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EXHIBIT 3 <br />"Replacement Reserves" shall mean reserves maintained during the Term of <br />Agreement and funded out of Residual Receipts, loan advances, equity, or other sources <br />and set aside for replacement of roofing, furniture, fixtures, equipment and other capital <br />expenditures. The annual amount set aside for Replacement Reserves shall be a minimum <br />of two hundred fifty dollars ($250) per unit but shall not exceed five hundred dollars ($500) <br />per unit and may increase by 3% per year, or such higher amount as may be required by <br />the Tax Credit Investor and approved by City (such approval not to be unreasonably <br />withheld or delayed). <br />"Residual Receipts" has the meaning set forth in the City/HOME-ARP Loan Note. <br />"Restricted Units" means the forty-seven (47) units restricted to Extremely Low <br />Income Households during the City Restriction Period, which includes the sixteen (16) <br />HOME -ARP Units assisted under the HOME -ARP Program and available for rental to <br />HOME -ARP Qualifying Populations during the HOME -ARP Compliance Period. <br />"Senior Construction Lender" means Bank of America, N.A., or such senior <br />construction lender designated by the Developer and approved in advance by the City for <br />the Project. <br />"Senior Construction Loan" means the construction loan made by Senior <br />Construction Lender to Developer. <br />"Senior Lender" means the Senior Construction Lender or any other holder of a <br />Senior Loan Note(s) approved by the City or any refinancing of a Senior Loan Note(s) as <br />approved by the City. <br />"Senior Loan" shall mean the Senior Construction Loan being made by Senior <br />Lender concurrent to the City Loan for payment of a portion of the construction costs, and <br />any subsequent loan that refinances the initial Senior Loan as approved by the City. <br />"Senior Loan Deed of Trust" means the deed of trust securing the Senior Loan <br />by encumbering the Property, as the same may be amended and restated from time to time. <br />"Senior Loan Documents" means, collectively, the loan agreement governing the <br />Senior Loan, the Senior Loan Note, the Senior Loan Deed of Trust, and any other <br />agreement, document or instrument that the Senior Lender requires in connection with the <br />Senior Loan, as the same may be amended and restated from time to time. <br />"Senior Loan Note" means the promissory note evidencing the Senior Loan from <br />Senior Lender, as the same may be amended and restated from time to time. <br />"Tax Credit Investor" means Bank of America, N.A. and its permitted <br />successor(s) and assign(s). <br />"Tax Credit Rules" means the provisions of Section 42 of the Internal Revenue <br />Code and/or, if applicable, California Revenue and Taxation Code Sections 17057.5, <br />WlSSEPlace Permanent Supportive Housing <br />Itan Agreement Round13 — 22 3/7/2023 <br />