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"Project" means the construction of the Improvements upon the Property by <br />Owner pursuant to this Agreement. <br />"Project Budget" means the line-item budget for the Project attached as Exhibit <br />E to the Loan Agreement, as modified from time to time in accordance with the Loan <br />Agreement. <br />"Project Costs" means all costs of any nature incurred in connection with the <br />Project in accordance with generally accepted accounting principles. <br />"Property" means the property that is located at 815 N. Harbor Boulevard in the <br />City of Santa Ana, and is more fully described in the "Legal Description" of the <br />Property attached hereto as Exhibit A and incorporated herein by reference. <br />"Scope of Work" means the detailed statement of the work to be performed by <br />Owner on and to the Property pursuant to this Agreement, which is attached as <br />Exhibit F to the Loan Agreement. <br />"Schedule of Performance" means the detailed schedule setting forth <br />timeframes for certain tasks, which document is attached as Exhibit G to the Loan <br />Agreement. <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 any of an <br />acquisition loan in the approximate amount of $2,000,000 from Grandpoint Bank, a <br />construction loan in the approximate principal amount of $17,607,180.00 with a term <br />of approximately two (2) years or a permanent loan(s) in the approximate principal <br />amount of $5,089,440.00 with a term of approximately 18 years and an amortization <br />period of 30 years. <br />"Senior Loan Deed of Trust" means the first deed of trust securing the Senior <br />Loan by encumbering the Property. <br />"Senior Loan Documents" means, collectively, the loan agreement governing <br />the Senior Loan, the Senior Loan Note, the Senior Loan Deed of Trust, and any other <br />agreement, document or instrument that the Senior Lender requires in connection <br />with the Senior Loan. <br />"Senior Loan Note" means the promissory note evidencing the Senior Loan <br />from the Senior Lender. <br />"Target Area" shall mean the map attached as Exhibit H to the Loan Agreement. <br />50 <br />80A-106