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<br />(m) "Lease" shall mean the Ground Lease of even date herewith, pursuant to which <br />the City shall lease the Property to the Borrower. <br /> <br />(n) "Leasehold Estate" shall mean the Borrower's leasehold interest in the Property as <br />created by the lease. <br /> <br />(0) "Loan" shall mean the City loan to Borrower pursuant to this Agreement in the <br />total principal amount of Two Million Four Hundred Ninety Thousand Dollars ($2,490,000). <br />The Loan shall not include the HELP Loan made by the City to Borrower. <br /> <br />(P) "Loan Documents" shall mean this Agreement, the Note, the Regulatory <br />Agreement, and the Deed of Trust. <br /> <br />(q) "Note" shall mean the promissory note that will evidence Borrower's obligation to <br />repay the Loan. <br /> <br />(r) "Parties" shall mean the City and Borrower. <br /> <br />(s) "Predevelopment Loan" shall mean the Nine Hundred Forty-Nine Thousand Eight <br />Hundred Five Dollar ($949,805) loan that the City loaned to Borrower to finance certain <br />predeve10pment activities in connection with the Project. <br /> <br />(t) "Predeve10pment Loan Agreement" shall mean the Predeve10pment Loan <br />Agreement dated ,2003, between the City and Borrower pursuant to which the <br />City loaned the Predevelopment Loan to Borrower. <br /> <br />(u) "Project" shall mean the Leasehold Estate and the one hundred five (105) assisted <br />living units. <br /> <br />(v) "Property" shall mean the real property located in the City of Pleasant on, County <br />of Alameda, California, more particularly described in the attached Exhibit A. <br /> <br />(w) "Regulatory Agreement" shall mean the Regulatory Agreement and Declaration <br />of Restrictive Covenants between the City and the Borrower associated with the Loan, to be <br />recorded against the Leasehold Estate. <br /> <br />(x) "Senior Lender" means any lender to Borrower whose loan is secured by a deed <br />of trust that is senior in lien priority to the deed of trust securing the Loan. <br /> <br />(y) "Tenn" shall mean shall mean the tenn of the Loan, commencing on the date of <br />this Agreement and continuing for fifty-five (55) years. <br /> <br />(z) "Transfer" shall have the meaning set forth in Section 4.7 below. <br /> <br />(aa) "Unit" means one (I) of the one hundred five (l05)-apartment units to be <br />constructed on the Leasehold Estate. <br /> <br />3 <br /> <br />144\ 105\217525.14 <br />