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"Release of Construction Covenants" has the meaning set forth in Section 310. "Retainage" is defined in Section 611. "Schedule of Performance" means the Schedule of Performance attached hereto as Exhibit J and incorporated herein, which sets forth the dates and/or time periods by which certain obligations set forth in this Agreement must be accomplished. The Schedule of Performance is subject to revision from time to time as mutually agreed upon in writing between the Developer and the Executive Director, and the Executive Director is authorized to make such revisions as he or she deems reasonably necessary. "Scope of Development" means the Scope of Development attached hereto as Exhibit K and incorporated herein, which describes the scope, amount and quality of development of the Improvements to be constructed by the Developer pursuant to the terms and conditions of this Agreement. "Senior Lender" means the state of federal financial institution that provides the Senior Loan, as approved by City pursuant to Section 311. "Senior Loan" shall mean the senior loan being made by the Senior Lender concurrent with the Agency Loan and the City Loan, for payment of a portion of the Project Costs, and shall include any subsequent loan that refinances the initial Senior Loan (as approved by the Executive Director). The Senior Loan shall consist of those related loan documents including, but not limited to the Senior Loan Agreement and the Senior Deed of Trust (collectively "Senior Loan Documents"). "Senior Loan Deed of Trust" means the deed of trust securing the Senior Loan by encumbering the Property. "Senior Loan Documents" means, collectively, the Senior Loan Agreement governing the Senior Loan, the Senior Loan Note, the Senior Loan Deed of Trust, and any other agreement, document or instrument that the Senior Lender requires in connection with the Senior Loan. "Senior Loan Note" means the promissory note evidencing the Senior Loan. "Site Map" means the map depicting the Site which is attached hereto as Exhibit B and incorporated herein. "Site Plan" means the Site Plan depicting the Improvements which is attached hereto as Exhibit C and incorporated herein. "Tax Credits" is defined in Recital G. "Term," "Term of Affordability" and "Affordability Period" shall mean the term of effectiveness of this Agreement and the Affordability Restrictions, which shall each remain in effect for not fewer than fifty-five (55) years from the issuance of the final Certificate of Occupancy for the Project. "Very Low Income" means an adjusted income which does not exceed fifty percent (50%) of the Area Median Income for the Orange County, California PMSA, as adjusted for household size, and periodically published by HUD, as such qualifying limit is amended from time to time. 9 DO C S OC/ 14695 83 v5/200272-0003