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" Ph ase R-2 Agen ey Loan" is d efined in S cc Lion 314.1. "Phase R-2 Outside Closing Date" means the last date the Phase R-2 Closing may occur as described in Section 01.4, "Portion(s) or Phase(s)" means the portion(s) or phases(s) of Phase FS being separately conveyed. "'Project r a" means the project area for the Redevelopment Pl . "Project" is defined in Recital F. "Property Manager" is defined in Section 401.9. "Porch as a Price -' shall mean the price to h e p aid as c on s idera do n fo r t h e pu r h a e of the Site by the Developer from the Agency, as set forth in Section 201 . "RAP" is defined in Section 206.4. "Redevelopment Plan" means the Redevelopment Plan for the Merged Redevelopment Project as approved by Ordinance Igo. 2662-2667 adopted by the i t y Council of the City of Santa Aria on September 20, 2004* as amended. "Regulatory Agreement" means the Regulatory Afir em erg t which is to he recorded as an encumbrance of each Phase of the Rental Portion of the Project in a form Erlich is attached hereto as Attachment Igo. 7 and incorporated herein, in accordance with Section 40 1.11. The l e ulatory Agreement may sometimes he referred to herein as the "'Agency Developer s" or the i" s." "Release of Constructian Covenants" means the document which evidences the Developer's satisfactory c ompl tion of the Developer Improvements, as set forth in Section 313 hereof, in the form of Attachment Igo. 6 hereto which is incorporated h rein by reference. "il Work" is defined in Section 206.4. "Rental Portion of the Project' means that portion of the Project that consists of the Rental Units. The Rental Portion of the Project consists of four 4 lots as identified on the Site Map and shall be constru cted in two separate Phases (Phase -1 and Phase R-2). "Rental Unit" or "'Rental Units" means the Housing Unit that i s /are constructed and developed i thi n the Rental Portion of the Project, all of which shall be rented or lease to Extrerne,ly Low Income Households and/or Very Low Income Households as provided in this "Report" means the preliminary title report, as described in Section 202 hereof. " a pis a Budget"' means the revised develop men t budget prepared by the Developer and approved by the Agency Executive Director, acting in her reasonable discretion, prior to and as a condition precedent to Closing of the applicable Phase of the Dental Portion of the Project a nil x 1 DOCS 0011 400673 Y 1 4120027 2-0001