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<br /> 2 <br />2. Definitions. <br /> <br />For the purpose of calculating the payments to be made by Borrower to Agency pursuant <br />to this Promissory Note, the following terms shall have the following respective meanings: <br /> <br />“Agency Assisted Units” shall mean those rental units constructed on the Property which <br />are subject to the term of affordability. <br /> <br />“Agency Funds” shall mean the money provided by the Housing Successor Agency for <br />the acquisition and construction of the rental units hereunder. <br /> <br /> “Agency Deed of Trust” shall mean the Agency Deed of Trust in favor of the Agency, <br />securing the Agency Loan, substantially in the form attached to the Agreement as Exhibit D, <br />which is incorporated herein by this reference. <br /> <br />“Agency Loan” shall mean the loan evidenced by this Promissory Note repayable to the <br />Agency in accordance with the terms of this Promissory Note and secured by the Agency Deed <br />of Trust. <br /> <br />"Agency’s Percentage" with reference to the Residual Receipts, shall mean fifty percent <br />(50%) of the total Residual Receipts from the Property as further described in Section 5 hereof. <br /> <br />“Agreement” means the Agency Loan Agreement between the Agency and the <br />Developer, and any attachments or amendments thereto. <br /> <br />"Applicable Law" shall mean those federal, state and local laws, ordinances, regulations, <br />policies and procedures applicable to the Agency and the Agency Funds. <br /> <br />“Area Median Income” means the median income figures for Orange County as <br />published by the California Department of Housing and Community Development (HCD). Also <br />may be referred to as “AMI” herein. <br /> <br />“Borrower” means AMCAL 1440 Santa Ana Fund, LP, a California limited partnership. <br /> <br />“Calendar Year” means each consecutive twelve (12) month period from January 1 to <br />December 31. <br /> <br />"Closing Costs" shall mean: <br /> <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 />transactions in the immediate market place, costs of title insurance premiums, documentary <br />stamp taxes, escrow fees, recording charges, loan repayment charges and other costs reasonably <br />incurred with respect to the Property, in each case actually paid by Borrower as a condition of <br />the Sale. <br />EXHIBIT 3 <br />3-89