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Note, the City Deed of Trust, and the Affordability Restrictions on Transfer of Property, and any <br />other agreement, document, or instrument that the City requires in connection with the execution <br />of this Agreement or from time to time to effectuate the purposes of this Agreement. <br />"Low Income" means an adjusted income which does not exceed eighty percent <br />(80%) of the area median income for the Orange County, California PMSA, adjusted for <br />household size, as published by HUD. <br />"Median Income for the Area" means the median income for the Orange <br />County, California PMSA as most recently determined by HUD. Also may be referred to <br />interchangeably in the Loan. Documents as ``Area Median Income" or "AMI". <br />"Partnership Agreement" means the Amended and Restated Limited <br />Partnership Agreement of Depot at Santiago, L.P., dated as of , 2013. <br />"Permitted Encumbrances for the Affordable Housing Restrictions" means <br />collectively, the Senior Loan Deed of Trust and all other title exceptions and limitations with <br />respect to the Property hereafter approved by the City Project Manager in writing. <br />"Permitted Encumbrances for the City Deed of Trust" means the <br />Senior Loan Deed of Trust and all other title exceptions and limitations with respect to the <br />Property hereafter approved by the City Project Manager in writing. <br />"Project" means the construction of the Improvements upon the Property by <br />Developer pursuant to this Agreement. <br />"Project Budget" means the line-item budget for the Project attached hereto <br />as Exhibit E, as modified from time to time in accordance with this Agreement. <br />"Project Costs" means all costs of any nature incurred in connection with <br />the Project in accordance with generally accepted accounting principles. <br />"Property" means the property that is located at 923 N. Santiago Street in the City <br />of Santa Ana, and is more fully described in the "Legal Description" ofthe Property attached hereto <br />as Exhibit A and incorporated herein by reference. <br />"Scope of Work" means the detailed statement of the work to be <br />performed by Developer on and to the Property pursuant to this Agreement, which Scope of <br />Work is attached hereto as Exhibit F. <br />"Senior Lender" means a commercial financial institution providing the Senior <br />Loan or any other holder of the Senior Loan Note. <br />"Senior Loan" means a loan from the Senior Lender which is either a <br />construction loan in the approximate principal amount of $17,192,490.00 with a term of <br />1076\Ol \1333668.1 <br />6 <br />