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<br />199386222v3
<br />“Regulatory Agreement” means the Regulatory Agreement, dated as of June 1, 2026, among the
<br />Governmental Lender, the Fiscal Agent, and the Borrower, as the same may be amended, modified or
<br />supplemented from time to time.
<br />“Regulatory Agreement Default” shall have the meaning given to such term in Section 7.9(b) of
<br />the Borrower Loan Agreement.
<br />“Related Person” with reference to any Substantial User, means a “related person” within the
<br />meaning of Section 147(a)(2) of the Code.
<br />“Rents” shall have the meaning assigned to such term in the Mortgage.
<br />“Replacement Reserve Agreement” means the Replacement Reserve and Security Agreement,
<br />dated as of the date hereof, made by the Borrower in favor of the Funding Lender.
<br />“Replacement Reserve Fund” means the fund of that name created pursuant to Section 4.2 of this
<br />Funding Loan Agreement.
<br />“Required Equity Funds” means all installments of equity contributions to be made to the
<br />Borrower by the Investor Limited Partner through the Stabilization Date and funding of the Operating
<br />Reserve Fund, subject to and in accordance with the terms of the Partnership Agreement.
<br />“Requisition” means a requisition in the form attached to the Borrower Loan Agreement as Exhibit
<br />B, together with all invoices, bills of sale, schedules, applications for payment, certifications and other
<br />submissions required for the disbursement of the proceeds of the Funding Loan pursuant to the terms of the
<br />Borrower Loan Agreement.
<br />“Reserved Rights” means the rights of the Governmental Lender pursuant to Sections 2.5, 4.2,
<br />6.10, 10.5 and 10.13 of the Borrower Loan Agreement and the rights of the Governmental Lender pursuant
<br />to other sections of the Borrower Loan Agreement providing that notices, reports and other statements be
<br />given to the Governmental Lender.
<br />“Responsible Officer” means, when used with respect to the Fiscal Agent, any officer within the
<br />corporate trust department of the Fiscal Agent, including any vice president, assistant vice president,
<br />assistant secretary, assistant treasurer, trust officer or any other officer of the Fiscal Agent who customarily
<br />performs functions similar to those performed by the persons who at the time shall be such officers,
<br />respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and
<br />familiarity with the particular subject and who shall have direct responsibility for the administration of this
<br />Funding Loan Agreement.
<br />“Retainage” means the greater of: (i) a holdback of the percentage of the hard costs of construction
<br />of the Improvements under each contract or subcontract set forth on the Schedule of Financial Terms or (ii)
<br />the amount required to be held back pursuant to the Construction Contract.
<br />“Sale” means the direct or indirect sale, agreement to sell, assignment, transfer, conveyance,
<br />hypothecation, lien, mortgage, grant of a security interest in or a deed to secure debt or deed of trust with
<br />respect to, encumbrance, lease, sublease or other disposition of the Project Facilities, or any part thereof or
<br />interest therein whether voluntary, involuntary, by operation of law or otherwise, other than (i) the leasing
<br />of individual residential units to tenants, (ii) the extension, amendment, renewal or replacement of
<br />commercial leases currently in effect, and (iii) the grant of easements for utilities and similar purposes in
<br />the ordinary course provided, such easements do not impair the use of the Project Facilities or diminish the
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