Laserfiche WebLink
"Schedule of Performance" means the detailed schedule setting forth timeframes for <br />certain tasks, which document is attached as Exhibit I to the Inclusionary Loan Agreement. <br />"Senior Lender" means a commercial financial institution providing the Senior Loan or <br />any other holder of the Senior Loan Note. <br />"Senior Loan" means a loan from the Senior Lender concurrent to the Inclusionary <br />Loan for payment of a portion of the acquisition and rehabilitation costs, and shall include <br />any subsequent loan that refinances the initial Senior Loan, <br />"Senior Loan Deed of Trust" means the first deed of trust securing the Senior Loan by <br />encumbering the Property. <br />"Senior Loan Documents" means, collectively, the loan agreement governing the <br />Senior Loan, the Senior Loan Note, the Senior Loan Deed of Trust, and any other agreement, <br />document or instrument that the Senior Lender requires in connection with the Senior Loan. <br />"Senior Loan Note" means the promissory note evidencing the Senior Loan from the <br />Senior Lender. <br />"Term of Affordability" the terms and conditions contained herein shall remain in <br />effect for fifty-five (55) years from the date of issuance of the Certificate of Completion. <br />"Very Low Income" means an adjusted income which does not exceed fifty percent <br />(50%) of the area inedian income for the Orange County, California PMSA, adjusted for <br />household size, as published by TCAC. <br />2. Use of the Property. Owner covenants and agrees (for itself, its successors, its <br />assigns, and every successor in interest to the Property of any part thereof) that Owner, such <br />successors, and assigns shall use the Property to provide affordable rental housing, for Very Low <br />Income households, as provided in the Inclusionary Loan Agreement and these Restrictions <br />3. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE <br />PROPERTY <br />3.1 Use Covenants and Restrictions. <br />a. Developer agrees and covenants, which covenants shall run with the land and <br />bind Developer, its successors, its assign and every successor in interest to the Property that <br />Developer will make all rental units on the Property available to extremely -low, very low and low <br />income households at rents affordable to such households for fifty- five (55) years from the effective <br />date of the issuance of the Certificate of Completion. <br />b. The Project shall consist of approximately sixty-nine (69) units of which <br />there will be six (6) four-bedroom units, twenty-eight (28) three-bedroom units, and thirty-five <br />(35) two-bedroom units (one being a manager's unit). The affordability mix for the Project is as <br />follows: <br />A <br />LFOODYAWO <br />