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"Permitted Encumbrances for the Affordable Housing Restrictions" means collectively, the Senior Loan Deed of Trust and AHSC Deed of Trust and all other title exceptions and limitations with respect to the Property hereafter approved by the City Project Manager in writing, which shall include all title exceptions set forth on City's title policy, all documents evidencing the State of California Housing and Community Development loan to encumber the Property and the TCAC Regulatory Agreement. "Permitted Encumbrances for the City Deed of Trust" means the Senior Loan Deed(s) of Trust and all other title exceptions and limitations with respect to the Property hereafter approved by the City Project Manager in writing, which shall include all title exceptions set forth on City's title policy, all documents evidencing the State of California Housing and Community Development loan to encumber the Property and the TCAC Regulatory Agreement. "Project" means the construction of the Improvements upon the Property by Developer pursuant to this Agreement. "Project Budget" means the line -item budget for the Project attached hereto as Exhibit G, as modified from time to time in accordance with this Agreement. "Project Costs" means 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 1666 N. Main Street in the City of Santa Ana, and is more fully described in the "Legal Description" of the Property attached hereto as Exhibit A and incorporated herein by reference. "Scope of Work/Schedule of Performance" means the detailed statement of the work to be performed by Developer on and to the Property pursuant to this Agreement, along with the Schedule of Performance setting forth timeframes for certain tasks, which document is attached hereto as Exhibit H. "Senior Lender" means a commercial financial institution providing the Senior Loan or any other holder of the Senior Loan Note and its successors and assigns. The initial Senior Lender will be Bank of America, N.A and California Community Reinvestment Corporation is projected to become the Senior Lender after conversion of the loan to permanent status. "Senior Loan" means a loan from any Senior Lender(s) in a position superior to the City Loan. "Senior Loan Deed of Trust" means any deed(s) of trust securing any Senior Loan by encumbering the Property. 55C-13