07 120312 SA HA WASHINGTON Pl BLA - Attach 3

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(d) any securities or obligations pledged by the Governmental Lender or by the Borrower as security for the payment of any portion of the Funding Loan. "Guarantor" shall mean Stephen R. Whyte, an individual, and Vitus Group, Inc., a Delaware corporation, or any other person or entity which may hereafter become a guarantor of any of the Borrower's obligations under the Borrower Loan. "Guaranty" shall mean, collectively, (i) the Completion and Repayment Guaranty, of even date herewith, by Guarantor for the benefit of the Beneficiary Parties, and (ii) the Exceptions to Non Recourse Guaranty, of even date herewith, by Guarantor for the benefit of the Beneficiary Parties. "Improvements" shall mean the 200-unit multifamily residential project to be rehabilitated upon the Land and known or to be known as Flower Terrace, and all other buildings, structures, fixtures, wiring, systems, equipment and other improvements and personal property to be constructed, rehabilitated and/or installed at or on the Land in accordance with the Cost Breakdown and the Plans and Specifications. "Indemnified Party" shall have the meaning set forth in Section 5.15 hereof. "Installment Computation Date" shall mean any Computation Date other than the first Computation Date or the final Computation Date. "Interest Rate" shall mean with respect to a Borrower Note the rate of interest accruing on such Borrower Note. "Interim Phase Amount" shall mean $ -the original stated principal amount of the Borrower IRP Note and of the Governmental Lender IRP Note. "IRP Agreement" shall mean that certain Agreement for Interest Reduction Payments dated by and among Borrower, Funding Lender and the Secretary of Housing and Urban Development ("HUD"), as amended, modified, supplemented or restated from time to time from time to time "IRP Payment" means any payment by HUD to the Funding Lender under the IRP Agreement. "IRP Use Agreement" shall mean that certain 236(e)(2) Use Agreement dated by and between Borrower and the Secretary of Housing and Urban Development. "Land" means the real property described on Exhibit A to the Security Instrument. "Late Charge" shall mean the amount due and payable as a late charge on overdue payments under the Borrower Note, as provided in Section 7 of each Borrower Note and Section 2.5 hereof. "Legal Action" shall mean an action, suit, investigation, inquiry, proceeding or arbitration at law or in equity or before or by any foreign or domestic court, arbitrator or other Gover~lmental Authority. "Legal Requirements" shall mean statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting all or part of the Project or any property (including the Project) or the construction, rehabilitation, use, alteration or operation thereof, whether now or hereafter enacted and in force, and all permits, licenses and authorizations and regulations relating thereto, and all covenants, agreements, restrictions and encumbrances contained in any instrument, either C:1UsersltadlDesktop\Santa Ana HA Washington Place 11 BLA.doc DRAFT 11/28/12 8:41AM