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"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 />"City Deed of Trust" means the deed of trust encumbering the Property, in the <br />form attached hereto as Exhibit C, to be executed by Developer pursuant to Section 53.2 in <br />order to secure the Loan Note. <br />"City Loan" means the loan to be made by the City to Developer 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 hereto as Exhibit D, and to be executed by <br />Developer in favor of City to evidence the obligation of Developer to repay the City Loan <br />through residual receipts as further described in the City Promissory Note. <br />"Close of Escrow" shall mean the date upon which the Loan Agreement and City <br />Deed of Trust is recorded in the Official Records of the County. <br />"Closing Statement" means the final statement of Developer's Escrow account <br />for the purchase of the Property pursuant to the purchase contract. <br />"County" means the County of Orange, California. <br />"Developer" means 815 N Harbor, LP, a California limited partnership comprised <br />of OHDC 815 N Harbor, LLC, California limited liability company as managing general partner <br />and C &C 815 N Harbor, LLC, a California limited liability company, as developer general <br />partner. <br />"Developer's Representative" shall mean the Chief Executive Officer of <br />the Managing General Partner of Developer 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, 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 PMSA, <br />adjusted for household size, as published by HUD. <br />1076 \53 \1389382.1 <br />