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"CDBG Loan" means the CDBG funds that will be awarded to the Developer <br />under this agreement that must be repaid through residual receipts. <br />"CDBG Promissory Note" means that certain promissory note in the original <br />principal amount of $500,000 in the form attached hereto as Exhibit F, 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 CDBG Promissory Note. <br />corporation. <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 />"City Loan" means, collectively, the CDBG Loan and the Inclusionary Loan. <br />"City Project Manager" shall mean the City Manager and/or his/her designee. <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 />"Community Development Block Grant" or "CDBG" has the meaning set <br />forth in Recital "A" above. <br />"County" means the County of Orange, California. <br />"Developer" means Santa Ana Arts Collective, L.P., a California limited <br />partnership. <br />"Developer's Representative" shall mean an officer of the General Partner of <br />Developer or his /her designee. <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 />"Event of Default" has the meaning set forth in Section 20.1. <br />"General Partner" means the Santa Ana Arts Collective, LLC, a California <br />limited liability company <br />"Governmental Authority" means any governmental or quasi governmental <br />agency, board, bureau, commission, department, court, administrative tribunal or other <br />instrumentality or authority, and any public utility. <br />25B -10 <br />