25B - AGMT - 815 N HARBOR LOAN - Laserfiche WebLink

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"Project" means the construction of all of the affordable units on the Property by Developer pursuant to this Agreement. "Project Budget "" means the here -item budget for the Projoctattaclied hereto wi Exhibit C, as modified from time to time in accordance with this Agrecknerit. "Project Costs" ineans all costs of any nature incurred in connection with the Project in accordance with generally accepted accounting principles. "Property" means the Property that is located at 815 N. Harbor Boulevard, within the City of Santa Ana, and is more fully described in the "Legal Description" of the Property attached hereto as Exhibit A kind incorporated herein by reference. "Senior Lender" means Grandpoint Bank or any other holder of the Senior Loan Note(s), "Senior Loan" shall nican the senior loan being made by Ojgndaqjpt Bank, concurrent to the City Loan for payment of a portion of the acquisition and construction costs, and shall include any subsequent loan that refinances the initial Senior Loan. "Senior Loan Deed of Trust" means the deed oFtrust securing the Senior Loan by encumbering the Property. "Senior Loan Documents" means, collectively, the loan aereement governing the Senior Goan, the Senior Loan Note, the Senior Loan Deed of Trust, and any other agreement, document or instrument that the Senior Lender requires in connection with the Senior Loan. "Senior Loan Note" means the promissory note evidencing the Senior Loan from Cirandpoint Batik. "Term" the terms and conditions contained herein shall remain in effect for fifty-five (55) years from the date of full occupancy of the Project. "Very Low Income" means an adjusted income w1hich does not exceed fifty percent (50014) of the arcii, median income for the Orange County, California PMSA, adjusted for household size, as published by HM 1.2 Singular and Plural Terms. Any defined, term used in the plural in this Agreement or any other City Loan Document shall refer to all members of the relevant class and any defined term used in the singular shall refer to any number of the members of the relevant class. 1.3 References and Other Terms. Any reference to this Agreement or any Loan Document shall include such document both as originally executed and as it Inay from time to time be modified. References herein to Articles, Sections and Exhibits shall be construed as references to this Agreement unless a different document is named. 25B -12