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Very Low-Income Households. Thirty (30) percent of the income of a household <br />earning fifty (50) percent of the Median Income for the Area adjusted for family <br />size appropriate for the unit. <br /> <br />Extremely-Low Income Households. Thirty (30) percent of the income of a <br />household earning no more than thirty (30) percent of the Median Income for the <br />Area for rental units, adjusted for family size appropriate for the unit. <br /> <br />In the event of a conflict between the fractions specified in this definition and those <br />found in Sections 50052.5 and 50053 of the Health & Safety Code and HUD, the <br />fractions specified by HUD shall control. <br /> <br /> “Affordable Rent” means the Health and Safety Code extremely low <br />income rents based on the calculation defined in Section 50053 and income limits <br />published by the Department of Housing and Community Development. <br /> <br /> “Agency” means the Housing Authority of the City of Santa Ana, acting as <br />the Housing Successor Agency, a public body, corporate and politic, exercising <br />governmental functions and powers, and organized and existing under the CRL. The <br />principal office of the Agency is located at 20 Civic Center Plaza, Santa Ana, California <br />92702. “Agency” shall also refer to the City where the context dictates, to the effect that <br />City shall have all rights granted to the Agency hereunder. <br /> <br /> "Agency Deed of Trust" means the deed of trust encumbering the <br />Property, in the form attached hereto as Exhibit C, to be executed by Developer pursuant <br />to Section 4.1(e)(iii) in order to secure the Agency Loan Note. <br /> <br /> “Agency Loan” means a loan in the original principal amount of up to One <br />Million Six Hundred Fifty-Six Thousand Nine Hundred Forty-Seven and No/100 Dollars <br />($1,656,947.00) to be made to Developer by the Agency to be funded exclusively from the <br />Low and Moderate Income Housing Asset Fund held by the Agency. <br /> <br /> "Agency Promissory Note" means that certain promissory note for <br />Agency Loan funds in the original principal amount of $1,656,947.00 in the form attached <br />hereto as Exhibit D, and to be executed by Developer in favor of Agency to evidence the <br />obligation of Developer to repay the Agency Loan through residual receipts as further <br />described in the Agency Promissory Note. <br /> <br /> "Building Permit" means the building permit(s) issued by City and <br />required for the construction. <br /> <br /> "Business Day" means any Monday, Tuesday, Wednesday, Thursday or <br />Friday on which Santa Ana City Hall is open to the public for the conduct of City affairs. <br /> <br /> "Calendar Year" means each consecutive twelve (12) month period from <br />January 1 to December 31. <br /> <br /> "Certificate of Completion" has the meaning set forth in Article 13. <br />EXHIBIT 4