815 N. HARBOR, L.P.-2013 - Laserfiche WebLink

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F. The City agrees to loan to Developer and Developer agrees to borrow from the City, money towards acquisition of the Property, for a total of $2,000,000.00 (the "City Loan ") pursuant to the Program, subject to the terms and conditions set forth herein. The City Loan shall be secured by a Deed of Trust in the principal amount of Two Million Dollars ($2,000,000.00). G. Developer is entering into this agreement to acquire and, subject to entitlement approvals, develop a mixed use project consisting of approximately seventy (70) unit multi- family residential housing development with a community room (the "Project ") located at 815 N. Harbor Street, within the City of Santa Ana, California, and legally described in Exhibit A attached hereto (the "Property "). 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. "Affordability Period" also referred to as "Term of Affordability ", shall be fifty - five (55) years from date of issuance of Certificate of Completion. "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). "Affordability Restrictions on Transfer of Property" means that certain document affecting real property benefiting the City, attached hereto as Exhibit B. "Agreement" means this Neighborhood Stabilization Program Agreement between the City and the Developer, and any attachments thereto. "Applicable Law" shall mean those federal, state and local laws, ordinances, regulations, policies and procedures applicable to the NSP 2 and NSP 3 Funds. "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. 3 1076V53V1389382.1