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4/5/1 d <br />March l,2010. Borrower must comply with all of the NSP Program requirem.ents asset <br />forth in the Agreement. Pursuant to this Agreement, NSP2 Funds will be used for the <br />acquisition of the Property and related soft costs, <br />D. The City agrees to loan to Borrowerand Borrower agrees to borrow from <br />the City, the Purchase Price plus related. soft costs, for a total of $4,291,188.00 (the "City <br />Loan") pursuant to the Program, subject to the terms and conditions set forth herein. The <br />City Loan shall be secured by a Deed of Trust in the principal amount of FOUR <br />MILLION TWO IRJNDRED NINETY ONE THOUSAND ONE HUND.T.UED EIGHTY <br />EIGHT DOLLARS ($4,291:,188.00). <br />NOW, -1-1 HEREF'ORE, for good and valuable consideration, the parties agree as <br />follows: <br />Definitions:' Unless otherwise defined, the following capitalized terms shall be defined <br />in this Agreement as follows: <br />"Aft "ordable Rent" means the monthly rents which do not exceed the maximum <br />amount applicable to Very Low Income households, as promulgated by the U.S., <br />Department of Housing and Urban Development (IJUD). <br />"Affordability Period'" also referred to as "Term of Affordability", shall befifty- <br />five (55) years from date OfiSSUance of Certificate of Occupancy. <br />"City Deed of Trust"' me< -u -is the deed of trust securing the City Loan, in the -form <br />attached to this Agreement as Exhibit "B" and incorporated herein by reference, <br />"City.Loan" means the loan to be made by the City to Borrower in the principal <br />amount of FOUR M11,1JON TWO HUNDRED NINETY ONE THOUSAND ONE <br />HLJNDRr-,D EIGHTY EIGHT DOLLARS ($4,291,188.00).in accordance with this <br />Agreement, <br />"Cit �.Mqngge <br />_1" means the City Manager and his/her designee. <br />"City Promissory Note" also referred to as "Note", means the promissory note in <br />.favor of the City, evidencing the City Loan, in the form attached to this Agreement as <br />Exhibit "C" and incorporated herein by reference. <br />"Propert " means the real property located at 326 S. Garnsey Ave., Santa Ana, <br />CA., described in the legal description attached to this Agreement as Exhibit A and <br />incorporated herein by reference. <br />"Very Low Income" means an adjusted income which does not exceed fitfty <br />percent (5(l%) of the Orange County, California PMSA median household income, as <br />adjusted for household size and periodically published by HUD, as such qualifying limit <br />is amended from time to time. <br />Page 2 of 14 <br />