Laserfiche WebLink
(ii) In the case of a Refinancing, the reasonable and necessary costs of <br />consummating such Refinancing, including, without limitation, loan fees, <br />loan repayment charges, costs of title insurance premiums, escrow fees, <br />recording fees and attorneys' fees. <br /> <br />“Deed of Trust” shall mean the deed of trust encumbering the Property, in the form attached <br />to the Agreement as Exhibit C, which is incorporated herein by this reference, to be executed by <br />Borrower pursuant to section 6.1(e) of the Agreement in order to secure the Agency Promissory <br />Note. <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 household <br />size, as published by HUD. <br /> <br />"Ground Lease" shall mean that certain Ground Lease dated __________, 2021, between <br />Agency and Borrower. <br /> <br />“Interest” shall mean that the Note shall bear simple interest from the date of issuance of <br />the Certificate of Occupancy/Completion at a rate equal to Three percent (3%) per annum. <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, as <br />published by HUD. <br /> <br />“Property” shall have the meaning set forth in the Agreement. <br /> <br />"Residual Receipts" shall mean the Annual Project Revenue from the Property for each <br />year, less deductions for Annual Operating Expenses from the same Property, applicable to each <br />such year to the extent not previously deducted as an Annual Operating Expense. <br /> <br />“Senior Loan” shall have the meaning set forth in the Agreement. <br /> <br />"Term of Affordability" or “Term” means the terms and conditions contained herein shall <br />remain in effect for fifty-five (55) years from the date of issuance of the Certificate of Occupancy <br />for the Project, or repayment of the Agency Loan, whichever is longer. <br /> <br />"Transfer" shall mean any transfer, assignment, conveyance or lease of the Property, or any <br />portion thereof, or any interest therein by the Borrower. Transfer includes a sale in condemnation <br />or under threat thereof. Notwithstanding anything to the contrary contained herein, a "Transfer” <br />shall not include any Excluded Transfer or any other Transfer permitted under the Ground Lease <br />or the Agreement. <br /> <br />“Very Low Income” means an adjusted income which does not exceed fifty percent (50%) <br />of the area median income for the Orange County, California PMSA, adjusted for household size, <br />as published by HUD. <br /> <br />EXHIBIT 4