Agmt25 SEC-Lenders Documents 2 - Loan Agreement

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f. "Approved Financing" means the Loan and the Additional Borrower Financing. g. "Area Median Income" or "AMI" means the area median income for San Mateo County, California, adjusted for actual household size, as determined and published from time to time by (1) the U.S. Department of Housing and Urban Development ("HUD") pursuant to Section 8 of the United States Housing Act of 1937 or (2) the State of California Department of Housing and Community Development ("HCD") in Section 6932 of Title 25 of the California Code of Regulations or its successor provision in California Health and Safety Code Section 50093(c) or (3) the California Tax Credit Allocation Committee and as set forth in the City's annual Income and Rent Limits Schedule, as it applies to the funding source. h. "Automobile Liability Insurance" means insurance coverage against claims of personal injury (including bodily injury and death) and property damage covering all owned, leased, hired and non -owned vehicles used by Borrower. Such insurance shall be provided by a business or commercial vehicle policy and may be provided through a combination of primary and excess or umbrella policies, all of which shall be subject to pre -approval by City, which approval shall not be unreasonably withheld. i. "Borrower" has the meaning set forth in the introduction to this Agreement. j. "City" means the City of Redwood City. k. "City Share of Residual Receipts" means Fifty percent (50%) of Residual Receipts. 1. "Claim" means any claim, loss, cost, damage, expense, liability, Lien, action, cause of action (whether in tort, contract, under statute, at law, in equity or otherwise), charge, award, assessment, fine or penalty of any kind. In. "Close of Escrow" means the date upon which all conditions of the City as set forth in Section 204.1 of this Agreement, along with any conditions required by any lender providing Additional Borrower Financing for the acquisition of the Property, but not later than [Insert Outside Date for the Close of Escrow]. Section 204.1. n. "Conditions Precedent to Disbursement" has the meaning set forth in ATTY/AGR.2025.100/HEART-SV (417 Stambaugh St.) (Page 8 of 85)