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"Affordability Restrictions" means that certain Affordability Restrictions on Transfer of <br />Property, which contains the covenants and restrictions pertaining to the operation, maintenance, and <br />management of the Project as Affordable Housing for a term of not fewer than 55 years, which <br />covenants and restrictions shall run with the land, to be executed by the Agency, the City, and the <br />Developer and recorded against the Property in the Official Records. The Affordability Restrictions <br />and the legally required notice thereof are attached hereto as Exhibit I and incorporated herein. <br />"Affordable Rent" means the monthly rents which do not exceed the maximum amount <br />applicable to Extremely Low Income and Very Low Income households, as applicable, as described <br />in Article 700. <br />"Agency" is defined in the preamble hereto. In the event the Agency is disestablished, <br />dissolved, ceases to exist, or otherwise becomes unable to exercise its rights under this Agreement <br />prior to the expiration of the Term, the City shall be entitled to exercise any and all rights granted to <br />the Agency hereunder. <br />"Agency/City" means the Agency and/or the City, as the context dictates. <br />"Agency Deed of Trust" means the deed of trust encumbering the Property, in the form <br />attached hereto as Exhibit H-1 to be executed by Developer in order to secure the Agency <br />Promissory Note. <br />"Agency Loan" means the loan to be made to Developer by the Agency solely from tax <br />increment moneys. <br />"Agency Promissory Note" means that certain promissory note in the original principal <br />amount of $3,888,497, in the form attached hereto as Exhibit F, which shall be executed by <br />Developer in favor of Agency to evidence the obligation of Developer to repay the Agency Loan <br />through residual receipts as further described in the Agency Promissory Note. <br />"Agreement" means this Loan Agreement by and among the City, Agency and Developer. <br />"Area Median Income" or "AMI" shall mean the median income for the Orange County, <br />California PMSA as determined by HUD from time to time. <br />"Annual Budget" and "Operating Budget" shall mean the annual operating budget for the <br />Project that sets forth the projected Operating Expenses (defined in the Promissory Notes) for the <br />upcoming year that is subject to and shall be submitted for review and approval by Executive <br />Director, in his/her reasonable discretion, each year during the Affordability Period. <br />"Basic Concept and Schematic Drawings" are described in Section 302.3. <br />"Building Permit" means the building and grading permit(s) to be issued by City and <br />required for the construction of the Improvements. <br />"Business Day" means any Monday, Tuesday, Wednesday, Thursday or Friday on which <br />Santa Ana City Hall is open to the public for the conduct of City affairs. <br />"Calendar Year" means each consecutive twelve (12) month period from January 1 to <br />December 31. <br />20-9