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<br /> 6 <br /> “Partnership Agreement” means the Amended and Restated Agreement <br />of Limited Partnership for North Harbor Housing Partners LP dated March 1, 2021, as <br />said Partnership Agreement may be amended from time to time. <br /> <br /> "Permitted Encumbrances for the Affordable Housing Restrictions" <br />means, collectively, the Senior Loan Deed of Trust and all other title exceptions and <br />limitations with respect to the Property hereafter approved by the Executive Director in <br />writing. <br /> <br />"Permitted Encumbrances for the City Loan Deed of Trust" <br />means, collectively, the Senior Loan Deed of Trust and all other title exceptions and <br />limitations with respect to the Property hereafter approved by the Executive Director in <br />writing. <br /> <br />"Project" means the acquisition and rehabilitation of the Property by <br />Developer pursuant to this Agreement. <br /> <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 /> <br />"Project Costs" means all costs of any nature incurred in connection with <br />the Project in accordance with generally accepted accounting principles. <br /> <br />"Property" means the Property that is located at 1108 North Harbor <br />Boulevard, within the City of Santa Ana, and is more fully described in the “Legal <br />Description” of the Property attached hereto as Exhibit A and incorporated herein by <br />reference. <br /> <br /> "Senior Lender" means each of JPMorgan Chase Bank, N.A., and the <br />Department of Housing and Community Development. or any other holder of either <br />Senior Loan Note or any refinancing of either Senior Loan Note. <br /> <br />"Senior Loan" shall mean the senior loan made by (i) JPMorgan Chase <br />Bank, N.A. prior to the City Loan for payment of a portion of the acquisition and <br />rehabilitation costs, and (ii) the senor loan that will be made by the Department of <br />Housing and Community Development for a portion of the operating costs, and shall <br />include any subsequent loan that refinances an initial Senior Loan. <br /> <br />"Senior Loan Deed of Trust" means a deed of trust securing a <br />Senior Loan by encumbering the Property. <br /> <br />"Senior Loan Documents" means, collectively, the loan agreement <br />governing a Senior Loan, a Senior Loan Note, a Senior Loan Deed of Trust, and any <br />other agreement, document or instrument that a Senior Lender requires in connection <br />with a Senior Loan. <br /> <br />"Senior Loan Note" means a promissory note evidencing a <br />EXHIBIT 3