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1. provide deeper affordability and construct the improvements to the <br />Property, and <br />2. thereafter to maintain, operate and professionally manage the Project <br />as decent, safe, sanitary and affordable rental housing. <br />G. The City, on certain terms and conditions, desires to make such loan ("City <br />Loan") to Developer in order to make possible the rehabilitation and construction of the <br />Project, thereby expanding the supply of decent, safe, sanitary and affordable housing. <br />H. If there is any inconsistency between Federal, State, and local guidelines <br />with regard to any of the terms and conditions contained herein, the more stringent shall <br />apply. <br />NOW, THEREFORE, for and in consideration of the mutual covenants and <br />agreements herein contained, City and Developer agree as follows: <br />1. DEFINITIONS AND INTERPRETATION <br />1.1 Defined Terms. All capitalized terms used herein, including, without <br />limitation, in the Recitals above and in all other Project Documents, unless otherwise <br />expressly defined, are defined where first used in this Agreement and/or as set forth in <br />this Article 1. <br />"Affordable Housing" means housing operated in accordance with the <br />requirements of 24 CFR 570. <br />"Affordability Restrictions on Transfer of Property" means that <br />certain documents affecting real property benefiting the City, attached hereto as <br />Exhibit B. <br />"Affordable Rent" means the monthly rents which do not exceed the <br />maximum amount applicable to Extremely Low, Very Low and Low Income <br />households, as promulgated by the U.S. Department of Housing and Urban <br />Development (HUD), or by the California Tax Credit Allocation Committee, as <br />applicable. <br />"AHSC Loan" means a permanent loan of Affordable Housing and <br />Sustainable Communities program funds from HCD administered by the <br />California Strategic Growth Council in the amount of $4,944,130 <br />"AHSC Deed of Trust" means any deed(s) of trust securing the AHSC Loan <br />encumbering the Property. <br />"AHSC Documents" means, collectively, the loan agreement governing the <br />AHSC, the AHSC Note, the AHSC Deed of Trust, and any other agreement, <br />document or instrument that the Senior Lender requires in connection with the <br />AHSC Loan. <br />55C-9 <br />