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EXHIBIT 3 <br />"Partnership Agreement" means the Amended and Restated Agreement <br />of T.imited Partnership let North Harbor Housing Partners IT dated March 1, 2021, as <br />aad ParuicShip Agrceincm inay be amended troin tiinc to tiinc. <br />"Permitted Encumbrances for the Affordable Housing Restrictions" <br />means, collectively, the Senior Loan Deed ol'Trust and Al other title exceptions and <br />limitations ",lilt respect to the Property hei-cafter approved by the EXCCtrtive Director in <br />writing. <br />"Permitted Encumbrances for the City Loan Deed of Trust" <br />means, collectively, the Senior Lrm Deed of Trust and all other title exceptions and <br />limitations with respect to the Property hereafter approved by the Exectrtive Director in <br />NAIL lg. <br />"Project" means the acquisition and rehabilitation -of (he 1roperty by <br />Developer pursuant to this Agreement. <br />"Project Budget" means the line -item budget for the Project <br />attached hereto as Exhibit C, as modified front tine to tithe in accordance with this <br />Agreement. <br />"Project Costs" means all costa 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 1 108 North Harbor <br />Boulevard, within the City of Santa Ana, and is more ftllly described in tlrc "Lc yal <br />Description" of the Property attached hereto as Exhibit A and incorporated hk ircirt b-y <br />reference. <br />"Senior Lender" means each of,ll'Morgan Chase Kahle, N.A., and the <br />Deparunent of Housing and Community Developmem. or any other holder of either <br />Senior Loan Note or any refinancing ofeither Sci for Loan Note. <br />"Senior Loan" shall mean the senior loan made by (i) JPMorgan Chase <br />Sank, N.A. prior to the City Loan for payment of a portion of the acquisition and <br />rehabilitation vests, and (it) the senor loan that will be made by the Depaltlncnt of <br />llousing and Cotnrnunity Development for a portion of the operating costs, and shall <br />include any suhsequent loan that refinances an initial Senior Loan. <br />"Senior Loan Deed ol'Trusl" means a deed of trust securing a <br />Senior Loan by cncttmbering the Property. <br />"Senior Loan Documents" means, collectively, the loan agreement <br />governing a Semor Loan, a Senior Loan Note, a Senior Loam Deed of Trust, and any <br />odlcr agreement, document or instivment that it Senior Lender requires in connection <br />wtlll a Senior Loan. <br />"Senior Loan Note" means a promissory note evidencing a <br />City Council F 21 — 10 4/20/2021 <br />