80A - JOINT - LOAN AGMT AMCAL - Laserfiche WebLink

Home Browse Search

"Affordable Rent" means the monthly rents which do not exceed the maximum amount applicable to Extremely Low, Very Low and Low Income households, as promulgated by the California Tax Credit Allocation Committee (TCAC). "Agreement" means this Affordability Restrictions on Transfer of Property between the City and the Owner affecting real property. "Applicable Law" shall mean those federal, state and local laws, ordinances, regulations, policies and procedures applicable to the Inclusionary Funds. "Building Permit" means the building permit(s) issued by City and required for the construction, if any. "Business Day" means any Monday, Tuesday, Wednesday, Thursday or Friday on which Santa Ana City Hall is open to the public for the conduct of City affairs. "Calendar Year" means each consecutive twelve (12) month period from January 1 to December 31. "Certificate of Completion" has the meaning set forth in Article 17. "City" means the City of Santa Ana, California, a charter city and municipal corporation. "City Project Manager" shall mean the City Manager and/or his /her designee. "Close of Escrow" shall mean the date upon which the Inclusionary Loan Agreement and Inclusionary Deed of Trust recorded in the Official Records of the County. "Closing Statement" means the final statement of Owner's Escrow account for the purchase of the Property pursuant to the purchase contract. "County" means the County of Orange, California. "Developer" or "Owner" means AMCAL 1440 Santa Ana Fund, L.P., a California limited partnership. "Extremely Low Income" means an adjusted income which does not exceed thirty percent (30 %) of the area median income for the Orange County, California PMSA, adjusted for household size, as published by HCD. "Event of Default" has the meaning set forth in Section 20.1. "Governmental Authority" means any governmental or quasi governmental agency, board, bureau, commission, department, court, administrative tribunal or other instrumentality or authority, and any public utility. .O R •.