Agmt25 SEC-Lenders Documents 2 - Loan Agreement

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jj. "Low Income Households" shall mean households whose annual incomes do not exceed eighty percent (80%) of the AML kk. "Moderate Income Households" shall have the same meaning as the term is defined by the State of California Department of Housing and Community Development 11. "Note" has the meaning set forth in Section 201. mm. "Official Records" means the Official Records of the County of San Mateo, State of California. nn. "Person" means any association, corporation, governmental entity or agency, individual, joint venture, joint-stock company, limited liability company, partnership, trust, unincorporated organization or other entity of any kind. oo. "Prevailing Wage Action" means any of the following: (a) any determination by the California Department of Industrial Relations that prevailing wage rates should have been paid, but were not; (b) any determination by the California Department of Industrial Relations that higher prevailing wage rates than those paid should have been paid; (c) any administrative or legal action or proceeding arising from any failure to comply with the Federal Davis -Bacon Act (codified as 40 U.S.C. §§ 3141 et seq.) or California Labor Code Sections 1720 through 1781, as amended from time to time, regarding prevailing wages, including maintaining certified payroll records; or (d) any administrative or legal action or proceeding to recover wage amounts at law or in equity. pp. "Project Budget" means the "Project Budget" attached hereto as Attachment No. 4. qq. "Regulatory Agreement" means the, Regulatory Agreement and Declaration of Restrictive Covenants executed by Borrower and City pursuant to this Agreement and to be recorded in the Official Records, in substantially the form attached hereto as Attachment No. 7, for the purpose of ensuring that the Development shall be operated as an affordable multi- family residential development for the full term of the Loan in accordance with the terms of this Agreement. rr. "Relocation Laws" shall have the meaning as set forth in Section 404 of this Agreement. ss. "Residual Receipts" means for each calendar year, the amount by which Gross Revenue exceeds Annual Operating Expenses. tt. "Sixty Percent AMI Households" shall mean households whose annual incomes do not exceed sixty percent (60%) of the AMI. uu. "Third Person" means any Person that is not a Party, an Affiliate of a Party, or an elected official, officer, director, manager, shareholder, member, principal, partner, employee or agent of a Party. REV: 05-21-25 LF ATTY/AGR.2025.100/HEART-SV (417 Stambaugh St.) (Page 12 of 85)