FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

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EXHIBIT 3 Senior Loan from a Senior Tender_ "Terns" the tctins and conditions contained herein shall remain in eflecl tier fifty-tive (55) years. The Affordability Restrictions oil Transter of Property shall also remain in effect for fifty-five (55) years. "Very Low income" means an adjusted income which does not execcd fifty percent (501%,) of the area median income for the Orange County, California PMSA, adjusted for household size, as published by HUD. 12 Sinoular and Plural Terms. Ally defined tens used in the phu-al in this Agreement or any other City Loan Document shall refer to all members of Ilse relevant elass and arty defined terin used in the singular shall refer to any number of the members of the relevant class. 1.3 References and Other Tams. Any reference to this Agreement or Lilly Loan Document shall include such docuinem both as originally excuued and as it inay from time to time be modified. References herein to Articles, Scetions and Exhibits shall be construed as references to this Agreement unless a different document is named. References to subparagraphs shall be consnrued as references to the same Section in which the reference appears. The tello "dOCumeln" is used in its broadest sense acid cncoiitpaascs agrecinents, catilicates, opinions, consents, inatruincnt, and other written material of every kind. The terms "including" and "include" mean "including (include) Without. linii(ativn." 1 A Exhibits incorporated_ All attaehmcnts and exhibits to this Arrccincnt, as riow existing and as the same may from time to time be modified, arc iticorporatcd herein by this reference. 2. IRESE14VFI)l 3. SCOPE OF WORK/ PROJECT BUDGET Developer shall comply with this Section unlil the Certificate ofConipletion is slued. A "Scope of Work" for the Property is attached hereto as Exhibit B. Any change to the Scope of Work requested by the Developer, which would result in a change to the Project Budget in excess of ten percent (10%) of any individual line item or in excess of live percent (5°/,) of the aggregate budget, shall be subjeeIto the prior written approval of tltc Exeeutivc Director. A line -item budget for the Project, including a summary statement of sources and uses of fiords, is incorporated into Exhibit C (the "Project Budget")- Any material change to the Project Budget in excess of tell perccnt (109%) of any ineividual uric item or in excess of five percent (5%,,) of ilre aggregate budget shall be subject io the prior written approval of the Executive Director which if not eranted or denied within five (5 ) Business Days_ shall be deemed annroved_ ni-ovided_ however. that in all events_ City Council 7 21 — 11 4/20/2021