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<br />Consent, the Governmental Lender Assignment, the Replacement Reserve Agreement, the Assignment of
<br />Project Documents, the General Partner Pledge, the Developer Fee Pledge, the Assignment of Capital
<br />Contributions, the Subordination Agreement, the Guaranty of Recourse Obligations, the Guaranty of Debt
<br />Service and Stabilization and the Guaranty of Completion, and all other agreements or instruments relating
<br />to, or executed in connection with the issuance and delivery of the Governmental Note, including all
<br />modifications, amendments or supplements thereto.
<br />“Funding Loan Fund” means the fund of that name created pursuant to Section 4.2 of this Funding
<br />Loan Agreement.
<br />“Funding Loan Proceeds Account” means the account of that name created pursuant to Section
<br />4.2 of this Funding Loan Agreement.
<br />“GAAP” means generally accepted accounting principles in effect in the United States from time
<br />to time, consistently applied.
<br />“General Partner” means, collectively and each, FFAH V LC Senior Apts MN, LLC, a Minnesota
<br />limited liability company, as “Managing General Partner” of the Borrower, and LC Affordable GP, LLC,
<br />a Minnesota limited liability company, as “Co-General Partner” of the Borrower, together with their
<br />successors and assigns, as permitted by the Controlling Person and the restrictions described in the
<br />definition of “Permitted Transfer” herein.
<br />“General Partner Pledge” means, collectively and each, the Limited Guaranty, Pledge of
<br />Partnership Interests and Security Agreement, dated the date hereof, by LC Affordable GP, LLC, a
<br />Minnesota limited liability company, as “Co-General Partner” of the Borrower, in favor of the Funding
<br />Lender, and the Pledge of Partnership Interests and Security Agreement, dated the date hereof, by FFAH V
<br />LC Senior Apts MN, LLC, a Minnesota limited liability company, as “Managing General Partner” of the
<br />Borrower, in favor of the Funding Lender.
<br />“Government Obligations” means (i) direct obligations of the United States of America for the
<br />full and timely payment of which the full faith and credit of the United States of America is pledged, and
<br />(ii) obligations issued by a Person controlled or supervised by and acting as an instrumentality of the United
<br />States of America, the full and timely payment of the principal of, premium, if any, and interest on which
<br />is fully guaranteed as a full faith and credit obligation of the United States of America (including any
<br />securities described in (i) or (ii) issued or held in book-entry form on the books of the Department of the
<br />Treasury of the United States of America), which obligations, in either case, are not subject to redemption
<br />prior to maturity at less than par at the option of anyone other than the holder thereof.
<br />“Governmental Action” means all permits, authorizations, registrations, consents, certifications,
<br />approvals, waivers, exceptions, variances, claims, orders, judgments and decrees, licenses, exemptions,
<br />publications, filings, and notices to and declarations of or with any Governmental Authority and shall
<br />include all permits and licenses required to construct, use, operate and maintain any of the Project Facilities.
<br />“Governmental Authority” means any federal, state, or local governmental or quasi -
<br />governmental subdivision, authority, or other instrumentality thereof and any entity asserting or exercising
<br />executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and
<br />having jurisdiction over the Borrower and/or the Project Facilities.
<br />“Governmental Lender” shall have the meaning set forth in the first paragraph of this Funding
<br />Loan Agreement.
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