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"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 815 N. Harbor Boulevard in the <br />City of Santa Ana, and is more fully described in the "Legal Description" of the Property attached <br />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 />Developer on and to the Property pursuant to this Agreement, which is attached hereto as Exhibit <br />F. <br />"Schedule of Performance" means the detailed schedule setting forth <br />timeframes for certain tasks, which document is attached hereto as Exhibit G. <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 construction <br />loan in the approximate principal amount of $17,607,180 with a term of approximately two (2) <br />years or permanent loan(s) in the approximate principal amount of $5,089,440.00 with a term of <br />approximately 18 years and an amortization period of 30 years. <br />"Senior Loan Deed of Trust" means the first deed of trust securing the <br />Senior 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 agreement, <br />document or instrument that the Senior Lender requires in connection with the Senior Loan. <br />"Senior Loan Note" means the promissory note evidencing the Senior Loan <br />from the Senior Lender. <br />Exhibit H. <br />"Target Area" shall mean the map attached hereto and incorporated herein as <br />"Term of Affordability" the terms and conditions contained herein shall remain <br />in effect for fifty-five (55) years from the date of issuance of the Certificate of Completion. <br />"Very Low Income" means an adjusted income which does not exceed fifty <br />percent (50%) of the area median income for the Orange County, California PMSA, adjusted for <br />household size, as published by HUD. <br />"Vicinity" shall mean the Target Area as identified by the City for the NSP funds <br />and approved by HUD. <br />80A-63