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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 Loan Agreement between the City and the Developer, and any <br />attachments or amendments thereto. <br />"Applicable Law" shall mean those federal, state and local laws, ordinances, regulations, <br />policies and procedures applicable to the Inclusionary Housing Program, and the Inclusionary <br />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 may be, <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 />"Inclusionary Loan" shall mean the loan evidenced by this Note repayable to the City in <br />accordance with the terms of this Note and secured by the Inclusionary Deed of Trust. <br />"City's Percentage" with reference to the Residual Receipts, shall mean fifty percent <br />(50%) of the total Residual Receipts from the Property as further described in 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 />(ii) In the case of a Refinancing, the reasonable and necessary costs of <br />consumating such Refinancing, including, without limitation, loan 'fees, loan repayment charges, <br />costs of title insurance premiums, escrow fees, recording fees and attorneys' fees. <br />"Inclusionary Housing Program" (Inclusionary) has the meaning set forth in the <br />Recitals above. <br />2 <br />