55C - RESO - SA ARTS COLLECTIVE - Laserfiche WebLink

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2. Definitions. For the purpose of calculating the payments to be made by Borrower to City pursuant to this Note, the following terms shall have the following respective meanings: "Agreement" means the Loan Agreement between the City and the Developer, and any attachments or amendments thereto. "AHSC Loan" means a permanent loan of Affordable Housing and Sustainable Communities program funds from HCD, awarded to and the sole responsibility of Borrower, administered by the California Strategic Growth Council in the amount of $4,944,130 "AHSC Deed of Trust" means the any deed(s) of trust securing the AHSC Loan encumbering the Property. "AHSC Documents" means, collectively, the loan agreement governing the AHSC, the AHSC Note, the AHSC Deed of Trust, and any other agreement, document or instrument that the Senior Lender requires in connection with the AHSC Loan. "Applicable Law" shall mean those federal, state and local laws, ordinances, regulations, policies and procedures applicable to the Community Development Block Grant Program, and the CDBG Funds. "Area Median Income" means the median income figures for Orange County as published by the U.S. Department of Housing and Urban Development (HUD). Also may be referred to as "AMI" herein. "Borrower" means Santa Ana Arts Collective, LP, a California limited partnership. "Calendar Year" means each consecutive twelve (12) month period from January 1 to December 30. "CDBG Loan" shall mean the loan evidenced by this Note repayable to the City in accordance with the terms of this Note and secured by the CDBG Deed of Trust. "City's Percentage" with reference to the Residual Receipts, shall mean aggregate percentage of thirty point thirteen percent (30.13%) of the total Residual Receipts from the Property, which shall be applied to the HOME Loan, CDBG Loan, and Inclusionary Loan, as further described in Section 5 hereof. "Closing Costs" shall mean: 55C-107