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6.B. - Page 18 of 177 <br />Two Hundred Sixty One Dollars ($747,261) of Housing In -Lieu Fees Funds, approximately Five <br />Hundred Twelve Thousand Four Hundred Fourteen ($512,414) of City Affordable Housing <br />Funds, and approximately Two Million Two Hundred Forty Three Hundred Twenty -Four <br />Dollars ($2,240,324) of Housing Asset Funds. <br />(nn) "Lender's Share of Residual Receipts" means fifty percent (50%) of the <br />Residual Receipts. <br />(oo) "Lower Income Household" means a household with an adjusted income <br />that does not exceed sixty percent (60%) of area median income, adjusted for actual household <br />size. <br />(pp) "Management Agent" means a management agent retained by the <br />Developer and approved by the City in accordance with the provisions of Sections 2.7 and 5.7 to <br />manage the Development. <br />(qq) "Management Plan" shall have the meaning specified in Section 2.7. <br />(rr) "Net Proceeds of Permanent Financing" means the portion of the approved <br />Financing Plan funds that are not required to pay the costs of acquisition and development of the <br />Development (including but not limited to the funding of reserves, the payment of deferred <br />Developer Fee and repayment of construction financing). Net Proceeds of Permanent Financing, <br />if any, shall be determined pursuant to the procedure set forth in Section 3.5(c). <br />(ss) "Notice of Affordability Restrictions" means the Notice of Affordability <br />Restrictions on Transfer of Property that will be recorded in the Official Records against the <br />Developer's fee interest of the Property at the Close of Escrow and will restrict the development <br />and operation of the Property to affordable housing, the form of which is attached hereto as <br />Exhibit H. pursuant to Sections 33334.3 and/or 33413(c)(5) of the Community Redevelopment <br />Law, or successor provisions. <br />(tt) "Official Records" means the official land records of the County. <br />(uu) "Operating Memorandum" has the meaning given in Section 9.17(a) <br />below <br />(w) "Parties" means the City and the Developer and the term Party shall refer <br />to each of them individually. <br />(ww) "Partnership" means 353 Main Street Apartments, LP, a California limited <br />partnership, a partnership created for the purpose of syndicating the low income housing tax <br />credits, which will own the Development and is herein also referred to as the Developer. <br />(xx) "Permanent Closing" means the date that all deeds of trust (or assignments <br />of deeds of trust) associated with Approved Financing necessary for the permanent financing of <br />the Development as shown on the approved Financing Plan that have been recorded in the <br />Official Records against the Property are converted to permanent loans deeds of trust, which <br />shall also be referenced as the "Conversion Date". <br />REV: 06-17-2020 PR <br />1199\09\2727850.8 <br />ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 14 of 143) 47 <br />