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"Median Income for the Area" means the median income for the Orange County, <br />California PMSA as most recently determined by HUD. Also may be referred to <br />interchangeably in the Loan Documents as "Area Median Income" or "AMI". In the event <br />that such income determinations are no longer published, or are not updated for a period of <br />at least eighteen (18) months, the City shall provide the Developer with other income <br />determinations which are reasonably similar with respect to methods of calculation to those <br />previously published by HUD and the State. <br />"Neighborhood Stabilization Program (NSP)" has the meaning set forth in the <br />Recitals above. <br />"Neighborhood Stabilization Program (NSP) Regulations" has the meaning set <br />forth in the Recitals above. <br />"Operating 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 taxes and assessments, insurance premiums, operating expenses, and debt <br />service. Operating Reserves shall not exceed the amount required to pay three (3) months <br />of operating expenses and three (3) months of mandatory debt service, or such higher <br />amount required by a project lender or by the Tax Credit Investor. <br />"Partnership Agreement" means the Agreement of Amended and Restated <br />Agreement of Limited Partnership of Borrower, dated as of [ ], as said <br />Partnership Agreement may be amended from time to time. <br />"Permitted Encumbrances for the Affordable Housing Restrictions" means, <br />collectively, the Senior Loan Deed of Trust and all other title exceptions and limitations <br />with respect to the Property hereafter approved by the Executive Director in writing. <br />"Permitted Encumbrances for the City Loan Deed of Trust" means, <br />collectively, the Senior Loan Deed of Trust and all other title exceptions and limitations <br />with respect to the Property hereafter approved by the Executive Director in writing. <br />"Project" means the acquisition of a leasehold interest and construction of the <br />Property by Developer pursuant to this Agreement. <br />"Project Budget" means the line -item budget for the Project attached hereto as <br />Exhibit C, as modified from time to time in accordance with this Agreement. <br />"Project Costs" means all costs of any nature incurred in connection with the <br />Project in accordance with generally accepted accounting principles. <br />"Property" means the Property that is located at 1126, 1136 and 1146 East <br />Washington Avenue, within the City of Santa Ana, and is more fully described in the "Legal <br />Description" of the Property attached hereto as Exhibit A and incorporated herein by <br />reference. <br />The Crossroads at Washington <br />City NSP Loan Agreement <br />