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<br /> 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 /> (Program 2) 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 maybe 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 /> 25K-38 <br /> <br />