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will be used for the acquisition of the Property. The Loan Agreement amends the agreement <br />dated March 1, 2010 to include redevelopment activities as authorized by the substantial <br />amendment. <br />D. On March 4, 2011, the City was notified that its application under the NSP for <br />NSP 3 Funds was approved by HUD. Funding for the Owner is allocated for acquisition and <br />construction of the multi - family rental components of the NSP 3 program in an amount not to <br />exceed $1,500,000. <br />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 the <br />Rental Program, further funding for NSP2 and now this Agreement, due to its successful <br />implementation of said agreements to use such Funds. <br />F. Owner and the City are concurrently entering into that certain Loan Agreement. The <br />Loan Agreement, Deed of Trust and Promissory Note, dated concurrently herewith (collectively <br />the "Loan Agreements ") are entered into for the purpose of providing for affordable very low <br />income residential rental units in the City of Santa Ana pursuant to the NSP2 and NSP3 <br />regulations and guidance. <br />NOW, THEREFORE, CITY AND OWNER COVENANT AND AGREE AS 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 -five <br />(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 IIousing and Urban Development (HUD). <br />"Agreement" means this Affordability Restrictions on Transfer of Property between the <br />City and the Owner affecting real property. <br />"Applicable Law" shall mean those federal, state and local laws, ordinances, regulations, <br />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 on <br />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 />