DEPOT AT SANTIAGO, LP - 2013 - Laserfiche WebLink

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attached hereto (the "Property "). The CDBG funds referenced herein shall assist in the land acquisition only and the HOME funds will assist in the acquisition and soft costs of said Project. G. In furtherance of the HOME Program and CDBG guidelines, Developer has applied to City for a loan with which to: provide deeper affordability and construct the improvements to the Property, and 2. thereafter to maintain, operate and professionally manage the Project as decent, safe, sanitary and affordable rental housing. H. City, on certain terms and conditions, desires to make such loan ( "City Loan ") to Developer in order to make possible the acquisition and construction of the Project, thereby expanding the supply of decent, safe, sanitary and affordable housing. I. If there is any inconsistency between Federal and State guidelines with regard to any of the terms and conditions contained herein, the more stringent shall apply. NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein contained, City and Developer agree as follows: DEFINITIONS AND INTERPRETATION 1.1 Defined Terms. All capitalized terms used herein, including, without limitation, in the Recitals above and in all other Project Documents, unless otherwise expressly defined, are defined where first used in this Agreement and /or as set forth in this Article 1. "Affordable Housing" means housing operated in accordance with the requirements of 24 CFR 92.252 and 24 CFR 570 [no state funds]. "Affordability Restrictions on Transfer of Property" means that certain document affecting real property benefiting the City, attached hereto as Exhibit B. "Affordable Rent" means the monthly rents which do not exceed the maximum amount applicable to Extremely Low, Very Low and Low Income households, as promulgated by the U.S. Department of Housing and Urban Development (HUD). "Building Permit" means the building permit(s) issued by City and required for the construction, if any. "Business Day" means any Monday, Tuesday, Wednesday, Thursday or Friday on which Santa Ana City Hall is open to the public for the conduct of City affairs. "Calendar Year" means each consecutive twelve (12) month period from January 1 to December 31.