Laserfiche WebLink
<br /> 4 <br />(b) Any expenses, compensation or fees paid to any affiliate of Borrower shall <br />only be included as Operating Expenses to the extent they are not in excess of the reasonable <br />expenses, compensation or fees which would be payable to unrelated third parties in arms-length <br />transactions for similar services in Orange County, California area. <br /> <br /> “Extremely Low Income” means an adjusted income which does not exceed thirty percent <br />(30%) of the area median income for the Orange County, California PMSA, adjusted for <br />household size, as published by HCD. <br /> <br />“Low Income” means an adjusted income which does not exceed eighty percent (80%) of <br />the area median income for the Orange County, California PMSA, adjusted for household size, <br />as published by HCD. <br /> <br /> “Property” shall mean that property located at 1440 East First Street, Santa Ana, <br />California. <br /> <br />"Refinancing" shall mean changing the then existing financing on the Property by, <br />without limitation, modifying the interest rate and/or the term of the existing Senior Loan, <br />increasing or reducing the amount of the existing Senior Loan, paying off the existing Senior <br />Loan and obtaining a new Senior Loan, except for the payoff of the conventional lender’s <br />acquisition loan for the Property. <br /> <br />"Refinancing Proceeds" shall be disbursed as set forth in Section 6 hereof. <br /> <br />"Residual Receipts" shall mean the Gross Revenues from the Property for each year, less <br />deductions for Operating Expenses from the Property, applicable to each such year to the extent <br />not already deducted as an Operating Expense. <br /> <br />"Sale" shall mean any transfer, assignment, or conveyance or lease of the Property or any <br />portion thereof, or any interest therein by the Borrower, and includes any transfer, assignment or <br />sale of any partnership interest in the Borrower by an individual or entity which is a general or <br />limited partner in the Borrower, or any interest by any individual or entity which holds an <br />interest in any such general or limited partner in the Borrower, which brings the cumulative total <br />of all such direct and indirect transfers, assignments and sales during the term of this Promissory <br />Note to more than thirty-five percent (35%) of the ownership interests in the Borrower, and any <br />such transfer, assignment or sale of a direct or indirect partnership interest thereafter. Sale <br />includes a sale in condemnation or under threat thereof. Sale does not include dedications and <br />grants of easements to public and private utility companies of the kind customary in real estate <br />development. Notwithstanding anything to the contrary contained herein, a "Sale” shall not <br />include any transaction not considered a “transfer” under Section 13. <br /> <br />“Senior Loan” shall mean any senior loan made to Borrower, for payment of Acquisition <br />and/or Construction Costs, and shall include any subsequent loan that refinances said Senior <br />Loan. <br /> <br />EXHIBIT 3 <br />3-91