SANTA ANA ARTS COLLECTIVE, L.P. (META HOUSING PROJECT)

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"Median Income for the Area" means the median income for the Orange County, California PMSA as most recently determined by HUD. Also may be referred to interchangeably in the Loan Documents as "Area Median Income" or "AMP'. "Partnership Agreement" means the Second Amended and Restated Agreement of Limited Partnership of Santa Ana Arts Collective, LP, dated in July 2017. "Permitted Encumbrances for the Affordable Housing Restrictions" means collectively, the Senior Loan Deed of Trust and AHSC Loan Documents and all other title exceptions and limitations with respect to the Property hereafter approved by the City Project Manager in writing. "Permitted Encumbrances for the City Deed of Trust" means, collectively, the Senior Loan Deed of Trust and AHSC Loan Documents and all other title exceptions and limitations with respect to the Property hereafter approved by the City Project Manager in writing. "Project" means the construction of the Improvements upon the Property by Owner pursuant to this Agreement. "Project Budget" means the line -item budget for the Project attached as Exhibit G to the Loan Agreement, as modified from time to time in accordance with the Loan 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. "Restricted Units" means the units restricted as affordable by the City Documents. "Scope of Work/Schedule of Performance" means the detailed statement of the work to be performed by Owner 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 as Exhibit H to the Loan Agreement. "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.