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<br />EXHIBIT 3 <br />“HOME-ARP Subsidy Reserve Compliance Period” is for a minimum period of <br />fifteen (15) years from the issuance of the Certificate of Completion during which <br />withdrawals can be made from the HOME-ARP Subsidy Reserve to cover operating cost <br />deficits of the HOME-ARP Units, subject to any requirements of HUD or the HOME-ARP <br />Program. <br />"HOME-ARP Regulations" has the meaning set forth in Recital "A" above and <br />summarized in Exhibit G. <br />HOME-ARP Units” means the sixteen (16) units assisted under the HOME-ARP <br />Program and available for rental to HOME-ARP Qualifying Populations during the <br />HOME-ARP Compliance Period. <br />"HOME Program" has the meaning set forth in Recital "A" above. <br />"HOME Regulations" has the meaning set forth in Recital "A" above and <br />summarized in Exhibit G. <br />"HUD" means the United States Department of Housing and Urban Development <br />and any successors or assigns thereof. <br />"Improvements" means all improvements and fixtures now and hereafter <br />comprising any portion of the Property, including, without limitation, landscaping, trees <br />and plant materials; and offsite improvements (including, without limitation, streets, curbs, <br />storm drains, and adjacent street lighting). <br />"Indemnitees" has the meaning set forth in Section 14.5. <br />"Laws" means all statutes, laws, ordinances, regulations, orders, writs, judgments, <br />injunctions, decrees or awards of the United States or any state, county, municipality or <br />other Governmental Authority. <br />"Lien" means any lien, mortgage, pledge, security interest, charge or encumbrance <br />of any kind (including any conditional sale or other title retention agreement, any lease in <br />the nature thereof, and any agreement to give any lien or security interest). <br />“Limited Partner” means the Tax Credit Investor and any other Limited Partner(s) <br />or Special Limited Partner(s) of Developer, and their successors and assigns. <br />“Loan Documents” means, collectively, this Agreement, the City/HOME-ARP <br />Loan Note, the City/HOME-ARP Loan Deed of Trust, the Affordability Restrictions on <br />Transfer of Property, and any other agreement, document, or instrument that the City <br />requires in connection with the execution of this Agreement or from time to time to <br />effectuate the purposes of this Agreement. <br />6 <br />WISEPlace Permanent Supportive Housing <br />City HOME-ARP Loan Agreement