Agmt21 ROEM Project at 353 Main - Laserfiche WebLink

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Two Hundred Sixty One Dollars ($747,261) of Housing In -Lieu Fees Funds, approximately Five Hundred Twelve Thousand Four Hundred Fourteen ($512,414) of City Affordable Housing Funds, and approximately Two Million Two Hundred Forty Three Hundred Twenty -Four Dollars ($2,240,324) of Housing Asset Funds. (nn) "Lender's Share of Residual Receipts" means fifty percent (50%) of the Residual Receipts. (oo) "Lower Income Household" means a household with an adjusted income that does not exceed sixty percent (60%) of area median income, adjusted for actual household size. (pp) "Management Agent" means a management agent retained by the Developer and approved by the City in accordance with the provisions of Sections 2.7 and 5.7 to manage the Development. (qq) "Management Plan" shall have the meaning specified in Section 2.7. (rr) "Net Proceeds of Permanent Financing" means the portion of the approved Financing Plan funds that are not required to pay the costs of acquisition and development of the Development (including but not limited to the funding of reserves, the payment of deferred Developer Fee and repayment of construction financing). Net Proceeds of Permanent Financing, if any, shall be determined pursuant to the procedure set forth in Section 3.5(c). (ss) "Notice of Affordability Restrictions" means the Notice of Affordability Restrictions on Transfer of Property that will be recorded in the Official Records against the Developer's fee interest of the Property at the Close of Escrow and will restrict the development and operation of the Property to affordable housing, the form of which is attached hereto as Exhibit H, pursuant to Sections 33334.3 and/or 33413(c)(5) of the Community Redevelopment Law, or successor provisions. (tt) "Official Records" means the official land records of the County. (uu) "Operating Memorandum" has the meaning given in Section 9.17(a) below (vv) "Parties" means the City and the Developer and the term Party shall refer to each of them individually. (ww) "Partnership" means 353 Main Street Apartments, LP, a California limited partnership, a partnership created for the purpose of syndicating the low income housing tax credits, which will own the Development and is herein also referred to as the Developer. (xx) "Permanent Closing" means the date that all deeds of trust (or assignments of deeds of trust) associated with Approved Financing necessary for the permanent financing of the Development as shown on the approved Financing Plan that have been recorded in the Official Records against the Property are converted to permanent loans deeds of trust, which shall also be referenced as the "Conversion Date". REV: 06-17-2020 PR 1199\092727850.8 ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 14 of 143)