RecD08 2008-042417 - Laserfiche WebLink

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"Business Day" means any day other than Saturday, Sunday or a day on which Swap Provider is not open for business. "Covenants" means, collectively, that certain (i) Declaration of Affordablity Covenants recorded December 22, 2003 under Instrument No. 2003-350638, and (ii) Declaration of Redevelopment Covenants, recorded December 22, 2003 under Instrument No. 2003-350639 made by KDF Communities, LLCand to be recorded among the applicable land records before this Agreement. "Default Notice" means: (a) a copy of the written notice from the Swap Provider to the Borrower stating that a Senior Default has occurred under the Swap Agreement; or (b) a copy of the written notice from the Subordinate Lender to the Borrower stating that a Subordinate Loan Default has occurred under the Subordinate Loan. Each Default Notice shall specify the default upon which such Default Notice is based. "Owner Participation Agreement" means that Owner Participation Agreement dated as of December 1, 2003 by and among the City of Redwood City, the Redevelopment Agency of the City of Redwood City and Borrower. "Person" means an individual, estate, trust, partnership, corporation, limited liability company, limited liability partnership, governmental department or agency or any other entity which has the legal capacity to own property. "Property" means the multifamily housing project located in Redwood City, San Mateo, California, known as the Hallmark House Apartments, more fully described on Exhibit A hereto. "Senior Default" means the occurrence of an "Event of Default" as that term is defined in the Senior Documents. "Senior Documents" means the Swap Agreement, the Senior Security Instrument and all other documents evidencing, securing or otherwise executed and delivered in connection with the Swap Agreement. "Senior Security Instrument" means the Subordinate Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing granted by the Borrower to secure the Swap Agreement. "Subordinate Lender" means the Person named as such in the first paragraph on page 1 of this Agreement and any other Person who becomes the legal holder of the Subordinate Note after the date of this Agreement. "Subordinate Loan Default" means a default by the Borrower in performing or observing any of the terms, covenants or conditions in the Subordinate Loan Documents to be performed or observed by it, which continues beyond any applicable period provided in the Subordinate Loan Documents for curing the default. "Subordinate Loan Documents" means the Subordinate Note, the Subordinate Security Instrument, the Owner Participation Agreement, the Covenants and all other 2