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<br /> 3 <br />“City Promissory Note” means the promissory note in favor of the City, <br />evidencing the City Loan, in the form attached to this Agreement as Exhibit C and <br />incorporated herein by reference. <br /> <br />“Eligible Person or Family” means a person or family (1) with household annual <br />income of less than 80% of the area median income for the City, adjusted for <br />family size; (2) who is a “First-Time Homebuyer”, and (3) who is purchasing a <br />single family residence for occupancy as his, her or their principal residence. <br /> <br />“Escrow Agent” means ______________________________; <br /> <br />“Excess Refinancing Proceeds” means the amount of cash received by Borrower <br />as the result of any refinancing of the First Mortgage Loan for a loan amount in <br />excess of the then-current loan balance of the First Mortgage Loan; <br /> <br />“First Mortgage Loan” means the loan to Borrower from____________________ <br />in the amount of $________________________________, or any loan obtained <br />by Borrower to refinance the First Mortgage Loan. <br /> <br />“First-Time Homebuyer” means an individual or an individual and his or her <br />spouse who have not owned a home during the three-year period before the <br />purchase of the Property. The term includes displaced homemakers and single <br />parents as defined in 24 CFR Part 92.2. <br /> <br />“Income And Owner-Occupancy Covenants and Resale Restrictions (the <br />“Affordability Covenants”) means the document entitled “Income and Owner- <br />Occupancy Covenants and Resale Restrictions”, in the form attached to this <br />Agreement as Exhibit D and incorporated herein by reference. <br /> <br />“Property” means the real property described in the legal description attached to <br />this Agreement as Exhibit “A” and incorporated herein by reference. <br /> <br />“Purchase Price” means the entire purchase price to be paid by Borrower for the <br />Property. <br /> <br />“Returning Student” means prospective homebuyers that graduated from a high <br />school located in Santa Ana and have a four (4) year college degree. <br /> <br />“Sale” means any sale, transfer, assignment or conveyance of the Property, any <br />portion thereof or interest therein, including, without limitation, any lease, <br />exchange, or other disposition of any interest in the Property, whether voluntary <br />or involuntary, except that any transfer by gift, devise or inheritance to an existing <br />spouse surviving joint tenants or other co-owner, or a spouse as part of a <br />dissolution proceeding or in connection with marriage, or by devise or inheritance <br />to children, shall not be considered a Sale for the purposes of this Agreement. <br /> <br />EXHIBIT 2