80A - JT PH VISTA DEL RIO HOUSING

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"Building Permit" means the building permit(s) issued by City and required for the Construction. "Business Day" means any Monday, Tuesday, Wednesday, Thursday or Friday on which Santa Ana City Hall is open to the public for the conduct of City affairs. "Calendar Year" means each consecutive twelve (12) month period from January 1 to December 30. "Certificate of Completion" has the meaning set forth in Article 17. "City" means the City of Santa Ana, California, a charter city and municipal corporation. "City/HOME Loan" means the loan with principal amount of FIVE HUNDRED THOUSAND DOLLARS ($500,000.00) to be made to Vista Del Rio by City from HOME funds pursuant to Article 5 of this Agreement. "City/HOME Loan Deed of Trust" means the deed of trust encumbering the Property, in the form attached hereto as Exhibit C, to be executed by Vista Del Rio pursuant to Section S.B.2 in order to secure the Loan Note. "City/HOME Loan Note" means that certain promissory note in the original principal amount of FIVE HUNDRED THOUSAND DOLLARS ($500,000.00) in the form attached hereto as Exhibit D, and to be executed by Vista Del Rio in favor of City to evidence the obligation of Vista Del Rio to repay the City/HOME Loan. "Close of Escrow" shall mean the date upon which the City/HOME Loan Deed of Trust is recorded in the Official Records of the County. "Closing Statement" means the final statement of Vista Del Rio's Escrow account for the purchase and sale of the Property pursuant to the Purchase Contract. "Construction" means the demolition and construction activities required to construct, until Certificate of Completion, the 41 residential unit, multi-family project specified in City Site Plan Review No. 2009-02. "County" means the County of Orange, California. "Escrow" means Escrow No. "Escrow Holder" means First American Title Company in Santa Ana, California 4 80A-80