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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 Loan Agreement between the City and the Developer, and any <br />attachments or amendments thereto. <br />"AHSC Loan" means a permanent loan of Affordable Housing and Sustainable <br />Communities program funds from HCD administered by the California Strategic Growth <br />Council in the amount of $4,944,130 <br />"AHSC Deed of Trust" means the any deed(s) of trust securing athe AHSC Loan <br />encumbering the Property. <br />"AHSC Documents" means, collectively, the loan agreement governing the AHSC, the <br />AHSC Note, the AHSC Deed of Trust, and any other agreement, document or instrument that the <br />Senior Lender requires in connection with the AHSC Loan. <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 U.S. Department of Housing and Urban Development (HUD). Also may be <br />referred to as "AMI" herein. <br />"Borrower" means Santa Ana Arts Collective, LP, a California limited partnership. <br />"Calendar Year" means each consecutive twelve (12) month period from January 1 to <br />December 30. <br />"Inclusionary Loan" 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 aggregate <br />percentage of thirty point thirteen percent (30.13%) of the total Residual Receipts from the <br />Property, which shall be applicable to the HOME Loan, CDBG Loan, and Inclusionary Loan, as <br />further described in Section 5 hereof. <br />"Closing Costs" shall mean: <br />(i) 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 />55C-83 <br />