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2. Definitions. <br />For the purpose of calculating the payments to be made by Borrower to City pursuant to <br />this Note, the following terms shall have the following respective meanings: <br />"Agreement" means the HOME Loan Agreement between the City and the Developer, <br />and any attachments or amendments thereto. <br />"AHSC Loan" means a permanent loan of Affordable Housing and Sustainable <br />Communities program funds from HCD administered by the California Strategic Growth <br />Council in the amount of $4,944,130 <br />"AHSC Deed of Trust" means the any deed(s) of trust securing athe AHSC Loan <br />encumbering the Property. <br />"AHSC Documents" means, collectively, the loan agreement governing the AHSC, the <br />AHSC Note, the AHSC Deed of Trust, and any other agreement, document or instrument that the <br />Senior Lender requires in connection with the AHSC Loan. <br />"Applicable Law" shall mean those federal, state and local laws, ordinances, regulations, <br />policies and procedures applicable to the HOME Investment Partnerships Program, and the <br />HOME Funds. <br />"Area Median Income" means the median income figures for Orange County as <br />published by the U.S. Department of Housing and Urban Development (HUD). Also maybe <br />referred to as "AMI" herein. <br />"Borrower" means Santa Ana Arts Collective, LP, a California limited partnership. <br />"Calendar Year" means each consecutive twelve (12) month period from January 1 to <br />December 30. <br />"City's Percentage" with reference to the Residual Receipts, shall mean thirty point <br />thirteen percent (30.13%) of the total Residual Receipts from the Property, which shall be <br />applicable to the HOME Loan, CDBG Loan, and Inclusionary Loan, as further described in <br />Section 5 hereof. <br />"Closing Costs" shall mean: <br />(i) In the case of a Sale, reasonable brokerage commissions payable to a broker as a <br />result of the Sale, which shall not in any event exceed the customary amount charged -for similar <br />transactions in the immediate market place, costs of title insurance premiums, documentary <br />stamp taxes, escrow fees, recording charges, loan repayment charges and other costs reasonably <br />incurred with respect to the Property, in each case actually paid by Borrower as a condition of <br />the Sale. <br />LBGAL_US_W # 90423673.1 <br />