AGENDA PACKET_2021-12-07 - Laserfiche WebLink

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AAV MII:1kWJ (ii) In the case of a Refinancing, the reasonable and necessary costs of consummating such Refinancing, including, without limitation, loan fees, loan repayment charges, costs of title insurance premiums, escrow fees, recording fees and attorneys' fees. "Deed of Trust" shall mean the deed of trust encumbering the Property, in the form attached to the Agreement as Exhibit C, which is incorporated herein by this reference, to be executed by Borrower pursuant to section 6.1(e) of the Agreement in order to secure the Agency Promissory Note. ,,Extremely Low Income" means an adjusted income which does not exceed thirty percent (30%) of the area median income for the Orange County, California PMSA, adjusted for household size, as published by HUD. "Ground Lease" shall mean that certain Ground Lease dated 2021, between Agency and Borrower. "Interest" shall mean that the Note shall bear simple interest from the date of issuance of the Certificate of Occupancy/Completion at a rate equal to Three percent (3%) per annum. "Low Income" means an adjusted income which does not exceed eighty percent (80%) of the area median income for the Orange County, California PMSA, adjusted for household size, as published by HUD. "Property" shall have the meaning set forth in the Agreement. "Residual Receipts" shall mean the Annual Project Revenue from the Property for each year, less deductions for Annual Operating Expenses from the same Property, applicable to each such year to the extent not previously deducted as an Annual Operating Expense. "Senior Loan" shall have the meaning set forth in the Agreement. "Term of Affordability" or "Term" means the terms and conditions contained herein shall remain in effect for fifty-five (55) years from the date of issuance of the Certificate of Occupancy for the Project, or repayment of the Agency Loan, whichever is longer. "Transfer" shall mean any transfer, assignment, conveyance or lease of the Property, or any portion thereof, or any interest therein by the Borrower. Transfer includes a sale in condemnation or under threat thereof. Notwithstanding anything to the contrary contained herein, a "Transfer" shall not include any Excluded Transfer or any other Transfer permitted under the Ground Lease or the Agreement. "Very Low Income" means an adjusted income which does not exceed fifty percent (50%) of the area median income for the Orange County, California PMSA, adjusted for household size, as published by HUD. City Council 16 — 149 12/7/2021