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"First Mortgage Loan" means the senior loan described in Recital A hereof, and <br />following Conversion, the Permanent Loan. <br />"First Mortgage Loan Default" means the occurrence of an "Event of Default" as <br />that term is defined in the First Mortgage Loan Documents. <br />"First Mortgage Loan Documents" means (i) the First Mortgage Note and all other <br />documents evidencing, securing or otherwise executed and delivered in connection with the <br />First Mortgage Loan; and (ii) following Conversion, the Permanent Loan Documents. <br />"Permanent Loan" means the First Mortgage Loan after Conversion. <br />"Permanent Loan Documents" means the Permanent Note, the First Mortgage and <br />all other documents evidencing, securing, purchased for, or otherwise executed and <br />delivered in connection with, the Permanent Loan. <br />"Permanent Note" means the First Mortgage Note, as it may be modified in <br />connection with Conversion. <br />"Person" means an individual, estate, trust, partnership, corporation, limited liability <br />company, limited liability partnership, governmental department or agency or any other <br />entity which has the legal capacity to own property. <br />"Regulatory Agreement" means, collectively, that certain Affordability Restrictions <br />on Transfer of Property executed by and between the Subordinate Lender and Borrower in <br />connection with the CDBG Loan, that certain Affordability Restrictions on Transfer of <br />Property executed by and between the Subordinate Lender and Borrower in connection with <br />the HOME Loan, and that certain that certain Affordability Restrictions on Transfer of <br />Property executed by arid between the Subordinate Lender and Borrower in connection with <br />the Inclusionary Loan, each encumbering the Property and to be recorded in the Official <br />Records substantially concurrently herewith. <br />"Senior Lender" means the Person named as such in the first paragraph on page 1 of <br />this Agreement. When any other Person becomes the legal holder of the First Mortgage <br />Note or of the Permanent Loan Documents, such other Person shall automatically become <br />the Senior Lender. Upon purchase of the First Mortgage at Conversion and Borrower's <br />satisfaction of the Conversion Conditions, CCRC shall become Senior Lender hereunder. <br />"Subordinate Lender" means the Subordinate Lender and any other Person who <br />becomes the legal holder of the Subordinate Note after the date of this Agreement. <br />(Page -3) <br />LEGAL US W 4 90627312.2 <br />