|
pursuant to the HOME Regulations.] [confirm] The HOME Units shall be "fixed" HOME Units,
<br />such that the specific Housing Units designated as HOME Units shall not change. Developer shall
<br />designate eleven (11) of the Housing Units as HOME Units, subject to approval by the Executive
<br />Director and in accordance with this paragraph, the HOME Program, and the HOME Regulations.
<br />"Housing Unit" or "Housing Units" means the thirty-six (36) individual apartment units at
<br />the Property to be constructed, leased, managed, and operated by Developer as long term Affordable
<br />Housing and in implementation of the Project (inclusive of the Affordable Units and the HOME
<br />Units).
<br />"HUD" means the United States Department of
<br />successors or• assigns thereof.
<br />"lmprovcments" means all improvements an'd',;fixtures
<br />Property, including, without limitation, landseapitg, trees
<br />improvements (including, without ]imitation, st{~'"ets, curbs,
<br />lighting), all as more specifically defined in Section,3,0] and it
<br />hereto.
<br />"lndermritees" means City
<br />employees, attorneys, contractors,
<br />agents, and volunteers.
<br />"Legal Description" tne~h?
<br />and incorporated hererlt
<br />f-r
<br />"Loan Documeits't.means
<br />Deed of Trust, the Agency Pro.
<br />Restrictions. aiid a1f~'o~ter agreertS
<br />connection with the i;oaias or from i
<br />"Loatxs" means the Agency
<br />"Notice'.'as.defined in Seefi
<br />ng'and Urban Development and any
<br />to be Cgnshuctcd by Developer at the
<br />and ''plaltt materials; and oilsitc
<br />storm i3t•~igs, and adjacent street
<br />i the Scope of?'Dwelopment attached
<br />and then pas~'and present elected officials, officers,
<br />ppointrve btiax~lg and commissions, representatives,
<br />the leeal;descrintion".Sfahe Pronerty attached hereto as Exhibit A
<br />iectively, thts,Agreement, the City Promissory Note, the City
<br />ory. Note the,, Agency Deed of Trust, the Affordability
<br />document, omiiis~'rument llhal the Oily or Agency squires in
<br />to time to;effeofuate the purposes of this Agreement.
<br />the City Loan.
<br />21
<br />"NSY Loari" ttipans the`~aan made to the Developer by the City pursuant to that certain
<br />Neighborhood Stabilization Program Rental housing Development Loan Agreement, dated as of
<br />June 1, 2010. Developer "used the proceeds of the NSP Loan to pay the cost of acquiring the
<br />Property.
<br />"NSP Covenants" means those certain Affordability Covenants and Restrictions by and
<br />between Developer and City, recorded against the Property iu the official records of Orange County,
<br />California on Juno 2, 2010 as Instrument No. 2010000258490, which set forth certain affordability,
<br />use and maintenance restrictions applicable to the Property and the Project.
<br />"NSP Deed of Trust" means that certain City Decd of Trust and Assignment of Rents
<br />recorded against the Property in the Official Records on Tune 2, 2010 as Instrument
<br />No. 2010000258491, which secures repayment of the NSP Loan.
<br />"NSP Docmnents" is defined in Recital B.
<br />,~
<br />
|