SANTA ANA ARTS COLLECTIVE, LP (META HOUSING CORP) - 2016

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"Agreement" means this Affordability Restrictions on Transfer of Property between the City and the Owner affecting real property. "Applicable Law" shall mean those federal, state and local laws, ordinances, regulations, policies and procedures applicable to the CDBG Funds and Inclusionary Funds. "Building Permit" means the building permit(s) issued by City and required for the construction, if any. "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 lto December 31. "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. "CDBG Deed of Trust" means the deed of trust encumbering the Property, in the form attached as Exhibit E to the Loan Agreement, to be executed by Owner pursuant to Section 5.B.2 in order to secure the CDBG Loan Note. "CDBG Loan" means the loan to be made by the City to Owner in the principal amount of Five Hundred Dollars ($500,000.00) in accordance with this Agreement. "City Project Manager" shall mean the City Manager and/or his/her designee. "CDBG Promissory Note" means that certain promissory note in the original principal amount of $500,000 in the form attached as Exhibit F to the Loan Agreement, and to be executed by Owner in favor of City to evidence the obligation of Owner to repay the CDBG Loan through residual receipts as further described in the Promissory Note. "Close of Escrow" shall mean the date upon which the Loan Agreement and City Deed of Trust recorded in the Official Records of the County. "Closing Statement" means the final statement of Owner's Escrow account for the purchase of the Property pursuant to the purchase contract. "County" means the County of Orange, California. "Owner" means Santa Ana Arts Collective, LP, a California limited partnership. "Owner's Representative", shall mean the Chief Executive Officer of the Managing General Partner of Owner or his/her designee.