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100. DEFINITIONS AND INTERPRETATION 101. Defined Terms. All capitalized terms used herein, including, without limitation, in the Recitals above and in all other Project Documents, unless otherwise expressly defined, are defined where first used in this Agreement, and/or as set forth in this Section 101. "Affordable Housing" means housing operated in accordance with the requirements of 24 CFR 92.252 and the rents governed by California Health and Safety Code Section 50053. "Affordability Restrictions" means that certain Affordability Restrictions on Transfer of Property, which contains the covenants and restrictions pertaining to the operation, maintenance, and management of the Project as Affordable Housing for a term of not fewer than 55 years, which covenants and restrictions shall run with the land, to be executed by the Agency, the City, and the Developer and recorded against the Property in the Official Records. The Affordability Restrictions and the legally required notice thereof are attached hereto as Exhibit I and incorporated herein. "Affordable Rent' means the monthly rents which do not exceed the maximum amount applicable to Extremely Low Income and Very Low Income households, as applicable, as described in Article 700. "Agency" is defined in the preamble hereto. In the event the Agency is disestablished, dissolved, ceases to exist, or otherwise becomes unable to exercise its rights under this Agreement prior to the expiration of the Term, the City shall be entitled to exercise any and all rights granted to the Agency hereunder. "Agency/City" means the Agency and/or the City, as the context dictates. "Agency Deed of Trust" means the deed of trust encumbering the Property, in the form attached hereto as Exhibit H-1 to be executed by Developer in order to secure the Agency Promissory Note. "Agency Load" means the loan to be made to Developer by the Agency solely from tax increment moneys. "Agency Promissory Note" means that certain promissory note in the original principal amount of $3,888,497, in the form attached hereto as Exhibit F, which shall be executed by Developer in favor of Agency to evidence the obligation of Developer to repay the Agency Loan through residual receipts as further described in the Agency Promissory Note. "Agreement" means this Loan Agreement by and among the City, Agency and Developer. "Area Median Income" or "AMI" shall mean the median income for the Orange County, California PMSA as determined by HUD from time to time. "Annual Budget" and "Operating Budget" shall mean the annual operating budget for the Project that sets forth the projected Operating Expenses (defined in the Promissory Notes) for the upcoming year that is subject to and shall be submitted for review and approval by Executive Director, in his/her reasonable discretion, each year during the Affordability Period. "Basic Concept and Schematic Drawings" are described in Section 302.3. 3 DOCSOC/ 1469583 v5/200272-0003