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"Mortgage Lender" means Merchants Capital Corp, an Indiana corporation, or another lending
institution, or their successors and assigns.
"Mortgaged Property" includes all property covered by the Mortgage.
"Note" means the Note dated as of even date with the Bonds, given by the Borrower and payable
to the order of the Issuer, evidencing the Borrower's obligation to repay the Loan, and any riders thereto or
amendments thereof.
"Plans" means the final plans and specifications for the Project, as such plans and specifications
may be revised from time to time. Modifications to the Plans do not require the approval of the Issuer or
the Trustee.
"Project" means the approximately 250 rental units comprised of 59 1-2-story apartment buildings
with 112 one-bedroom units, 136 two-bedroom units and 4 three-bedroom units, located on 21.15 acres of
the Real Property.
"Qualified Project Period" means that period, beginning on the later of the first day on which at
least ten percent (10%) of the residential units in the Project are occupied or the Closing Date and ending
on the latest of:
(i) the date which is 15 years after the later of the Closing Date or the date on which
fifty percent (50%) of the residential units in the Project are occupied, or
(ii) the first day on which no tax-exempt private activity bond issued with respect to
the Project is outstanding, or
(iii) the date on which any assistance provided with respect to the Project under
Section 8 of the United States Housing Act of 1937, as amended, terminates.
"Qualified Residential Rental Project" means any project for residential rental property if at all
times during the Qualified Project Period, such project meets the requirements of Section 142(d)(1)(A) or
(B) of the Code, whichever is elected by the Issuer at the time of issuance of the Bonds.
"Real Property" means the land described in Exhibit "C" attached hereto.
"Recreation Facilities" means any recreational or exercise facilities located on the Real Property.
"Rental Housing" means similarly constructed proximate housing units made available for rental,
and not ownership, to members of the general public, each of which units shall contain complete living
facilities which are to be used on other than a transient basis and facilities which are functionally related
and subordinate to the living facilities and which meet the requirements of Section 142(d) of the Code.
Rental Housing shall at all times be constructed and maintained in accordance with the applicable building
code standards within the City of Newport News, Virginia.
"Substantial Rehabilitation" means the renovation, rehabilitation, improving and equipping of
an existing residential rental project where more than 90% of the residential units in the Project are not
Available Units at any time within 60 days after the later of (1) the date the Project is acquired or (2) the
issue date of the Bonds.
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