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within the area identified on the Site Map as `Lot A." "Lot ." "Lot ," "Lot " `Lot ." and <br />"Lot F." <br />"Ph a e ', gee ey Loa " is d f.n d in Section 314.2. <br />"Phase FS OutsHe Closing Date" i ear s the last date the first Closing with respect to <br />Phase PS may occur as described in Section 201.4. <br />"Phase FS Piwailssmy Note" i r ans a Promissory Note that sets forth the Developer's <br />lob er's <br />obligation to repay the Phase PS Agency Loan in the forin which is attached hereto as <br />Attachment No. 8A and incorporated herein by reference. <br />'Tha : " shall mean the Phase of construction of the Project which shall include the <br />development of approximately seventy four 7 Rental Units on the Rental Portion of the <br />Property. Specifically, Phase -1 will be constructed within the area identified on the Site Map <br />p <br />as "Lot 1.11 <br />"Phase R-I Agenq Loan " is defined in Section 314. 1. <br />"Phase -R-1 Outside Cloying Date " means the last date the has R- I C I os i fig may o c cur <br />as described in Section 201.4. <br />11"Ph a e R-I Promissou Note" and "'Phase .R -2 Ptomissoq Note" means, in the case of <br />each of Phase R -1 and Phase R--2, a promissory note that sets forth the Developer's obligation to <br />repay the Phase R -1 Agency Loan and the Phase R-2 Agency Loan, respectively, the form of <br />which is attached hereto as ttach en No. 8B and incorporated herein by reference. Each <br />Promissory Note shall bear simple interest at the rate of one percent (1%) per annum, <br />commencing upon the date of funding under such Promissor y Note and shall be for a tert r <br />end ing on repayment in full of the Note but in no evert later than the ea rlier to occur of a fifty- <br />eighth (58th) year after recordation of the Release of Construction Covenants, or 1 Deeenriher <br />313 2075, on which date all principal and accrued but unpaid interest shall be paid its full. Eaeh <br />Note shall be non - recourse to the Developer. Each Promissory Note shall be payable from a <br />portion of "Residual Receipts" generated by the Phase to which such Promissory Note relates as <br />set forth in Section 314.2 and shall be secured by are Agency Deed of Trust. <br />"Phase R-2" shall mean the Phase of construction of the Project, which shall include the <br />development of approximately foit r Rental Units on the Rental Portion of the Property and <br />shall include any Additional Properties designated for Phase R--2 which are added to the Project <br />pursuant to Section 207 hereof. Specifically, Phase R -2 will be constructed within the area <br />identified on the Site Map as "Lot 2, "' "Lot 3" and "Lot ." <br />"Phase R-2 Ageney Loan" is defined in Section 314.1. <br />"Tha e R-2 Oi si e Closing Da e" means the last date the Phase R -2 Closing in ay o c cur <br />as described in Section 201.4. <br />"Pro rva" means the proj <br />, r ect area for the Redevelopment Flay . <br />9 <br />o 11400 73v131200272 -0001 <br />