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2. Definitions. <br />For the purpose of calculating the payments to be made by Borrower to City pursuant to <br />this Note, the following terms shall have the following respective meanings: <br />"Agreement" means the Inclusionary Loan Agreement between the City and the <br />Developer, and any attachments or amendments thereto. <br />"Applicable Law" shall mean those federal, state and local laws, ordinances, regulations, <br />policies and procedures applicable to the Inclusionary Housing Program, and the Inclusionary <br />Funds. <br />"Area Median Income" means the median income figures for Orange County as <br />published by the California Department of Housing and Community Development (HCD). Also <br />may be referred to as "AMI" herein. <br />"Borrower" means AMCAL 1440 Santa Ana Fund, L.P., a California limited partnership. <br />"Calendar Year" means each consecutive twelve (12) month period from January 1 to <br />December 31. <br />"Inclusionary" shall mean the loan evidenced by this Note repayable to the City in <br />accordance with the terms of this Note and secured by the Inclusionary Deed of Trust. <br />"City's Percentage" with reference to the Residual Receipts, shall mean fifty percent <br />(50 %) of the total Residual Receipts from the Property as further described in Section 5 hereof. <br />"Closing Costs" shall mean: <br />G) In the case of a Sale, reasonable brokerage commissions payable to a broker as a <br />result of the Sale, which shall not in any event exceed the customary amount charged -for similar <br />transactions in the immediate market place, costs of title insurance premiums, documentary <br />stamp taxes, escrow fees, recording charges, loan repayment charges and other costs reasonably <br />incurred with respect to the Property, in each case actually paid by Borrower as a condition of <br />the Sale. <br />(ii) In the case of a Refinancing, the reasonable and necessary costs of <br />consumating such Refinancing, including, without limitation, loan fees, loan repayment charges, <br />costs of title insurance premiums, escrow fees, recording fees and attorneys' fees. <br />"Inclusionary Housing Program" has the meaning set forth in the Recitals above. <br />"Gross Revenues" shall mean all revenues and receipts of every kind actually received by <br />Borrower from operating the Property, and all parts thereof, including, but not limited to, income <br />from both cash and credit transactions, rental from leased and/or subleased spaces and parking <br />. ' A <br />.� <br />