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3/30/11 <br />component of the NSP. The parties hereto have executed the "Neighborhood <br />Stabilization Program (Program 2) Rental Housing Development Agreement" dated <br />March 1, 2010. Borrower must comply with all of the NSP Program requirements as set <br />forth in the Agreement. Pursuant to this Agreement, NSP2 Funds will be used for the <br />acquisition of the Property and related soft costs. <br />D. The City agrees to loan to Borrower and Borrower agrees to borrow from <br />the City, the Purchase Price plus related soft costs, for a total of $4,291,188.00 (the "City <br />Loan") pursuant to the Program, subject to the terms and conditions set forth herein. The <br />City Loan shall be secured by a Deed of Trust in the principal amount of FOUR <br />MILLION TWO HUNDRED NINETY ONE THOUSAND ONE HUNDRED EIGHTY <br />EIGHT DOLLARS ($4,291,188.00). <br />NOW, THEREFORE, for good and valuable consideration, the parties agree as <br />follows: <br />Definitions: Unless otherwise defined, the following capitalized terms shall be defined <br />in this Agreement as follows: <br />"Affordable Rent" means the monthly rents which do not exceed the maximum <br />amount applicable to Very Low Income households, as promulgated by the U.S. <br />Department of Housing and Urban Development (HUD). <br />"Affordabili Period" also referred to as "Term of Affordability", shall be fifty- <br />five (55) years from date of issuance of Certificate of Occupancy. <br />"City Deed of Trust" means the deed of trust securing the City Loan, in the form <br />attached to this Agreement as Exhibit "B" and incorporated herein by reference. <br />"Cites" means the loan to be made by the City to Borrower in the principal <br />amount of FOUR MILLION TWO HUNDRED NINETY ONE THOUSAND ONE <br />HUNDRED EIGHTY EIGHT DOLLARS ($4,291,188.00).in accordance with this <br />Agreement. <br />"City Manai4er" means the City Manager and his/her designee. <br />"City Promissory Note" also referred to as "Note", means the promissory note in <br />favor of the City, evidencing the City Loan, in the form attached to this Agreement as <br />Exhibit "C" and incorporated herein by reference. <br />"Property" means the real property located at 326 S. Garnsey Ave., Santa Ana, <br />CA., described in the legal description attached to this Agreement as Exhibit A and <br />incorporated herein by reference. <br />"Very Low Income" means an adjusted income which does not exceed fifty <br />Page 2 of 14 <br />Exhibit 2 <br />25E-6