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2. Definitions. <br />For the purpose of calculating the payments to be made by Borrower to Agency pursuant <br />to this Note, the following terms shall have the following respective meanings: <br />"Agency Assisted Units" shall mean those affordable rental units constructed on the <br />Property, which are subject to the 55 -year Term of Affordability. <br />"Agency Deed of Trust" shall mean the deed of trust encumbering the Property, in the form <br />attached to the Agreement as Exhibit C, which is incorporated herein by this reference, to be <br />executed by Developer pursuant to section 6.1(e) of the Agreement in order to secure the Agency <br />Promissory Note. <br />"Agency Funds" shall mean the money provided by the Housing Successor Agency from <br />the Low and Moderate Income Housing Asset Fund for the construction of the Agency Assisted <br />Units hereunder. <br />"Agency Loan" means a loan in the original principal amount of up to four -million, seven - <br />hundred thousand dollars ($4,700,000) to be made to Developer by the Agency to be funded <br />exclusively from the Low and Moderate Income Housing Asset Fund held by the Agency. <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 />"Agreement" means the Agency Loan Agreement between the Agency and the Developer, <br />and any attachments or amendments thereto. <br />"Applicable Law" shall mean those federal, state and local laws, ordinances, regulations, <br />policies and procedures applicable to the Agency Housing Program, and the Agency Funds. <br />"Area Median Income" means the median income for the Orange County, California <br />PMSA as most recently determined by the U.S. Department of Housing and Urban Development <br />("HUD"). Also may be referred to interchangeably in the Agency Loan Documents as "Median <br />Income for the Area" or "AMI". <br />"Borrower" means Tiny Tim LP, a California limited partnership. <br />"Calendar Year" means each consecutive twelve (12) month period from January 1 to <br />December 31. <br />"Closing Costs" shall mean: <br />(i) In the case of a Sale, reasonable brokerage commissions payable to a broker <br />as a result of the Sale, which shall not in any event exceed the customary <br />amount charged for similar transactions in the immediate market place, <br />2 <br />80A-171 <br />