11-14-01 2. LOAN AGREEMENT - Laserfiche WebLink

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materially impair the property affected thereby for the purposes for which it was acquired or is held by the Borrower, (iv) the Mortgage, (v) any mortgage lien subordinate to the lien of the Mortgage to be granted after the date hereof by the Borrower in connection with incurring any indebtedness in respect of borrowed funds provided, however, that the terms of any such indebtedness shall require that no remedies may be exercised with respect thereto unless and until all amounts due in respect of Senior Indebtedness have been fully paid or provided for, (vi)Permitted Purchase Money Security Interests,(vii)security interests in accounts receivable securing Short-Term Indebtedness permitted under Section 6.15, (viii) the Ground Lease, and (ix)those additional encumbrances identified in Exhibit B to the Mortgage and the Subordinate Mortgage. "Permitted Purchase Money Security Interests" means any security interest, retention of title, financing lease, or installment purchase or similar contract whereby a seller of personal property retains a right of repossession, provided that the aggregate purchase price of all outstanding Permitted Purchase Money Security Interests may not exceed $50,000. "Program" means a program within the meaning of the Act authorizing the issuance of the Series 2001 Bonds. "Project"means the development,design,acquisition,construction,equipping and financing of a senior multifamily housing facility located on the Land containing 62 units for independent living by senior residents and related and subordinated facilities thereto. "Project Buildings" means all improvements or buildings financed in whole or in part with proceeds of the Bonds or other amounts disbursed under the Loan Agreement or the Disbursing Agreement and now or hereafter located on the Land, as the same may be improved or expanded from time to time, and including all related building service equipment and other fixtures incorporated therein or attached thereto. "Project Costs" means the same as that term is defined in the Indenture. "Project Equipment" means all Equipment located in the Project Buildings or otherwise on the Land or elsewhere, to the extent financed in whole or part with proceeds of Bonds or amounts disbursed under the Indenture or the Disbursing Agreement. "Project Facilities" means the Land and all Project Buildings and Project Equipment to be acquired, constructed or installed as part of the Project or which is otherwise located on the Land as the same may exist at any time. "Project Plans"means the plans and specifications for the acquisition,construction and equipping the Project to be kept on file by the Borrower for inspection by the City, the Trustee and the Inspecting Architect and any modifications thereof and additions thereto permitted hereunder. -7-