05 - JOINT PH - Vista Del Rio DDA

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"Project Budget" means the line-item budget for the Project attached hereto as Exhibit G, as modified from time to time in accordance with this Agreement. "Project Costs" means all costs of any nature incurred in connection with the Project in accordance with generally accepted accounting principles. "Project Documents" means this Agreement, the Disposition and Development Agreement, and the other Loan Documents, the Affordability Restrictions, the Agreement to enter into Housing Assistance Payments Contract and Housing Assistance Payments Contract to be entered into by the Authority and Vista Del Rio in connection with the Authority's provision of Project Based Section 8 (defined in the DDA) assistance to Project, and all other documents, agreements and instruments to be executed by Vista Del Rio in furtherance of the Project. "Property" means the approximately 2.74 acres of real property, within the Project Area, located generally at 1600 Memory Lane in the City of Santa Ana, California. The Property is more fully described in the "Legal Description" of the Property attached hereto as Exhibit A and incorporated herein by reference. "Release of Construction Covenants" means the Release of Construction Covenants described in Section 310 of the DDA, a form of which is attached to the DDA as Attachment No. 6. "Section 504" means section 504 of the federal Rehabilitation Act of 1973, codified at 29 U.S.C. § 701 et sew., and its implementing regulations located at 24 CFR Part 8. "Section 8 Requirements" means Section 8(0)(13) of the U.S. Housing Act of 1937, 42 U.S.C. Section 1437f(o)(13), and the implementing regulations set forth at 24 CFR Part 983. Loan Note(s). "Senior Lender" means or any other holder of the Senior "Senior Loan" shall mean the senior loan being made by the Senior Lender, concurrent to the Loans for payment of a portion of the Construction costs incurred by Vista Del Rio relating to the Project, as approved by the Executive Directors, and shall include any subsequent loan that refinances the initial Senior Loan. "Senior Loan Deed of Trust" means the deed of trust securing the Senior Loan by encumbering the Property. "Senior Loan Documents" means, collectively, the loan agreement governing the Senior Loan, the Senior Loan Note, the Senior Loan Deed of Trust, and any other agreement, document or instrument that the Senior Lender requires in connection with the Senior Loan, all of which shall be subject to the approval of the Executive Directors. "Senior Loan Note" means the promissory note evidencing the Senior Loan from the Senior Lender. "Term" the terms and conditions contained herein shall remain in effect for fifty-five (55) years, from the date the Release of Construction Covenants is recorded against the Property in the Official Records of the County. DOCS O C/ 1475221 v5/200272-0004