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E. A Request for Proposals was issued by the City to competitively choose a <br />developer for the NSP Funds. Owner was awarded an agreement for the NSP1 Funds for <br />the Rental Program, further funding for NSP2 and now this Agreement, due to its <br />successful implementation of said agreements to use such Funds. <br />F. Owner and the City are concurrently entering into that certain Loan <br />Agreement. The Loan Agreement, Deed of Trust and Promissory Note, dated <br />concurrently herewith (collectively the "Loan Agreements") are entered into for the <br />purpose of providing for affordable very low income residential rental units in the City of <br />Santa Ana pursuant to the NSP2 and NSP3 regulations and guidance. <br />NOW, THEREFORE, CITY AND OWNER COVENANT AND AGREE AS <br />FOLLOWS: <br />1. Definitions <br />"Affordable Housing" means housing operated in accordance with the <br />requirements of 24 CFR 92.252 and 24 CFR 570. <br />"Affordability Period" also referred to as "Term of Affordability", shall be fifty- <br />five (55) years from date of issuance of Certificate of Completion. <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 <br />promulgated by the U.S. Department of Housing and Urban Development (HUD). <br />"Agreement" means this Affordability Restrictions on Transfer of Property <br />between the City and the Owner affecting real property. <br />"Applicable Law" shall mean those federal, state and local laws, ordinances, <br />regulations, policies and procedures applicable to the NSP 2 and NSP 3 Funds. <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 Friday <br />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 />"Certificate of Completion" has the meaning set forth in Article 17. <br />"City" means the City of Santa Ana, California, a charter city and municipal <br />corporation. <br />46 <br />80A-102