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"Project" means the construction of all of the affordable units on the <br />Property by Developer pursuant to this Agreement. <br />"Project Budget" means the line -item budget for the Project attached <br />hereto as Exhibit C, 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 815 N. Harbor Boulevard, <br />within the City of Santa Ana, and is more filly described in the "Legal Description" of the <br />Property attached hereto as Exhibit A and incorporated herein by reference. <br />"Senior Lender" means Grandpoint Bank or any other holder of the <br />Senior Loan Note(s). <br />"Senior Loan" shall mean the senior loan being made by Grandpooint <br />Bank, concurrent to the City Loan for payment of a portion of the acquisition and <br />construction costs, and shall include any subsequent loan that refinances the initial Senior <br />Loan. <br />"Senior Loan Deed of Trust" means the deed of trust securing the Senior <br />Loan by encumbering the Property. <br />"Senior Loan Documents" means, collectively, the loan agreement <br />governing the Senior Loan, the Senior Loan Note, the Senior Loan Deed of Trust, and <br />any other agreement, document or instrument that the Senior Lender requires in <br />connection with the Senior Loan. <br />"Senior Loan Note" means the promissory note evidencing the Senior <br />Loan from Grandpoint Bank. <br />"Term" the terms and conditions contained herein shall remain in effect <br />for fifty -five (55) years from the date of full occupancy of the Project. <br />"Very Low Income" means an adjusted income which does not exceed <br />fifty percent (50 %) of the area median income for the Orange County, California PMSA, <br />adjusted for household size, as published by HUD. <br />1.2 Singular and Plural Terms. Any defined term used in the plural in this <br />Agreement or any other City Loan Document shall refer to all members of the relevant <br />class and any defined term used in the singular shall refer to any number of the members <br />of the relevant class. <br />1.3 References and Other Terms. Any reference to this Agreement or any <br />Loan Document shall include such document both as originally executed and as it may <br />from time to time be modified. References herein to Articles, Sections and Exhibits shall <br />be construed as references to this Agreement unless a different document is named. <br />6 <br />