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3 <br />Westview House <br />City HOME Loan Agreement <br /> <br />"City/HOME Loan" means the loan to be made to Developer by City from HOME <br />funds pursuant to Article 5 of this Agreement. <br /> <br />"City/HOME Loan Deed of Trust" means the deed of trust encumbering the <br />Property, in the form attached hereto as Exhibit D, to be executed by Developer pursuant <br />to Section 5.B.2 in order to secure the City/HOME Loan Note. <br /> <br />"City/HOME Loan Note" means that certain promissory note in the original <br />principal amount of $2,003,705, in the form attached hereto as Exhibit E, to be executed <br />by Developer in favor of City to evidence the obligation of Developer to repay the <br />City/HOME Loan. <br /> <br />"Close of Escrow" shall mean the date upon which the City/HOME Loan Deed of <br />Trust is recorded in the Official Records of the County. <br /> <br />"Closing Statement" means the final statement of Developer's Escrow account for <br />the purchase and sale of the Property pursuant to the Purchase Contract. <br /> <br />“Construction Period” means the period of time commencing with the Close of <br />Escrow and ending on the Conversion Date. <br /> <br /> “Conversion Date” means the date on which the Senior Construction Loan is <br />repaid in full and the Senior Permanent Loan is disbursed to Borrower. <br /> <br />"County" means the County of Orange, California. <br /> <br />"Developer" means Westview House LP, a California limited partnership, its <br />successors and assigns. <br /> <br />"Developer's Representative" shall mean the President of the Sole Managing <br />Member of the Administrative General Partner or his/her designee. <br /> <br />"Escrow Holder" means Fidelity National Title, 18500 Von Karman Avenue, <br />Suite 600, Irvine, CA 92612. <br /> <br />"Event of Default" has the meaning set forth in Section 20.1. <br /> <br />"Executive Director" means the Executive Director of the Community <br />Development Agency, or his/her designee. <br /> <br />"Extremely Low Income" means an adjusted income that does not exceed thirty <br />percent (30%) of the area median income for the Orange County, California PMSA, <br />adjusted for household size, as published by HUD. <br /> <br />EXHIBIT 3