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f'age 3 , TCAC # CA-2003-899 "Project" means the residential rental housing project known as Lorenzo Creek Apartments, TCAC# CA-2003-899, and located on the real property described in Exhibit A. "Qualified Low-Income Housing Project" means a residential rental project meeting the requirements of Section 4 hereof "Rent-Restricted" means, with respect to any Unit, that the Gross Rent with respect to such Unit is not more than 30% of the imputed income limitation applicable to such Unit pursuant to Section 42(g)(2)(C) of the Code, as modified by Appendix A, if applicable. "Secretary" means the Secretary of the Treasury of the United States. "Service" means the United States Internal Revenue Service and any successor thereto. "State Tax Credit" means the low-income housing tax credit under the provisions of Sections 12206 ]7058 and 23610.5 of the Revenue and Taxation Code. "Tax Credit" means the low~income housing tax credit under Section 42 ofthe Code. "TCAC" means the Tax Credit Allocation Committee and its successor. "TCAC Compliance Monitoring Procedures" means those procedures and requirements adopted or imposed by TCAC for the purpose of discharging its responsibilities pursuant to Section 42(m)(1 )(B)(iii) of the Code to monitor compliance by the Owner and the Project with the provisions of Section 42 of the Code and notify the Service of instances of noncompliance. "Tenant" means the individual or individuals entitled to occupy a Unit in the Project by lease or other legal relationship with the Owner. "Unit" means any residential rental unit in the Project consisting of an acconunodation containing separate and complete facilities for living, sleeping, eating, cooking, and sanitation; provided, however, that single room occupancy units used on a nontransient basis may be treated as Units. "Unit Fraction" means the fraction, the numerator of which is the number of Low-lncome Units in a building and the denominator of which is the number of Units in such building. b. Any term or phrase which is used in this Agreement and not defined herein shall have the meaning, if any, assigned thereto in Section 42 of the Code. Any term or phrase which is defined herein shall, unless the context shall clearly indicate otherwise, be interpreted in a manner consistent with the provisions and requirements of Section 42 of the Code. Section 2. Term. a. This Agreement shall commence as of the Effective Date and shall terminate on the last day of the Compliance Period (the "Term"), unless earlier terminated pursuant to Section 2c hereof Revised 03/23/05