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"Replacement Reserves" shall mean reserves maintained during the Term of <br />Agreement and funded out of Residual Receipts, loan advances, equity, or other sources <br />and set aside for replacement of roofing, furniture, fixtures, equipment and other capital <br />expenditures. The annual amount set aside for Replacement Reserves shall be a ininimum <br />of two hundred fifty dollars ($250) per unit but shall not exceed five hundred dollars ($500) <br />per unit and may increase by 3% per year, or such higher amount as may be required by <br />the Tax Credit Investor or the Senior Lender and approved by City (such approval not to <br />be unreasonably withheld or delayed). <br />"Residual Receipts" has the meaning set forth in the City/HOME Loan Note. <br />"Senior Construction Lender" means Umpqua Bank, or such senior construction <br />lender designated by the Developer and approved in advance by the City for the Project. <br />"Senior Construction Loan" means the construction loan made by Senior <br />Construction Lender to Borrower. <br />"Senior Lender" means the Senior Construction Lender prior to the Conversion <br />Date and, thereafter, the Senior Permanent Lender during the remainder of the Tenn of <br />Agreement, or any other holder of the Senior Loan Note(s) or any refinancing of the Senior <br />Loan Note(s). <br />"Senior Loan" shall mean the senior loan being made by Senior Lender concurrent <br />to the City Loan for payment of a portion of the acquisition and new construction costs, <br />and shall include any subsequent loan that refinances the initial Senior Loan. <br />"Senior Loan Deed of Trust" means the deed of trust securing the Senior Loan <br />by encumbering the Property, as the same may be amended and restated from time to time. <br />"Senior Loan Documents" means, collectively, the loan agreement governing the <br />Senior Loan, the Senior Loan Note, the Senior Loan Deed of Trust, and any other <br />agreement, document or instrument that the Senior Lender requires in connection with the <br />Senior Loan, as the same may be amended and restated from time to time. <br />"Senior Loan Note" means the promissory note evidencing the Senior Loan from <br />Senior Lender, as the same may be amended and restated from time to time. <br />"Senior Permanent Lender" means Citibank, N.A., a national banking <br />association, or such senior permanent lender as may be designated by Developer and <br />approved in advance by the City as the senior permanent lender for the Project. <br />"Senior Permanent Loan" means the permanent loan made by Senior Permanent <br />Lender to Borrower. <br />"Tax Credit Investor" means R4 WHCA Acquisition LP, a Delaware limited <br />partnership. <br />Westview House <br />City HOME Loan Agreement <br />