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"'Tax Credits" shall mean federal low income housing tax credits granted pursuant to ec Lion 42 of the In tern al Revenu a Co d e and/or, i f applic able, s tate tax cred its p u rs u art to allforni a Reve n ue and Taxation Code Sections 17057.5 17058, 23610.4 and 2 3 6 10.5 and California Health & Safety Code Sections 50199, el seq. " 'CAC" means the California, Tax Credit Allocation Committee, the allocating agency for Tax Credits in California. "'Third Pam Costs" means Site Plan Review Fees and those amounts is a to ally paid or obligations incurred for work actually done by those consultants, contractors and advisors of the Developer li s to d on Attachment Igo. 13 and incorporated herein by reference not to exceed Two Hundred Sixty-Five Thousand Dollar ($265,000). "Title Company" is defined in Section 202. ` "Title Poli y" is defined ire Section 203. "Total Development Costs" means the total development c Cos is for the Developer Improvements for each Phase as shown on the B u d g t and the Revised Budget. "Tran s er " i s defi n e d in Section 602.1. "Tran s ror" i s defi ned i re S cc ti on 602.1 . "'Very Low Income" and/or ""Very Low Income Households" shall mean very low income households as defined in Health & Safety Code Section 50105. 200. CONVEYANCE OF THE SITE. 201. Conveyance of the Site and ro -P Consideration. Subject to all of the terms and conditions of this Agreement, the AcFency shall convey fee title to each P has of the i to to the Developer, and the Developer agrees to accept fee title to each Phase of the Site. The parties specifically recognize and acknowledge that Phase FS will close in two or more Portions or Phases, with the specific Portions or Phases subject to the mutual agreement of the parties. The Conditions Precedent to Closing, and all of the other prov i s ions of this Section 201, shall be applicable to each s u h Portion or Phase of Phase FS being Conveyed. with respect to Phase R-1, the Agency shall use commercially reasonable efforts to acquire the Segura Parcels and the Additional Property applicable to Phase -1 on or before September 15, 2010, if Developer Y s awarded a reservation of Tax Credits for Phase -1 in the second Tax Credit round of 2010, and otherwise forty-five 4 days prior to submission d ate of a Tax Credit application to TCAC for Phase -1 if Developer does not receive a reservation of Tax Credits in the second round of 2010, as all such dates may be extended by a CEQA challenge, and, with respect to Phase 1 - , forty-five 4 days prior to the date of any submission of a Tax Credit application to TCAC with respect to the Additional Properties included in each applicable Phase, subject to force maje r resulting from a CEQA Challenge, but in no event shall the Agency be required to undertake or complete such acquisition by use of its power of eminent domain. The Purchase Price for each Phase f the Site shall be One Dollar ($1.00). In implementation of the Conveyances, the parties shall open escrow (each, an "'Escrow" with Old Republic is Title Company, or another escrow 1 Igo S o 140067;3 v 1 4 ? -0001