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payments have been made by the property owner for at least 90 days AND the property <br />has been vacant for at least 90 days. <br />"Affordability Covenants and Restrictions on Transfer of Property" means <br />thatcertain recorded document affecting real property benefiting the City, attached hereto <br />as Exhibit A. <br />"Affordable Rent" means the monthly rents that are set forth in more detail in <br />Section 502 of this Agreement. <br />"Agreement" means this Neighborhood Stabilization Program Agreement <br />between the City and the Developer, and any attachments thereto. <br />"Applicable Law" shall mean those federal, state and local laws, ordinances, <br />regulations, policies and procedures applicable to the NSP, and the NSP Funds. <br />"Area Median Income" means the median income figures for Orange County <br />adopted by the State of California pursuant to Health and Safety Code Section 50093, as <br />amended from time to time. Also may be referred to as "AMI" herein. <br />"Blighted" a structure is blighted when it exhibits objectively determinable signs <br />of deterioration sufficient to constitute a threat to human health, safety and welfare. <br />"Building Permit" means the building permit(s) issued by City and required for <br />the rehabilitation, if any. <br />"Business Day" means any Monday, Tuesday, Wednesday, Thursday or Friday <br />on which Santa Ana City Hall is open to the public for the conduct of City affairs. <br />"City" means the City of Santa Ana, a charter city and municipal corporation. <br />"City Manager" means the City Manager, or his/her designee. <br />"Current Market Appraised Value" the current market appraised value means <br />the value of a foreclosed property that is established through an appraisal made in <br />conformity with the appraisal requirements of the Uniform Relocation Act (URA) 49 <br />CFR 24.13 and completed within 60 days prior to the final offer made for the property. <br />"Deed of Trust" means the Deed of Trust with the Developer encumbering the <br />NSP Assisted Unit in the form attached hereto as Exhibit B. <br />"Developer" means Townsend & Raitt, LP. <br />"Eligible Property" shall mean a property that the City shall in its sole discretion <br />determines meets NSP Program Criteria. <br />2 <br />