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WESTVIEW HOUSE L (3).P
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WESTVIEW HOUSE L (3).P
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Last modified
7/6/2022 11:57:00 AM
Creation date
7/6/2022 11:54:11 AM
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Contracts
Company Name
WESTVIEW HOUSE L.P
Contract #
A-2022-085
Agency
Community Development
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"City/Rental Rehabilitation Program Loan Deed of Trust" means the deed of <br />trust encumbering the Property, in the form attached hereto as Exhibit D, to be executed <br />by Developer pursuant to Section 5.13.2 in order to secure the City/Rental Rehabilitation <br />Program Loan Note. <br />"City/Rental Rehabilitation Program Loan Note" means that certain promissory <br />note in the original principal amount of $386,523, in the form attached hereto as Exhibit E, <br />to be executed by Developer in favor of City to evidence the obligation of Developer to <br />repay the City/Rental Rehabilitation Program Loan. <br />"Close of Escrow" shall mean the date upon which the City/Rental Rehabilitation <br />Program Loan Deed of Trust is recorded in the Official Records of the County. <br />"Closing Statement" means the final statement of Developer's Escrow account for <br />the purchase and sale of the Property pursuant to the Purchase Contract. <br />"Construction Period" means the period of time commencing with the Close of <br />Escrow and ending on the Conversion Date. <br />"Conversion Date" means the date on which the Senior Construction Loan is <br />repaid in full and the Senior Pennanent Loan is disbursed to Borrower. <br />"County" means the County of Orange, California. <br />"Developer" means Westview House LP, a California limited partnership, its <br />successors and assigns. <br />"Developer's Representative" shall mean the President of the Sole Managing <br />Member of the Administrative General Partner or his/her designee. <br />"Escrow Holder" means Fidelity National Title, 18500 Von Darman Avenue, <br />Suite 600, Irvine, CA 92612. <br />"Event 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 his/her designee. <br />"Extremely Low Income" means an adjusted income that does not exceed thirty <br />percent (30%) of the area median income for the Orange County, California PMSA, <br />adjusted for household size, as published by HUD. <br />"General Partner(s)" means the General Partner(s) of Developer, Westview <br />Mercy House CHDO LLC (the "Managing General Partner"), Westview House CDP LLC <br />(the "Administrative General Partner"), and their respective successors and assigns. <br />Westview House <br />City Rental Rebabilitatlon Program Loan Agreement <br />
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