07 120312 SA HA WASHINGTON Pl BLA - Attach 3

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"Borrower Payment Obligations" shall mean all payment obligations of the Borrower under the Borrower Loan Documents, including, but not limited to, the Borrower Loan Payments and the Additional Borrower Payments. "Borrower Real Estate Note" shall mean that certain Multifamily Note dated as of the Closing Date in the original maximum principal amount of $[PermPrinAmt]] made by Borrower and payable to Governmental Lender, as endorsed and assigned to the Funding Lender, as it may be amended, supplemented or replaced from time to time. "Business Day" shall mean any day other than (i) a Saturday or Sunday, or (ii) a day on which the Fiscal Agent or federally insured depository institutions in New York, New York are authorized or obligated by law, regulation, governmental decree or executive order to be closed. "Calculation Period" shall mean three (3) consecutive full Calendar Months occurring prior to the Conversion Date, as the same may be extended in accordance with Section 3.1 hereof. "Calendar Month" shall mean each of the twelve (12) calendar months of the year. "CCBiR's" shall mean any covenants, conditions, restrictions, maintenance agreements or reciprocal easement agreements affecting the Project or the Mortgaged Property. "City" shall mean the City of Santa Ana, California. "Closing Date" means December ~, 2012, the date that the initial Borrower Loan Proceeds are disbursed hereunder. "Code" shall mean the Internal Revenue Code of 1986 as in effect on the Closing Date or (except as otherwise referenced herein) as it maybe amended to apply to obligations issued on the Closing Date, together with applicable proposed, temporary and final regulations promulgated, and applicable official public guidance published, under the Code. "Collateral" shall mean all collateral described in (i) this Borrower Loan Agreement (including, without limitation, all property in which the Governmental Lender is granted a security interest pursuant to any provision of this Borrower Loan Agreement), (ii) the Security Instrument, or (iii) any other Security Document, which Collateral shall include the Project, all of which collateral is pledged and assigned to Funding Lender under the Funding Loan Agreement to secure the Funding Loan. "Completion" shall have the meaning set forth in Section 5.25. "Completion Date" shall mean , 20_. "Computation Date" shall have the meaning ascribed thereto in Section 1.148 3(e) of the Regulations. "Condemnation" shall mean any action or proceeding or notice relating to any proposed or actual condemnation or other taking, or conveyance in lieu thereof, of all or any part of the Project, whether direct or indirect. "Conditions to Conversion" shall have the meaning ascribed thereto in the Construction Funding Agreement. C:1Usersltad\DesktoplSanta Ana HA Washington Place 5 BLA.doc DRAFT 11 /28112 8 :41 AM