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"City Deed of Trust" means the deed of trust encumbering the Property, in the <br />form attached as Exhibit C to the Loan Agreement, to be executed by Owner pursuant <br />to Section 5.B.2 in order to secure the Loan Note. <br />"City Loan" means the loan to be made by the City to Owner in the principal <br />amount of Two Million Dollars ($2,000,000.00) in accordance with this Agreement. <br />"City Project Manager" shall mean the City Manager and/or his/her designee. <br />"City Promissory Note" means that certain promissory note in the original <br />principal amount of $2,000,000 in the form attached as Exhibit D to the Loan <br />Agreement, and to be executed by Owner in favor of City to evidence the obligation <br />of Owner to repay the City Loan through residual receipts as further described in the <br />Promissory Note. <br />"Close of Escrow" shall mean the date upon which the Loan Agreement and City <br />Deed of Trust recorded in the Official Records of the County. <br />"Closing Statement" means the final statement of Owner's Escrow account <br />for the purchase of the Property pursuant to the purchase contract. <br />"County" means the County of Orange, California. <br />"Owner" means 815 N Harbor, LP, a California limited partnership comprised of <br />OHDC 815 N Harbor, LLC, California limited liability company as managing general <br />partner and C&C 815 N Harbor, LLC, a California limited liability company, as <br />developer general partner. <br />"Owner's Representative" shall mean the Chief Executive Officer of <br />the Managing General Partner of Owner or his/her designee. <br />"Escrow" means Escrow No. 588306-A. <br />"Escrow Holder" means First American Title Company, 5 First American Way, <br />Santa Ana, and California 92707. <br />"Extremely Low Income" means an adjusted income which does not exceed <br />thirty percent (30%) of the area median income for the Orange County, California <br />PMSA, adjusted for household size, as published by HUD. <br />"Event of Default" has the meaning set forth in Section 20.1. <br />"Foreclosed" As defined by HUD for the purposes of NSP means "A home or <br />residential property has been foreclosed upon if any of the following conditions <br />apply" (a) The property's current delinquency status is at least 60 days delinquent <br />under the Mortgage Bankers of America delinquency calculation and the owner has <br />47 <br />80A-103