Laserfiche WebLink
"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 Agency Deed of Trust" means the Senior Loan <br />Deed of Trust and all other title exceptions and limitations with respect to the Property <br />hereafter approved by the City Project Manager in writing. <br />"Project" means the construction of the Improvements upon the Property by Owner <br />pursuant to this Agreement. <br />"Project Budget" means the line -item budget for the Project attached as Exhibit G to the <br />Agency Loan Agreement, as modified from time to time in accordance with the Agency <br />Loan Agreement. <br />"Project Costs" means all costs of any nature incurred in connection with the Project in <br />accordance with generally accepted accounting principles. <br />"Property" means the property that is located at 1440 East First Street in the City of Santa <br />Ana, and is more fully described in the "Legal Description" of the Property attached hereto as <br />Exhibit A and incorporated herein by reference. <br />"Restricted Units" means the units restricted as affordable by the City Documents. <br />"Scope of Work" means the detailed statement of the work to be performed by Owner <br />on and to the Property pursuant to this Agreement, which is attached as Exhibit H to the <br />Agency Loan Agreement. <br />"Schedule of Performance" means the detailed schedule setting forth timeframes for <br />certain tasks, which document is attached as Exhibit I to the Agency Loan Agreement. <br />"Senior Lender" means a commercial financial institution providing the Senior Loan or <br />any other holder of the Senior Loan Note. <br />"Senior Loan" means a loan from the Senior Lender concurrent to the Agency Loan for <br />payment of a portion of the acquisition and rehabilitation costs, and shall include any <br />subsequent loan that refinances the initial Senior Loan. <br />"Senior Loan Deed of Trust" means the first deed of trust securing the Senior Loan by <br />encumbering the Property. <br />"Senior Loan Documents" means, collectively, the loan agreement governing the <br />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 from the <br />Senior Lender. <br />,: 1 ffl oe <br />