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obligations hereunder and thereunder, including liens on the Property, use and deed <br />restrictions and covenants running with the land. <br />NOW, THEREFORE, for and in consideration of the mutual covenants and <br />agreements herein contained, City and Developer agree as follows: <br />DEFINITIONS AND INTERPRETATION <br />1.1 Defined Terms. All capitalized terms used herein, including, without <br />limitation, in the Recitals above and in all other Project Documents, unless otherwise <br />expressly defined, are defined where first used in this Agreement and/or as set forth in <br />this Article 1. <br />"Affordable Housing" means housing operated in accordance with the <br />requirements of 24 CFR part 570, and utilizing the standards of the HOME Investment <br />Partnerships Program (HOME) at 24 CFR 92.252and 24 CFR 92.253, and the rents issued <br />by the Tax Credit Allocation Committee. <br />"Affordability Restrictions on Transfer of Property" means that <br />certain document affecting real property benefiting the City, attached hereto as Exhibit F. <br />"Affordable Rent" means the monthly rents that are set forth in more detail <br />in Section 7 of this Agreement. <br />'Building Permit' means the building permit(s) issued by City and <br />required for the construction, if any. <br />"Business Day" means any Monday, Tuesday, Wednesday, Thursday or <br />Friday on which Santa Ana City Hall is open to the public for the conduct of City affairs. <br />"Calendar Year" means each consecutive twelve (12) month period from <br />January 1 to December 31. <br />"CDBG Compliance Period" is for a period of fifteen (15) years. <br />"CDBG Program" has the meaning set forth in Recital "A" above. <br />"CDBG Regulations" has the meaning set forth in Recital "A" above. <br />"Certificate of Completion" has the meaning set forth in Article 17. <br />"City" means the City of Santa Ana, California, a charter city and <br />municipal corporation. <br />"City/CDBG Loan" means the loan to be made to Developer by City <br />from CDBG funds pursuant to Article 5 of this Agreement. <br />"City/CDBG Loan Deed of Trust" means the deed of trust encumbering <br />