SANTA ANA ARTS COLLECTIVE, L.P. (META HOUSING PROJECT) - 2017

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"AHSC Loan 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. "Affordable Housing" means housing operated in accordance with the requirements of 24 CFR 92.252 and the rents governed by California Health and Safety Code Section 50052.5. "Affordable stent" means the monthly rents which do not exceed the maximum amount applicable to Extremely Low, Very Low and Low Income households, as promulgated by the U.S. Department of Housing and Urban Development (HUD), or by the California Tax Credit Allocation Committee, as applicable. "Building Permit" means the building permit(s) issued by City and required for the Construction, if any. "Business Day" means any Monday, Tuesday, Wednesday, Thursday or Friday on which Santa Ana City Hall is open to the public for the conduct of City affairs. "Calendar Year" means each consecutive twelve (12) month period from January 1 to December 30. "Certificate of Completion" has the meaning set forth in Article 17. "City" means the City of Santa Ana, California, a charter city and municipal corporation. "Close of Escrow" shall mean the date upon which the HOME Loan Deed of Trust is recorded in the Official Records of the County. "Closing Statement" means the final statement of Owner's Escrow account for the purchase and sale of the Property pursuant to the Purchase Contract. "Construction" means the demolition and construction activities required to construct, until Certificate of Completion, the Project. "County" means the County of Orange, California. "Event of Default" has the meaning set forth in Section 20.1. "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. "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.