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"Project Budget" means the line -item budget for the Project attached as Exhibit E to the <br />Loan Agreement, as modified from time to time in accordance with this 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 1666 N. Main 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 />"Scope of Work/Schedule of Performance" means the detailed statement of the work <br />to be performed by Owner on and to the Property pursuant to this Agreement, along with the <br />Schedule of Performance setting forth timeframes for certain tasks, which document is attached <br />as Exhibit F to the Loan Agreement. <br />"Section 504" means section 504 of the federal Rehabilitation Act of 1973, codified at 29 <br />U.S.C. § 701 et seq., and its implementing regulations located at 24 CFR 8. <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 any Senior Lender(s) in a position superior to the <br />HOME Loan. <br />"Senior Loan Deed of Trust" means any deed(s) of trust securing any Senior Loan by <br />encumbering the Property. <br />"Senior Loan Documents" means, collectively, the loan agreement governing the Senior <br />Loan, the Senior Loan Note, the Senior Loan Deed of Trust, and any other agreement, document <br />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 />"Term of Affordability" the terms and conditions contained herein shall remain in effect <br />for fifty-five (55) years from the date of issuance of the Certificate of Completion. <br />"Very Low Income" means an adjusted income which does not exceed fifty percent <br />(50%) of the area median income for the Orange County, California PMSA, adjusted for <br />household size, as published by HUD. <br />2. Use of the Property. Owner covenants and agrees (for itself, its successors, its <br />assigns, and every successor in interest to the Property of any part thereof) that Owner, such <br />successors, and assigns shall use the Property to provide affordable rental housing, for Extremely <br />Low and Very Low Income households, as provided in the Loan Agreement and these <br />Restrictions <br />