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"Deed(s) of Trust" means the two different deeds of trust securing the CDBG Loan and the <br />CalHome Loan, in the form attached to this Agreement as Exhibit "F" and incorporated herein by <br />reference. <br />"Deputy City Manager of Development Services" means the City's representative for this <br />Agreement and his/her designee. <br />"Eligible Person or Family" means a person or family (1) with a household income that does not <br />exceed 80% of the median income for the area, adjusted for family size, as determined by HUD, <br />and (2) who is using the Property for occupancy as his, her, or their principal residence. <br />"First Mortgage Loan" means the loan to Borrower from NATIONSTAR MORTGAGE in the <br />amount of $273,000.00, or any loan obtained by Borrower to refinance the First Mortgage Loan. <br />"HCD" means the California Department of Housing and Community Development <br />"HUD" means the United States Department of Housing and Urban Development. <br />"LBP" means lead based paint. <br />"Loans" means the each of the two loans collectively. <br />"Project" means the rehabilitation of the Property pursuant to this Agreement. <br />"Promissory Note(s)" means the promissory notes in favor of City; one, evidencing the CDBG <br />Loan, in the form attached to this Agreement as Exhibit "D", and one evidencing the CalHome <br />Loan, in the form attached to this Agreement as Exhibit "E", and incorporated herein by reference. <br />"Property" means the real property described in the legal description attached to this Agreement as <br />Exhibit "A" and incorporated herein by reference. <br />"Sale" means any sale, transfer, assignment or conveyance of the Property, any portion thereof or <br />interest therein, including, without limitation, any lease, exchange, or other disposition of any <br />interest in the Property, whether voluntary or involuntary, except that any transfer by gift, devise or <br />inheritance to an existing spouse, surviving joint tenant or co-owner, or a spouse as part of a <br />dissolution proceeding or in connection with marriage, or by devise or inheritance to children shall <br />not be considered a Sale for the purposes of this Agreement. <br />2. Loans. <br />A. CDBG Loan. City agrees to lend to Borrower, and Borrower agrees to borrow from <br />City, $75,000.00 (the "CDBG Loan"), with interest as provided in the Promissory Note, subject to <br />the conditions and restrictions set forth in this Agreement, in the Promissory Note and in the Deed <br />of Trust. Borrower shall execute, acknowledge and deliver to the Escrow Agent the Promissory <br />Note, and the Deed of Trust, as a condition of the City's origination of the CDBG Loan. <br />Page 3 of 15 <br />20A-7