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8 <br />Westview House <br />City HOME Loan Agreement <br />“Tax Credit Rules” means [___________________]. [See Section 6.13(a)] <br /> <br />“Term of Agreement” the terms and conditions contained herein shall commence <br />upon the date first written above and remain in effect for fifty-five (55) years from the <br />issuance of the Certificate of Completion. <br /> <br /> “Very Low Income” means an adjusted income that does not exceed fifty percent <br />(50%) of the area median income for the Orange County, California PMSA, adjusted for <br />household size, as published by HUD. <br /> <br />1.2. Singular and Plural Terms. Any defined term used in the plural in this <br />Agreement or any other City Loan Document shall refer to all members of the relevant <br />class and any defined term used in the singular shall refer to any number of the members <br />of the relevant class. <br />1.3. References and Other Terms. Any reference to this Agreement or any <br />Loan Document shall include such document both as originally executed and as it may <br />from time to time be modified. References herein to Articles, Sections and Exhibits shall <br />be construed as references to this Agreement unless a different document is named. <br />References to subparagraphs shall be construed as references to the same Section in which <br />the reference appears. The term "document" is used in its broadest sense and encompasses <br />agreements, certificates, opinions, consents, instruments and other written material of <br />every kind. The terms "including" and "include” mean "including (include) without <br />limitation." <br />1.4. Exhibits Incorporated. All attachments and exhibits to this Agreement, as <br />now existing and as the same may from time to time be modified, are incorporated herein <br />by this reference. <br />Section 2. [RESERVED] <br /> <br />Section 3. SCOPE OF WORK/ PROJECT BUDGET <br /> <br />Developer shall comply with this Section until the Certificate of Completion is issued. <br /> <br /> A “Scope of Work” for the Property is attached hereto as Exhibit B. Any change <br />to the Scope of Work requested by the Developer, which would result in a change to the <br />Project Budget in excess of ten percent (10%) of any individual line item or in excess of <br />five percent (5%) of the aggregate budget, shall be subject to the prior written approval of <br />the Executive Director. <br /> <br />A line-item budget for the Project, including a summary statement of sources and <br />uses of funds, is incorporated into Exhibit C (the "Project Budget"). Any material change <br />to the Project Budget in excess of ten percent (10%) of any individual line item or in excess <br />of five percent (5%) of the aggregate budget shall be subject to the prior written approval <br />of the Executive Director which approval will not be unreasonably withheld, conditioned <br />or delayed and if not granted or denied within five (5) Business Days, shall be de emed <br />EXHIBIT 3