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attached hereto (the "Property"). The CDBG funds referenced herein shall assist in the land <br />acquisition only and the HOME funds will assist in the acquisition and soft costs of said Project. <br />G. In furtherance of the HOME Program and CDBG guidelines, Developer has <br />applied to City for a loan with which to: <br />provide deeper affordability and construct the improvements to the Property, <br />and <br />2. thereafter to maintain, operate and professionally manage the Project <br />as decent, safe, sanitary and affordable rental housing. <br />H. City, on certain terms and conditions, desires to make such loan to Developer in <br />order to make possible the acquisition and construction of the Project, thereby expanding the supply <br />of decent, safe, sanitary and affordable housing. <br />1. If there is any inconsistency between Federal and State guidelines with regard to any <br />of the terms and conditions contained herein, the more stringent shall apply. <br />NOW, THEREFORE, for and in consideration of the mutual covenants and agreements <br />herein contained, City and Developer agree as follows: <br />DEFINITIONS AND INTERPRETATION <br />1.1 Defined Terms. All capitalized terms used herein, including, without <br />limitation, in the Recitals above and in all other Project Documents, unless otherwise expressly <br />defined, are defined where first used in this Agreement and/or as set forth in this Article 1. <br />"Affordable Housing" means housing operated in accordance with the <br />requirements of 24 CFR 92.252 and 24 CFR 570[no state funds]. <br />"Affordability Restrictions on Transfer of Property" means that certain <br />document affecting real property benefiting the City, attached hereto as Exhibit B. <br />"Affordable Rent" means the monthly rents which do not exceed the maximum <br />amount applicable to Extremely Low, Very Low and Low Income households, as promulgated <br />by the U.S. Department of Housing and Urban Development (HUD). <br />"Building Permit" means the building permit(s) issued by City and required <br />for the construction, if any. <br />"Business Day" means any Monday, Tuesday, Wednesday, Thursday or <br />Friday on which 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 <br />January 1 to December 31. <br />1076\01\1333668.1 <br />8OA-9 <br />L