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"Phase FS" shall mean the Phase of construction of the Project which shall include the <br />development of approximately thirty-two (32) For-Sale units (inclusive of the Affordable <br />For-Sale Units) on the For-Sale Portion of the Site. Specifically, Phase FS will be constructed <br />within the area identified on the Site Map as "Lot A," "Lot B," "Lot C," "Lot D," "Lot E," and <br />"Lot F." <br />"Phase FS Agency Loan" is defined in Section 314.2. <br />"Phase FS Guarantor" is defined in Section 204.1(h). <br />"Phase FS Outside Closing Date" means the last date the first Closing with respect to <br />Phase FS may occur as described in Section 201.4. <br />"Phase FS Promissory Note" means a Promissory Note that sets forth the Developer's <br />obligation to repay the Phase FS Agency Loan in the form which is attached hereto as <br />Attachment No. 8A and incorporated herein by reference. <br />"Phase R-1" shall mean the Phase of construction of the Project which shall include the <br />development of approximately seventy four (74) Rental Units on the Rental Portion of the <br />Property. Specifically, Phase R-I will be constructed within the area identified on the Site Map <br />as "Lot 1." <br />"Phase R-1 Agency Loan" is defined in Section 314.1. <br />"Phase R-1 and Phase R-2 Guarantor" is defined in Section 204.1(b). <br />"Phase R-I Outside Closing Date" means the last date the Phase R-I Closing may occur <br />as described in Section 201.4. <br />"Phase R-I Promissory Note" and "Phase R-2 Promissory Note" means, in the case of <br />each of Phase R-I 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 Attachment 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 Promissory Note and shall be for a term <br />ending on repayment in full of the Note but in no event later than the earlier to occur of (a) fifty- <br />eighth (58th) year after recordation of the Release of Construction Covenants, or (b) December <br />31, 2075, on which date all principal and accrued but unpaid interest shall be paid in full. Each <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 an 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 forty (40) 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 4." <br />9 <br />QOCSOG1400673v]4/200272-0001