Laserfiche WebLink
<br /> 7 <br />Senior Loan from a Senior Lender. <br /> <br /> “Term” the terms and conditions contained herein shall remain in effect <br />for fifty-five (55) years. The Affordability Restrictions on Transfer of Property shall also <br />remain in effect for fifty-five (55) years. <br /> <br /> “Very Low Income” means an adjusted income which does not exceed <br />fifty percent (50%) of the area median income for the Orange County, California PMSA, <br />adjusted for household size, as published by HUD. <br /> <br />1.2 Singular and Plural Terms. Any defined term used in the plural in this <br />Agreement or any other City Loan Document shall refer to all members of the relevant <br />class and any defined term used in the singular shall refer to any number of the members <br />of the relevant class. <br /> <br />1.3 References and Other Terms. Any reference to this Agreement or any <br />Loan Document shall include such document both as originally executed and as it may <br />from time to time be modified. References herein to Articles, Sections and Exhibits shall <br />be construed as references to this Agreement unless a different document is named. <br />References to subparagraphs shall be construed as references to the same Section in <br />which the reference appears. The term "document" is used in its broadest sense and <br />encompasses agreements, certificates, opinions, consents, instruments and other written <br />material of every kind. The terms "including" and "include” mean "including (include) <br />without limitation." <br /> <br />1.4 Exhibits Incorporated. All attachments and exhibits to this Agreement, <br />as now existing and as the same may from time to time be modified, are incorporated <br />herein by this reference. <br /> <br />2. [RESERVED] <br /> <br />3. SCOPE OF WORK/ PROJECT BUDGET <br /> <br /> Developer shall comply with this Section until the Certificate of Completion is <br />issued. <br /> <br /> A “Scope of Work” for the Property is attached hereto as Exhibit B. Any change <br />to the Scope of Work requested by the Developer, which would result in a change <br />to the Project Budget in excess of ten percent (10%) of any individual line item or in <br />excess of five percent (5%) of the aggregate budget, shall be subject to the prior written <br />approval of the Executive Director. <br /> <br />A line-item budget for the Project, including a summary statement of sources and <br />uses of funds, is incorporated into Exhibit C (the "Project Budget"). Any material change <br />to the Project Budget in excess of ten percent (10%) of any individual line item or in <br />excess of five percent (5%) of the aggregate budget shall be subject to the prior written <br />approval of the Executive Director which if not granted or denied within five (5) <br />Business Days, shall be deemed approved; provided, however, that in all events, <br />EXHIBIT 3