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"Indemnify" or "Indemnity" means to defend, indemnify and hold harmless. <br />"Investor Limited Partner(s)" shall mean, the Tax Credit limited partner(s) of the <br />Developer (or Developer's permitted assignee) for implementation of Phase R-1 and Phase R-2 <br />of the Project. The Agency acknowledges that Phase R-1 and Phase R-2 may have different <br />Investor Limited Partners. <br />"Land Use Approvals" is defined in Section 303. <br />"Legal Description" means the legal description of the Agency Parcels attached hereto as <br />Attachment No. 2 and incorporated herein by reference. <br />"Moderate Income" and "Moderate Income Households" means moderate income <br />households as defined in Health & Safety Code Section 50093. <br />"Monthly Housing Cost" means, for a Moderate Income Household purchasing an <br />Affordable For-Sale Unit, all of the following associated with such Affordable For-Sale Unit, <br />estimated or known as of the date of the proposed sale: (i) principal and interest payments on a <br />mortgage loan, including any loan insurance fees associated therewith (provided that if the <br />mortgage loan obtained by the purchaser contains an adjustable interest rate, then the principal <br />and interest payments shall be deemed to be those which would be due upon a mortgage loan <br />amortized over a thirty-year period with an interest rate equal to prevailing market rates for <br />thirty-year fixed-rate mortgage loans); (ii) property taxes and assessments; (iii) fire and casualty <br />insurance covering replacement value of property improvements; (iv) homeowner association <br />fees; and (v) a reasonable utility allowance. The Monthly Housing Cost shall be an average of <br />estimated costs for the next twelve (12) month period. <br />"Monthly Rent" is defined in Section 401.5. <br />"Notice" shall mean a notice in the form prescribed by Section 601. <br />"Notice of Affordability Restriction" is defined in Section 401.11. <br />"Outside Closing Date" means the Phase R-1 Outside Closing Date, the Phase R-2 <br />Outside Closing Date or the FS Outside Closing Date, as applicable. <br />"Partnership Agreement" means, with respect to each of Phase R-1 and Phase R-2, an <br />agreement that sets forth the terms of a limited partnership to which the Developer Transfers its <br />rights, interest, and obligations in and to this Agreement with respect to the applicable Phase of <br />the Rental Portion of the Project, as such agreement may be amended from time to time, so long <br />as consistent with the requirements of this Agreement. The Partnership Agreements shall be <br />entered into between or among the general partners and the Investor Limited Partner that <br />comprise the limited partnership that Developer assigns its rights and obligations to with respect <br />to each Phase of the Rental Portion of the Project. <br />"Phase(s)" shall mean, individually and collectively, Phase R-1, Phase R-2 and Phase FS <br />of the Project. "Phase(s) sometimes refers to "Portion(s) or Phase(s)" where the context dictates. <br />DOCSOCJ I400673v 141200272-0001