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EXHIBIT 3 <br />"Median Income for the Area" means the median income for the Orange <br />County, California PMSA as most recently determined by HCD. Also may be referred to <br />interchangeably in the Agency Loan Documents as "Area Median Income" or "AMP'. <br />"Partnership Agreement" means the Amended and Restated Agreement <br />of Limited Partnership of AMCAL 1440 SANTA ANA FUND, LP, dated as of <br />[ , 2018] attached herein as Exhibit H. <br />"Permitted Encumbrances for the Affordable Housing Restrictions" <br />means collectively, the Senior Loan Deed of Trust and all other title exceptions and <br />limitations with respect to the Property hereafter approved by the City Project Manager in <br />writing. <br />"Permitted Encumbrances for the Agency Deed of Trust" means the <br />Senior Loan Deed(s) of Trust and all other title exceptions and limitations with respect to <br />the Property hereafter approved by the City Project Manager in writing. <br />"Project" means the construction of the Improvements upon the Property <br />by Developer pursuant to this Agreement. <br />"Project Budget" means the line -item budget for the Project attached <br />hereto as Exhibit E, as modified from time to time in accordance with this Agreement. <br />"Project Costs" means all costs of any nature incurred in connection with <br />the Project in accordance with generally accepted accounting principles. <br />"Property" means the property that is located at 1440 East First Street in <br />the City of Santa Ana, and is more fully described in the "Legal Description" of the <br />Property attached hereto as Exhibit A and incorporated herein by reference. <br />"Scope of Work/Schedule of Performance" means the detailed <br />statement of the work to be performed by Developer on and to the Property pursuant to <br />this Agreement, along with the Schedule of Performance setting forth timeframes for <br />certain tasks, which document is attached hereto as Exhibit F. <br />"Senior Lender" means a commercial financial institution providing the <br />Senior Loan or any other holder of the Senior Loan Note. <br />"Senior Loan" means a loan from the Senior Lender concurrent to the <br />Agency Loan for payment of a portion of the acquisition and construction costs, and shall <br />include any subsequent loan that refinances the initial Senior Loan. <br />"Senior Loan Deed of Trust" means the first deed(s) of trust securing <br />the Senior Loan by encumbering the Property. <br />"Senior Loan Documents" means, collectively, the loan agreement <br />governing the Senior Loan, the Senior Loan Note, the Senior Loan Deed of Trust, and <br />7 <br />3-17 <br />