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<br /> 6 <br />"Project Costs" means all costs of any nature incurred in connection with the Project in <br />accordance with generally accepted accounting principles. <br /> <br />"Property" means the property that is located at 1440 East First Street in the City of Santa <br />Ana, and is more fully described in the “Legal Description” of the Property attached hereto as <br />Exhibit A and incorporated herein by reference. <br /> <br />“Restricted Units” means the units restricted as affordable by the Agency Loan <br />Documents. <br /> <br />"Scope of Work/Schedule of Performance" means the detailed statement of the work <br />to be performed by Developer on and to the Property pursuant to this Agreement, which is <br />attached as Exhibit F to the Agency Loan Agreement. <br /> <br />"Senior Lender" means a commercial financial institution providing the Senior Loan or <br />any other holder of the Senior Loan Note. <br /> <br />"Senior Loan" means a loan from the Senior Lender concurrent to the Agency Loan for <br />payment of a portion of the acquisition and construction costs, and shall include any subsequent <br />loan that refinances the initial Senior Loan. <br /> <br />"Senior Loan Deed of Trust" means the first deed(s) of trust securing the Senior Loan <br />by encumbering the Property. <br /> <br />"Senior Loan Documents" means, collectively, the loan agreement governing the <br />Senior Loan, the Senior Loan Note, the Senior Loan Deed of Trust, and any other agreement, <br />document or instrument that the Senior Lender requires in connection with the Senior Loan. <br /> <br />"Senior Loan Note" means the promissory note evidencing the Senior Loan from the <br />Senior Lender. <br /> <br />"Term of Affordability" the terms and conditions contained herein shall remain in <br />effect for fifty-five (55) years from the date of issuance of the Certificate of Completion. <br /> <br />"Very Low Income" means an adjusted income which does not exceed fifty percent <br />(50%) of the area median income for the Orange County, California PMSA, adjusted for <br />household size, as published by TCAC in accordance with Sections 50052.5 and 50053 of the <br />Health & Safety Code. <br /> <br />2. USE OF THE PROPERTY. Owner covenants and agrees (for itself, its successors, <br />its assigns, and every successor in interest to the Property of any part thereof) that Owner, such <br />successors, and assigns shall use the Property to provide affordable rental housing, for Extremely <br />Low, Very Low, and Low Income households, as provided in the Agency Loan Agreement and <br />these Restrictions. <br /> <br /> <br /> <br />EXHIBIT 3 <br />3-67