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

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"Lien" means any lien, mortgage, pledge, security interest, charge or encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof, and any agreement to give any lien or security interest). "Loan Agreement" means the Loan Agreement regarding the loan of Neighborhood Stabilization Program funds between the City and the Owner, and any attachments thereto. "Loan Documents" means, collectively, the Loan Agreement, the City Promissory Note, the City Deed of Trust, and this Agreement, and any other agreement, document, or instrument that the City requires in connection with the execution of this Agreement or from time to time to effectuate the purposes of this Agreement. "Low Income" means an adjusted income which does not exceed eighty percent (40 %,) of the area median income for the Orange County, California PMSA, adjusted for household size, as published by HUD. "Median Income for the Area" means the median income for the Orange County, California PMSA as most recently determined by HUD. Also may be referred to interchangeably in the Loan Documents as "Area Median Income" or "AMI'. "Neighborhood Stabilization Program" (NSP) has the meaning set forth in the Recitals above. "Neighborhood Stabilization Program (NSP) Regulations" has the meaning set forth in the Recitals above. "NSP Assisted Units" shall mean those residential units constructed which are subject to the term of affordability. "NSP Funds" shall mean the money provided under the NSP 2 and NSP 3 Program for the development of affordable rental units. "Partnership Agreement" means the Agreement of 1_,imited Partnership of 81.5 N Harbor, L.P., dated as of August 30, 2013. "Permitted Encumbrances for the Affordable Housing Restrictions" means collectively, the Senior Loan Deed of Trust and all other title exceptions and limitations with respect to the Property hereafter approved by the City Project Manager in writing. "Permitted Encumbrances for the City Decd of Trust" means the Senior Low-1 Deed of Trust and all other title exceptions and limitations with respect to the Property hereafter approved by the City Project, Manager in writing. "Project" means the construction of the Improvements upon the Property by Owner pursuant to this Agreement. "Project Budget" means the line -item budget for the Project attached as Exhibit E to the Loan Agreement, as modified from time to time in accordance with the Loan Agreement.