HUMPHRIES, VALERIE R. - Laserfiche WebLink

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(4) Maintenance of all improvements on Properties not maintained by the Association. For good and valuable consideration stated here -in, the receipt and sufficiency of which are hereby acknowledged, Agency, City, and Owner agree as follows: 1. DEFINITIONS AND INTERPRETATION 1.1 Defined Terms. All defined terms used herein, including, without limitation, in the Recitals above and in the exhibits attached hereto, unless otherwise expressly defined, are defined where first used in this OPA and/or as set forth in this Section 1.1. "Adjusted Income" means the qualifying income of a person (together with the qualifying income of all persons who intend to reside with such person in one residential unit) as calculated in the manner prescribed under Section 142(d)(2)(B) of the Code. "Affordable Rent" means monthly rent (including the Utility Allowance, and excluding any supplemental rental assistance from. the State of California, the federal government or any other public agency) not in excess of thirty percent (30%) of one -twelfth (1/12th) of sixty percent (60%) of the Median hwoi e for the Area, adjusted for family size assuming a three person household for a one bedroom apartment and a five person household for a two bedroom apartment. (City to provide an updated schedule of rents to Association Chairperson when revised by HUD. By example, the current rent limit, as of June 2002, fora family of three is $1020 for a one bedroom apartment and $1,225 for a family of five in a two bedroom apartment.) "Agency" means the Community Redevelopment Agency of the City of Santa Ana, a public body, corporate and politic, existing pursuant to the California Community Redevelopment Law (California Health & Safety Code Section 33000 et seq.). "Approval Date" means the date when the governing bodies of both the Agency and the City have taken final to authorize execution of the OPA's with the Owners. "Publicly Funded Improvements" means as forth in Section 5 and as generally described in Exhibit D. "Agreement Area" means that portion of the City of Santa Ana depicted on the Site Map attached hereto as Exhibit "A". The Agreement Area is a neighborhood of multifamily apartment buildings in the City on both sides of Minnie Street from McFadden Avenue on the south to Grant Street on the north, containing approximately forty-eight (48) multifamily apartment buildings each on a separate parcel which, in the aggregate, contain approximately five hundred twenty-seven (527) dwelling units, together with certain associated parcels that provide surface parking for the residents of the Properties. "Area" means the Orange County, California Metropolitan Statistical Area. 2