SANTA ANA ARTS COLLECTIVE, L.P. (META HOUSING PROJECT) - 2017

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"Project" means the construction of the Improvements upon the Property by Developer pursuant to this Agreement. "Project Budget" means the line -item budget for the Project attached hereto as Exhibit E, as modified from time to time in accordance with this Agreement. "Project Costs" means all costs of any nature incurred in connection with the Project in accordance with generally accepted accounting principles. "Property" means the property that is located at 1666 N. Main Street in the City of Santa Ana, and is more fully described in the "Legal Description" of the Property attached hereto as Exhibit A and incorporated herein by reference. "Scope of Work/Schedule of Performance" means the detailed statement of the work to be performed by Developer on and to the Property pursuant to this Agreement, along with the Schedule of Performance setting forth timeframes for certain tasks, which document is attached hereto as Exhibit F. "Section 504" means section 504 of the federal Rehabilitation Act of 1973, codified at 29 U.S.C. § 701 et seq., and its implementing regulations located at 24 CFR 8. "Senior Lender" means a commercial financial institution providing the Senior Loan or any other holder of the Senior Loan Note and its successors and assigns. The initial Senior Lender will be Bank of America, N.A and California Community Reinvestment Corporation is projected to become the Senior Lender after conversion of the loan to permanent status. "Senior Loan" means a loan from any Senior Lender(s) in a position superior to the HOME Loan. "Senior Loan Deed of Trust" means any deed(s) of trust securing any Senior Loan(s) by encumbering the Property. "Senior Loan Documents" means, collectively, the 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 from the Senior Lender. "Term of Affordability" the terns and conditions contained herein shall remain in effect for fifty-five (55) years from the date of issuance of the Certificate of Completion. "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, adjusted for household size, as published by HUD.