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"Lien" means any lien, mortgage, pledge, security interest, charge or <br />encumbrance of any kind (including any conditional sale or other title retention <br />agreement, any lease in the nature thereof, and any agreement to give any lien or security <br />interest). <br />"Low Income" means an adjusted income which does not exceed eighty percent <br />(80%) of the Orange County, California PMSA, adjusted for household size, as published <br />by HUD. .This income limit will be used to determine the Homebuyer's maximum <br />income for eligibility to purchase a Low Income Unit. <br />"Median Income for the Area" means the median income for the Orange <br />County, California PMSA as most recently determined by HUD. Also may be referred to <br />interchangeably in the Loan Documents as "Area Median Income" or "AMI". <br />"Moderate Income" means an adjusted income which does not exceed one <br />hundred twenty percent (120%) of the Orange County, California PMSA, adjusted for <br />household size, as published by HUD. This income limit will be used to determine the <br />Homebuyer's maximum income for eligibility to purchase a Moderate Income Unit. <br />"Neighborhood Stabilization Program" (NSP) has the meaning set forth in the <br />Recitals above. <br />"Neighborhood Stabilization Program (NSP) Regulations" has the meaning <br />set forth in the Recitals above. <br />"NSP Assisted Units" shall mean those residential units purchased and <br />rehabilitated on Eligible Properties which are subject to the term of affordability. <br />"NSP Funds" shall mean the money provided under the NSP Program for the <br />acquisition and rehabilitation of the homes hereunder. <br />"Priority Area Map" shall mean the map attached hereto and incorporated herein <br />as Exhibit A. <br />"Term of Affordability" the term of affordability shall be forty-five (45) years. <br />200. PROPERTY ACQUISITION <br />201. Selection of Properties by Developer. Developer shall with reasonable diligence <br />seek to identify proposed Eligible Properties which it determines may meet NSP Program <br />Criteria. Only vacant properties will be considered. The Developer shall provide the City with <br />its Acquisition/Rehabilitation Bid Analysis on each potential property to the City. Upon receipt <br />of complete bid analysis, the City shall review said within two (2) working days, subject to final <br />approval after inspection by City rehabilitation staff which shall occur within two (2) additional <br />working days. The City will approve or reject properties for purchase through the NSP Program. <br />4 <br />