Item 16 - Affordable Housing Project at 801, 807, 809 and 809 ½ E. Santa Ana Blvd

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2. Definitions. For the purpose of calculating the payments to be made by Borrower to Agency pursuant to this Note, the following terms shall have the following respective meanings: “Agency Assisted Units” shall mean those affordable rental units constructed on the Property, which are subject to the 55-year Term of Affordability. “Agency Funds” shall mean the money provided by the Housing Successor Agency from the Low and Moderate Income Housing Asset Fund for the construction of the Agency Assisted Units hereunder. “Agency Loan” means a loan in the original principal amount of up to One Million Six Hundred Fifty-Six Thousand Nine Hundred Forty-Seven and No/100 Dollars ($1,656,947.00) to be made to Borrower by the Agency to be funded exclusively from the Low and Moderate Income Housing Asset Fund held by the Agency. "Agency’s Percentage" with reference to the Residual Receipts, shall mean the Agency’s pro rata share of fifty percent (50%) of the total Residual Receipts from the Property as further described in section 4 hereof, allocated to the Loan, NPLH Loan and SNHP Loan based on the original principal amount of such loans. “Agreement” means the Agency Loan Agreement between the Agency and the Borrower, and any attachments or amendments thereto. "Applicable Law" shall mean those federal, state and local laws, ordinances, regulations, policies and procedures applicable to the Agency Housing Program, and the Agency Funds. “Area Median Income” means the median income for the Orange County, California PMSA as most recently determined by the U.S. Department of Housing and Urban Development (“HUD”). Also may be referred to interchangeably in the Agency Loan Documents as “Median Income for the Area” or “AMI”. “Annual Operating Expenses” means the sum of the following: (i) payments of principal and interest and all other charges relating to the Senior Loan(s); (ii) property management fee not to exceed 5% of gross rents; (iii) owner administration fee not to exceed 5% of gross rents; (iv) deposits into required reserves; (v) all other actual, reasonable cash operating costs and expenses, calculated on an annual basis, that are directly attributable to managing and operating the Property, including, without limiting the generality of the foregoing, the following: costs and expenses for real and personal property taxes, special assessments or similar charges; water, fuel, electricity and other utilities; heating, ventilation and air conditioning expenses; labor; supplies; tools; EXHIBIT 4