GROUND LEASE - Laserfiche WebLink

3 Grantee means the party that has executed the Grant Agreement for this Project with HUD, and as further defined In section 1.02 of the Grant Agreement.. HDG Program means the Housing Development Grant Program established by HUD pursuant to Section 17 of the U.S. Housing Act of 1937, 42 U.S.C. 1437(o). HDG Regulations means the regulations at 24 CFR Part 850, as amended. HUD means the U.S. Department of Housing and Urban Development. Legally Binding Commitment means a legally enforceable written obligation made by a participating party to provide financial or other resources to carry out the Project in accordance with the terms and conditions of the Grant Agreement, as more specifically described in Exhibit D of the Grant Agreement. Lower Income Household means a family or individual which is a lower income family, as defined in 24 CFR 5 813.102. Lower Income Units means units identified in section I.01(e)2 of the Grant Agreement and section 1.1 of this Agreement with rents, determined in accordance with 24 CFR Part 850, which will not exceed 30 percent of adjusted income of a household, as defined by 24 CFR S 850.3, whose income equals 50 percent of median income applicable to the area in which the Project is located, as determined by HUD. Owner means one or more individuals, corporations, partnerships or other legal entities that hold valid legal title to, or have a long -term leasehold interest in, the Project to be developed pursuant to the Grant Agreement and which is more specifically identified in section 1.02 and Exhibit A of the Grant Agreement. Participating Party means any person, firm, corporation, or public or private entity that has agreed to provide financial or other resources to carry out the Project, and is identified in section 1.02 of the Grant Agreement. Identification in section 1.02 as a "Participating Party" means that HUD, in selecting the Grantee for the award of the grant, relied in material part upon a representation by the Grantee that the party so identified will complete a specified portion of the Project or a specific activity necessary for the completion of the Project. Project means one or more buildings containing similarly constructed residential units, the site(s) on which the building or buildings is /are located, and any functionally related facilities, as more specifically described in section 1.01(e) and Exhibit A of the Grant Agreement.