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"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 CDBG Funds and Inclusionary 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 />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 />"CDBG Deed of Trust" means the deed of trust encumbering the Property, in the <br />form attached as Exhibit E to the Loan Agreement, to be executed by Owner pursuant to <br />Section 5.13.2 in order to secure the CDBG Loan Note. <br />"CDBG Loan" means the loan to be made by the City to Owner in the principal amount <br />of Five Hundred Dollars ($500,000.00) in accordance with this Agreement. <br />"City Project Manager" shall mean the City Manager and /or his /her designee. <br />"CDBG Promissory Note" means that certain promissory note in the original principal <br />amount of $500,000 in the form attached as Exhibit F to the Loan Agreement, and to be <br />executed by Owner in favor of City to evidence the obligation of Owner to repay the CDBG <br />Loan through residual receipts as further described in the Promissory Note. <br />"Close of Escrow" shall mean the date upon which the Loan Agreement and City <br />Deed of Trust recorded in the Official Records of the County. <br />"Closing Statement" means the final statement of Owner's Escrow account <br />for the purchase of the Property pursuant to the purchase contract. <br />"County" means the County of Orange, California. <br />"Owner" means Santa Ana Arts Collective, LP, a California limited partnership. <br />"Owner's Representative" shall mean the Chief Executive Officer of <br />the Managing General Partner of Owner or his/her designee. <br />25B -54 <br />