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X. "Environmental Law" means any Federal or California law regarding any
<br />of the following at, in, under, above, or upon the Property: (a) air, environmental, ground water,
<br />or soil conditions; or (b) clean-up, remediation, control, disposal, generation, storage, release,
<br />discharge, transportation, use of, or liability or standards of conduct concerning, Hazardous
<br />Substances, as now or may, at any later time, be in effect.
<br />Y. "Extremely Low Income Households" shall mean households whose
<br />annual incomes do not exceed thirty percent (30%) of the AMI.
<br />Z. "GAAP" means generally accepted accounting principles set forth from
<br />time to time in the opinions and pronouncements of the Accounting Principles Board and the
<br />American Institute of Certified Public Accountants and statements and pronouncements of the
<br />Financial Accounting Standards Board (or agencies with similar functions of comparable stature
<br />and authority within the accounting profession), or in such other statements by such other entity
<br />as may be in general use by significant segments of the United States accounting profession, which
<br />are applicable to the circumstances as of the date of determination.
<br />aa. "Governmental Requirements" means all laws, ordinances, statutes,
<br />codes, rules, regulations, orders and decrees, of the United States, the state, the county, City, or
<br />any other political subdivision in which the Property is located, and of any other political
<br />subdivision, agency or instrumentality exercising jurisdiction over City, Borrower or the Property.
<br />bb. "Gross Revenue" means for each calendar year, all revenue, income,
<br />receipts, and other consideration actually received from the operation and leasing of the
<br />Development. Gross Revenue includes, but is not limited to: (i) all rents, fees and charges paid
<br />by tenants; (ii) Section 8 payments or other rental subsidy payments received for the dwelling
<br />units; (iii) deposits forfeited by tenants; (iv) all cancellation fees; (v) price index adjustments and
<br />any other rental adjustments to leases or rental agreements; (vi) net proceeds from vending and
<br />laundry room machines; (vii) the proceeds of business interruption or similar insurance not paid
<br />to senior lenders; (viii) the proceeds of casualty insurance not used to rebuild the Development
<br />and not paid to senior lenders; and (ix) condemnation awards for a taking of part or all of the
<br />Development for a temporary period. Gross Revenue does not include tenants' security deposits,
<br />loan proceeds, capital contributions or similar advances.
<br />CC. "Hazardous Substance" means any flammable substances, explosives,
<br />radioactive materials, asbestos, asbestos -containing materials, polychlorinated biphenyls,
<br />chemicals known to cause cancer or reproductive toxicity, pollutants, contaminants, hazardous
<br />wastes, medical wastes, toxic substances or related materials, explosives, petroleum, petroleum
<br />products and any "hazardous" or "toxic" material, substance or waste that is defined by those or
<br />similar terms or is regulated as such under any Law, including any material, substance or waste
<br />that is: (a) defined as a "hazardous substance" under Section 311 of the Water Pollution Control
<br />Act (33 U.S.C. § 1317), as amended; (b) substances designated as "hazardous substances" pursuant
<br />to 33 U.S.C. § 1321; (c) defined as a "hazardous waste" under Section 1004 of the Resource
<br />Conservation and Recovery Act of 1976, 42 U.S.C. § 6901, et seq., as amended; (d) defined as a
<br />"hazardous substance" or "hazardous waste" under Section 101 of the Comprehensive
<br />Environmental Response, Compensation and Liability Act of 1980, as amended by the Superfund
<br />Reauthorization Act of 1986,42 U.S.C. § 9601, et seq., or any so-called "superfund" or "superlien"
<br />REV: 05-21-25 LF .
<br />ATTY/AGR.2025.100/HE=ART-SV (417 Stambaugh St.) (Page 10 of 85)
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