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<br />EXHIBIT 3 <br />“Chronically Homeless” means an individual or family who meets the definition <br />of “chronically homeless” under HUD regulations and guidance, including 24 C.F.R. § <br />578.3. <br />"City" means the City of Santa Ana, California, a charter city and municipal <br />corporation. <br />"City/HOME-ARP Loan" means the loan to be made to Developer by City from <br />HOME-ARP funds pursuant to Article 5 of this Agreement. <br />"City/HOME-ARP Loan Deed of Trust" means the deed of trust encumbering <br />the Property, in the form attached hereto as Exhibit D, to be executed by Developer <br />pursuant to Section 5.B.2 in order to secure the City/HOME-ARP Loan Note. <br />"City/HOME-ARP Loan Note" means that certain promissory note in the original <br />principal amount of $5,256,327.00, in the form attached hereto as Exhibit E, to be executed <br />by Developer in favor of City to evidence the obligation of Developer to repay the <br />City/HOME-ARP Loan. <br />“City Restriction Period” shall mean a period of fifty-five (55) years after date on <br />which a Certificate of Completion is issued. <br />"Close of Escrow" shall mean the date upon which the City/HOME Loan Deed of <br />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 ground leasee of the Property pursuant to the Ground Lease. <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 paid <br />in full in accordance with the Senior Loan Documents. <br />"County" means the County of Orange, California. <br />"Developer" means North Broadway Housing Partners LP, a California limited <br />partnership, its successors and assigns. <br />"Developer's Representative" shall mean any of Laura Archuleta, Michael <br />Massie, or Tish Kelly or his/her designee. <br />“Environmental Reports” [list to be provided under separate cover] <br />"Escrow Holder" means Commonwealth Land Title Company. <br />"Event of Default" has the meaning set forth in Section 20.1. <br />3 <br />WISEPlace Permanent Supportive Housing <br />City HOME-ARP Loan Agreement