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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 axe attached hereto as F,xhibit I and incorporated herein. <br />"Affordable Rent" means the monthly rents which do not exceed the maximum amount <br />applicable to Exhemcly Low Income and Very Low Income hou~el}olds, as applicable, as described <br />;<; <br />in Article 700. ' <br />"Agency" is defined in the preamble hereto. hi Ihe'~~!~nt the Agency is disestablished, <br />dissolved, ceases to exist, or othertivise becomes unalile to exercise'its rights under this Agreement <br />prior to the expiration of the Term, the City shall be entitled to exercrseany and all rights granted to <br />the Agency hereunder, <br />"Agency/City" means the Agency aucUoi~'the';~.(~ily, as <br />"Agency Decd of Trust" means the deed of~'trust eneifmbcring the Property, in the form <br />attached hereto as Exhibit II-1 to `b@ executed by DeVel~per in order to secure the Agency <br />Promissory Note. <br />"Agency Loan" means the loan to ;be made ~td, Developer Yzy the Agency solely from tax <br />increment moneys ~~ ~ ' <br />~, /~f{ <br />"Agency Prom><Ssory Note" means that certain promissory note in the original principal <br />amount of $3,888 497;'>iri gthe form attached Hereto as F,xhibit F, which shall be executed by <br />Developer in,fayor of Agegey to-cvadcnoc,,.,the otijigation of Developer to repay the Agency Loan <br />though residual reCetpts as further descr ~bedfi the Agency Promissory Note. <br />s, .. <br />"Agreement" m8ans,this Loan Agreement by and among the City, Agency and Developer. <br />"Area,,31~'fedian Income">o~ "AMI": shall mean the median incomo for the Orange County, <br />California PMSA3as determined KV:JIUD fiom time to time. <br />"Annual Brfdg¢~" and "A.[f~rating Budget" shall mean the aimual 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,t3 and shall be submitted for review and approval by Executive <br />Director, in his/her reasonali~le'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 />3 <br />