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"City Loan" means the deferred loan of Inclusionary Housing funds to be made <br />by the City to Borrower in the principal amount of $ in <br />accordance with this Loan Agreement. <br />"City Promissory Note" means the promissory note in favor of the City, <br />evidencing the City Loan, in the form attached herewith as Exhibit' C and <br />incorporated herein by reference. <br />"Eligible Person or Family" means a person or family (1) with household 'annual <br />income of less than 80% of the area median income for the City, adjusted for <br />family size; (2) who is a "First -Time Homebuyer", and (3) who, is.purchasing a <br />single family residence for occupancy as his, her or their principal residence. <br />"Escrow Agent" means <br />"Excess Refinancing Proceeds" means the amount df cash -received by Borrower <br />as the result of any refinancing of the First Mortgage\Loan for a -loan amount in <br />excess of the then -current loan balance of the First Mortgage Loan. <br />"First Mortgage Loan" means the loan,to Borrower from <br />in the amount of $ V,'or any loan obtained <br />by Borrower to refinance the 'Firsf Morfgage,Loan. <br />"First -Time Homebuyer" means anindividual or an individual and his or her <br />spouse who have not owned a home during 'the three-year period before the <br />purchase of the, Property: The term includes displaced homemakers and single <br />parents as defined in 24 CFR Part 92.2. <br />"Income And Owner -Occupancy' Covenants and Resale Restrictions (the <br />"Affordability Covenants' ), means the document entitled "Income and Owner- <br />Occuparicy­ Covenants and Resale Restrictions", in the form attached to this. <br />Agreement as Ekhibit D and incorporated herein by reference. <br />"Low Income" means <br />"Moderate Income" means <br />"Property," means the real property described in the legal description attached <br />herewitli as Exhibit "A" and incorporated herein by reference. <br />"Purchase Price" means the entire purchase price to be paid by Borrower for the <br />Property. <br />"Sale" means any sale, transfer, assignment or conveyance of the Property, any <br />portion thereof or interest therein, including, without limitation, any lease, <br />exchange, or other disposition of any interest in the Property, whether voluntary <br />3 <br />25C-9 <br />