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"CDBG Loan" means the CDBG funds that will be awarded to the Owner in the principal amount of Five Hundred Dollars ($500,000.00) in accordance with the Loan Agreement. "CDBG Promissory Note" means that certain Promissory Note in the original principal amount of $500,000 in the form attached as Exhibit F to the Loan Agreement, and to be executed by Owner in favor of City to evidence the obligation of Owner to repay the CDBG Loan through residual receipts as further described in the CDBG Promissory Note. "Close of Escrow" shall mean the date upon which the Loan Agreement and City Deed of Trust are 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. "Owner" means Santa Ana Arts Collective, LP, a California limited partnership. "Owner's Representative" shall mean the officer of the General Partner of Owner or his/her designee. "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 HUD. "Event of Default" has the meaning set forth in Section 20.1. "General Partner(s)" means the Santa Ana Arts Collective, LLC, a California limited liability company and WCH Affordable XVIII, LLC, a California limited liability company. "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. "Hazardous Materials" means flammable materials, explosives, radioactive materials, hazardous wastes, toxic substances and similar substances and materials, including all substances and materials defined as hazardous or toxic wastes, substances or materials under any applicable law, including without limitation the Resource Conservation and Recovery Act, 42 U.S.C. §§ 6901 et sem., and the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. §§ 9601, et seq., as amended. "HUD" means the United States Department of Housing and Urban Development and any successors or assigns thereof. "Improvements" means all improvements and fixtures now and hereafter 4 55C-58