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"Permitted Encumbrances for the Affordable Housing Restrictions" <br />means collectively, the Senior Loan Deed of Trust and AHSC Deed of Trust and <br />all other title exceptions and limitations with respect to the Property hereafter <br />approved by the City Project Manager in writing, which shall include all title <br />exceptions set forth on City's title policy, all documents evidencing the State of <br />California Housing and Community Development loan to encumber the Property <br />and the TCAC Regulatory Agreement. <br />"Permitted Encumbrances for the City Deed of Trust" means the <br />Senior Loan Deed(s) of Trust and all other title exceptions and limitations <br />with respect to the Property hereafter approved by the City Project Manager in <br />writing, which shall include all title exceptions set forth on City's title policy, all <br />documents evidencing the State of California Housing and Community <br />Development loan to encumber the Property and the TCAC Regulatory Agreement. <br />"Project" means the construction of the Improvements upon the Property <br />by Developer pursuant to this Agreement. <br />"Project Budget" means the line-item budget for the Project attached <br />hereto as Exhibit G, as modified from time to time in accordance with this <br />Agreement. <br />"Project Costs" means all costs of any nature incurred in connection with <br />the Project in accordance with generally accepted accounting principles. <br />"Property" means the property that is located at 1666 N. Main Street in the <br />City of Santa Ana, and is more fully described in the "Legal Description" of the <br />Property attached hereto as Exhibit A and incorporated herein by reference. <br />"Scope of Work/Schedule of Performance" means the detailed statement <br />of the work to be performed by Developer on and to the Property pursuant to this <br />Agreement, along with the Schedule of Performance setting forth timeframes for <br />certain tasks, which document is attached hereto as Exhibit H. <br />"Senior Lender" means a commercial financial institution providing the <br />Senior Loan or any other holder of the Senior Loan Note and its successors and <br />assigns. The initial Senior Lender will be Bank of America, N.A and California <br />Community Reinvestment Corporation is projected to become the Senior Lender <br />after conversion of the loan to permanent status. <br />"Senior Loan" means a loan from any Senior Lender(s) in a position <br />superior to the City Loan. <br />"Senior Loan Deed of Trust" means any deed(s) of trust securing any <br />Senior Loan by encumbering the Property. <br />"Senior Loan Documents" means, collectively, the loan agreement <br />governing the Senior Loan, the Senior Loan Note, the Senior Loan Deed of Trust, <br />