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and Ordinary Expenses. Extraordinary Services and Extraordinary Expenses shall specifically include
services rendered or expenses incurred by the Trustee in connection with, or in contemplation of, an Event
of Default.
“Favorable Opinion of Bond Counsel” means an opinion of Bond Counsel that the action proposed
will not, in and of itself, cause interest on the Bonds to become includable in gross income of the Holders
thereof.
“Federal Historic Tax Credit Equity” shall mean federal historic tax credit funds of the Borrower
used to finance the Project.
“Federal Tax Credit Equity” shall mean the federal tax credit funds of the Borrower used to finance
the Project.
“Federal Investor Limited Partner” means USA Institutional Stuart Gardens I LLC, and its
successors and/or assigns.
“FHA” means the Federal Housing Administration.
“FHA Insurance Commitment” means the commitment for insurance of advances issued by the
Federal Housing Commissioner of HUD with respect to the Project, dated December 23, 2025, as may be
amended from time to time.
“FHA Insurance Regulations” means the FHA regulations promulgated under the National
Housing Act, as amended.
“FHA Insured Mortgage Loan” means the mortgage loan in the approximate original principal
amount of $30,814,000 to be advanced by the FHA Lender to the Borrower and insured by FHA under
Section 221(d)(4) of the National Housing Act, as amended, to provide construction and permanent
financing for the Project.
“FHA Lender” means Merchants Capital Corp., an Indiana corporation, its successors and assigns.
“FHA Lender Funds” means funds of the FHA Lender, other than proceeds of the FHA Insured
Mortgage Loan, delivered to the Trustee pursuant to this Indenture and the Loan Agreement.
“FHA Loan Documents” means the documents related to the FHA Insured Mortgage Loan,
including the FHA Insurance Commitment, the FHA Note, the FHA Mortgage, the HUD Regulatory
Agreement and any and all other documents, agreements, or instruments which evidence or secure the
indebtedness evidenced by the FHA Note.
“FHA Mortgage” means the first-lien priority Multifamily Deed of Trust, Security Agreement,
Assignment of Rents, and Fixture Filing (Virginia), dated the date of the FHA Note and insured by HUD,
from the Borrower for the benefit of the FHA Lender to secure the repayment of the FHA Note.
“FHA Note” means the Note (Multistate) in the approximate amount of $30,814,000, dated as of
July 1, 2026, from the Borrower to the FHA Lender to evidence its indebtedness under the FHA Insured
Mortgage Loan.
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