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ORANGE HOUSING DEVELOPMENT CORPORATION/C&C DEVELOPMENT
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Last modified
6/9/2017 12:18:54 PM
Creation date
11/13/2009 9:35:44 AM
Metadata
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Contracts
Company Name
ORANGE HOUSING DEVELOPMENT CORPORATION/C&C DEVELOPMENT
Contract #
A-2009-036
Agency
Community Development
Council Approval Date
4/6/2009
Expiration Date
9/20/2064
Insurance Exp Date
2/15/2010
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2. Definitions. <br />For the purpose of calculating the payments to be made by Borrower to City pursuant to <br />this Note, the following terms shall have the following respective meanings: <br />"Acquisition Costs" shall mean the costs and expenses of Borrower to acquire the <br />Property, as set forth in the Project Budget attached to the Loan Agreement. <br />"Agreement" means the Neighborhood Stabilization Program Rental Housing <br />Development Agreement between the City and the Developer, and any attachments thereto. <br />"Applicable Law" shall mean those federal, state and local laws, ordinances, regulations, <br />policies and procedures applicable to the NSP, and the NSP Funds. <br />"Area Median Income" means the median income figures for Orange County adopted by <br />the State of California pursuant to Health and Safety Code Section 50093, as amended from time <br />to time. Also may be referred to as "AMI" herein. <br />"Calendar Year" means each consecutive twelve (12) month period from January 1 to <br />December 30. <br />"City Loan" shall mean the loan evidenced by this Note repayable to the City in <br />accordance with the terms of this Note and secured by the Deed of Trust. <br />"City's Percentage" with reference to the Residual Receipts, shall mean fifty percent <br />(50%) of the total Residual Receipts from the Property as further described in Section 5 hereof. <br />"Closing" shall mean: <br />(i) In the case of a Sale, reasonable brokerage commissions payable to a broker as a <br />result of the Sale, which shall not in any event exceed the customary amount charged -for similar <br />transactions in the immediate market place, costs of title insurance premiums, documentary <br />stamp taxes, escrow fees, recording charges, loan repayment charges and other costs reasonably <br />incurred with respect to the Property, in each case actually paid by Borrower as a condition of <br />the Sale. <br />(ii) In the case of a Refinancing, the reasonable and necessary costs of <br />consumating such Refinancing, including, without limitation, loan fees, loan repayment charges, <br />costs of title insurance premiums, escrow fees, recording fees and attorneys' fees. <br />"Gross Revenues" shall mean all revenues and receipts of every kind actually received by <br />Borrower from operating the Property, and all parts thereof, including, but not limited to, income <br />from both cash and credit transactions, rental from leased and/or subleased spaces and parking <br />fees and charges (but not including security deposits and other tenant deposits, except to the <br />2 <br />
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