Laserfiche WebLink
EXHIBIT 3 <br />"Project Budget" means the line -item budget for the Project <br />attached hereto as Exhibit C, as modified from time to time in accordance with this <br />Agreement. <br />"Project Costs" means all costs of any nature incurred in connection with <br />the Project in accordance with generally accepted accounting principles. <br />"Property" means, collectively,the Properties that are located at 805 S. <br />Minnie St, 810 S. Minnie, 815 S. Minnie St, 816 S. Minnie St., 825 S. Minnie St., <br />828 S. Minnie St., 835 S. Minnie St., and 904 S. Minnie St, within the City of Santa <br />Ana, and is more fully described in the "Legal Description" of the Property attached <br />hereto as Exhibit A and incorporated herein by reference. <br />"Senior Lender" means MUFG Union Bank, N.A. or any other holder of <br />the Senior Loan Note(s) or any refinancing of the Senior Loan Note(s). <br />"Senior Loan" shall mean the senior loan being made by Senior Lender <br />concurrent to the City Loan for payment of a portion of the acquisition and new <br />construction costs, and shall include any subsequent loan that refinances the initial Senior <br />Loan. <br />"Senior Loan Deed of Trust" means the deed of trust securing the <br />Senior Loan by encumbering the Property. <br />"Senior Loan Documents" means, collectively, the loan agreement <br />governing the Senior Loan, the Senior Loan Note, the Senior Loan Deed of Trust, and <br />any other agreement, document or instrument that the Senior Lender requires in <br />connection with the Senior Loan. <br />"Senior Loan Note" means the promissory note evidencing the <br />Senior Loan from Senior Lender. <br />"Term" the terms and conditions contained herein shall remain in effect <br />for fifty-five (55) years. The Affordability Restrictions on Transfer of Property shall also <br />remain in effect for fifty-five (55) years. <br />"Very Low Income" means an adjusted income which does not exceed <br />fifty percent (50%) of the area median income for the Orange County, California PMSA, <br />adjusted for household size, as published by HUD. <br />1.2 Singular and Plural Terms. Any defined term used in the plural in this <br />Agreement or any other City Loan Document shall refer to all members of the relevant <br />class and any defined term used in the singular shall refer to any number of the members <br />of the relevant class. <br />1.3 References and Other Terms. Any reference to this Agreement or any <br />Loan Document shall include such document both as originally executed and as it may <br />from time to time be modified. References herein to Articles, Sections and Exhibits shall <br />