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ATTY/RESO.0053/CC RESO AMENDING AFFORDABLE HOUSING PRESERVATION PROGRAM – EXHIBIT B <br />REV: 08-19-24 LF <br />Page 3 of 86 <br />capitalize a reserve account, any amount expended from a reserve account, and any capital cost <br />associated with the Development. <br />f. “Approved Financing” means the Loan and the Additional Borrower <br />Financing. <br />g. “Area Median Income” or “AMI” means the area median income for San <br />Mateo County, California, adjusted for actual household size, as determined and published from <br />time to time by <br />(1) the U.S. Department of Housing and Urban Development (“HUD”) pursuant to <br />Section 8 of the United States Housing Act of 1937 or <br />(2) the State of California Department of Housing and Community Development <br />(“HCD”) in Section 6932 of Title 25 of the California Code of Regulations or its <br />successor provision in California Health and Safety Code Section 50093(c) or <br />(3) the California Tax Credit Allocation Committee <br />and as set forth in the City's annual Income and Rent Limits Schedule, as it applies to the funding <br />source. <br />h. “Automobile Liability Insurance” means insurance coverage against <br />claims of personal injury (including bodily injury and death) and property damage covering all <br />owned, leased, hired and non-owned vehicles used by Borrower. Such insurance shall be provided <br />by a business or commercial vehicle policy and may be provided through a combination of primary <br />and excess or umbrella policies, all of which shall be subject to pre-approval by City, which <br />approval shall not be unreasonably withheld. <br />i. “Borrower” has the meaning set forth in the introduction to this <br />Agreement. <br />j. “City” means the City of Redwood City. <br />k. “City Share of Residual Receipts” means Fifty percent (50%) of Residual <br />Receipts. <br />l. “Claim” means any claim, loss, cost, damage, expense, liability, Lien, <br />action, cause of action (whether in tort, contract, under statute, at law, in equity or otherwise), <br />charge, award, assessment, fine or penalty of any kind. <br />m. “Close of Escrow” means the date upon which all conditions of the City as <br />set forth in Section 204.1 of this Agreement, along with any conditions required by any lender <br />providing Additional Borrower Financing for the acquisition of the Property, but not later than <br />[Insert Outside Date for the Close of Escrow]. <br />n. “Conditions Precedent to Disbursement” has the meaning set forth in <br />Section 204.1. <br />6.M. - Page 32 of 110 <br />488