing Partners LP , a California <br />limited partnership, its successors and assigns - <br />"Developer's Representative" shall near John Witkowski of the <br />Managing General Partner of Developer or his/her designee. <br />"Escrow Holder" means First American Titic hrsurancc Company, <br />18500 Von Karman Ayenuc, Suite 600, Irvine, CA 92612. <br />"Tvent of Default" has the meaning set forth in 'Section 20.1- <br />"Executive Director" means the Executive Director of the Community <br />Development Agency, or ]cis/her designee. <br />"Extremely Low income" an adjusled income which does not exceed <br />thirty percent (304„) of dte area median income for the Orange County, Califirrnia PMSA, <br />adjusted fir household size, as published by HUD. <br />"General Partner(s)" means the Cleneml Partner of Developer, .ITTC-North <br />Harbor LL C, and their respective successors and assigns - <br />"Governmental Authority" means any govcrntncntal or quasi <br />governrncntal agency, board, bureau, commission, depart7tcnt, court, administrative <br />tribunal or other insiruntenfality or anlhorily, and any public utility. <br />"Hazardous Materials" moms tlanunable 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 anv annlicahle law- including Without limitation the <br />City Council 4 21 — 8 4/20/2021 <br />