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"'Phase S" shall man the Phase of construction of the Project which shall include the development o f approximately thirty -tiro For-Sale units (inclusive of the Affordable For-Sale [knits) on the For-Sale Portion of the Site. Specifically, Phase FS will he constructed within the area identified on the Site Map as � `U t A," "Lot B, " .1 `Lot Cill "Lot x" " Lot E," and ;`Lot " "Phase FS Agency Loan" is defined in Section 314.2. "Thane FS Guaran tor" i s d fin ed i n S cc tion 2 04. I h. "'Phase FS Outside Closing Date" means the last date the first Closing with respect to Phase FS may occur as described ire Section 201.4. "`Phase FS Promissory Note's means a Promissory Note that sets forth the Developer' obligation to repay the Phase FS Agency Loan in the form which is attached hereto as Attachment No. 8A and incorporated herein by reference. "Th -I" shall man the Phase of construction of the Project which shall include t h development of approximately seventy four 4 ) Rental Units on the Rental Portion of the Property. peci fi ally, Phase 1 -I will be constructed within the area identified on the Site Map as "Lot 1.10P "Phase -I Agency Loan" is defined in Section 314. 1. " base -1 and Phase R-2 Guarantor's is defined in Section 204. l (b). "Phase -I Outside Closing Date' means the, 1 ant date the Phase -1 Closing may occur as described in Section 201.4. "Ph -I Promissory Note" and "'Phase R-2 Promissory Note" means, , in the case of e ac h of Phi ase. F- I an d P h a s -* a pro mis s ory no to tha i se is forth the Develop er I s ohli gation to repay the Phase R-1 Agency Loan and the Phase R-2 Agency Loan, respectively, the form of which is attached hereto as Attachment t No. 8B and incorporated herein by reference. Each Promissory Note shall bar simple interest at the rate of one percent 1 % per annum, commencing upon the date of funding under such Promissory Note and shall be for a terra ending n repayment in full of the N o to but in no event later than the earlier to occur of a fifty- eighth (58th) year after recordation of the Release of Construction Covenants, or December 31, 2075, on which date all principal and accrued but unpaid interest shall be paid to full. Each Note shall he non - recourse to the Developer. Each Promissory Note shall be payable from a portion of "`Residual Receipts" � generated by the Phase to which such Promissory Mote relates as set forth in Section 3 14.2 and s hal l he secured by an Agency Deed of Tru st. "Ph as R-2'-' shal l me an the Ph a se of core s t ru ct i o n of the Pro j ec t, which shall inulu d e the development of approximately forty 40 Rental Units on the n t al Portion of the Property and shall i n dude any Additional Properties designated for Phase R-2 which are added to the Project pursuant to Section 207 hereof. Specifically, Phase R-2 ill be ons tru t d within the area identified on the Site Map as ;Lot ," `Lot " and `Lot 4011 9 I O O 1 40067 3 v l 4 /20027 2 -0001