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<br /> 4 <br />the Property, in the form attached hereto as Exhibit D, to be executed by Developer <br />pursuant to Section 5.B.2 in order to secure the Loan Note. <br /> <br />"City/CDBG Loan Note" means that certain promissory note in the <br />original principal amount of $1,687,047, in the form attached hereto as Exhibit E, and to <br />be executed by Developer in favor of City to evidence the obligation of Developer to repa y <br />the City/CDBG Loan. <br /> <br />"Close of Escrow" shall mean the date upon which the City/CDBG Loan <br />Deed of Trust is recorded in the Official Records of the County. <br /> <br />"Closing Statement" means the final statement of Developer's <br />Escrow account for the purchase and sale of the Property pursuant to the Purchase Contract. <br /> <br />“Community Development Block Grant” or “CDBG” has the meaning <br />set forth in Recital "A" above. <br /> <br />"County" means the County of Orange, California. <br /> <br />“Developer” means North Harbor Housing Partners LP , a California <br />limited partnership, its successors and assigns. <br /> <br />"Developer's Representative" shall mean John Witkowski of the <br />Managing General Partner of Developer or his/her designee. <br /> <br />"Escrow Holder" means First American Title Insurance Company, <br />18500 Von Karman Avenue, Suite 600, Irvine, CA 92612. <br /> <br />"Event of Default" has the meaning set forth in Section 20.1. <br /> <br />"Executive Director" means the Executive Director of the Community <br />Development Agency, or his/her designee. <br /> <br />"Extremely Low Income" an adjusted income which does not exceed <br />thirty percent (30%) of the area median income for the Orange County, California PMSA, <br />adjusted for household size, as published by HUD. <br /> <br /> “General Partner(s)” means the General Partner of Developer, JHC-North <br />Harbor LLC, and their respective successors and assigns. <br /> <br /> "Governmental Authority" means any governmental or quasi <br />governmental agency, board, bureau, commission, department, court, administrative <br />tribunal or other instrumentality or authority, and any public utility. <br /> <br />"Hazardous Materials" means flammable materials, explosives, <br />radioactive materials, hazardous wastes, toxic substances and similar substances and <br />materials, including all substances and materials defined as hazardous or toxic wastes, <br />substances or materials under any applicable law, including without limitation the <br />EXHIBIT 3