TINY TIM LP (C/O COMMUNITY DEVELOPMENT PARTNERS)

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c. Except as otherwise provided, the Borrower shall pay to the City the City's Percentage of the Residual Receipts as payment of the Agency LMIHAF Loan and City Inclusionary Loan pursuant to Section 5(d) below. At least fifty percent (50%) of the Residual Receipts shall remain with the Borrower, with all Residual Receipts remaining with Borrower, once both the Agency LMIHAF Loan and City Inclusionary Loan have been fully repaid. d. Borrower shall retain fifty percent (50%) of the Residual Receipts. The other fifty percent (50%), shall be divided with seventy-eight percent (78%) to be applied to the Agency LMIHAF Loan, and twenty-two percent (22%) to be applied to this Inclusionary City Loan. As Borrower repays this Loan and the Agency LMIHAF Loan, the payment percentage applied to the remaining loans shall increase. e. The Residual Receipts payment shall be made no later than one hundred and fifty (150) days after the close of the Calendar Year. Such payment shall be applied first to any late fees, then to reduce the principal balance of the loan. 6. Loan Renavment from Refinancing Proceeds. The Borrower shall make a loan payment to the City from every Refinancing that occurs during the term of this Note (other than refinancing of the Senior Loan), not to exceed the outstanding balance of principal on this Note, to the extent of the City's Percentage of the Refinancing Proceeds (if any), as follows: the cash proceeds from such Refinancing shall be applied first to pay Closing Costs; next, the amount necessary to pay in full the balance remaining on the Senior Loan; next, the amount necessary to pay any deferred developer fee in full; and next, the Borrower shall pay to the City the City's Percentage of the Refinancing Proceeds of which City Percentage shall be used seventy-eight percent (78%) to repay the LMIHAF Agency Loan, and twenty-two percent (22%) to repay this Inclusionary City Loan, to the extent of the outstanding balance on this Note. All remaining Refinancing proceeds shall remain with the Borrrower to the extent the outstanding balance (including interest) of the Note has been fully paid. Such payment shall be due on the date of such Refinancing, and shall be applied to reduce the principal balance of the Loan in accordance with this Section 6. The City shall not be required to reconvey the lien of the Deed of Trust if Refinancing Proceeds are insufficient to repay the Loan in full. 7. Loan Repayment from Sale Proceeds. The Borrower shall make a loan payment, not to exceed the outstanding balance of principal on this Note, subject to section 14 herein, to the City from any Sale that occurs during the term of the Inclusionary Loan, to the extent of the City's Percentage of the Sale Proceeds, as follows: gross sale proceeds are applied first to pay Closing Costs; next, to pay in full the balance remaining on the Senior Loan; next, the amount necessary to pay any deferred developer fee in full; and next, the Borrower shall pay to the City the City's Percentage of the Refinancing Proceeds of which City Percentage shall be used seventy-eight percent (78%) to repay the LMIHAF Agency Loan, and twenty-two percent (22%) to repay the Inclusionary City Loan, not to exceed the outstanding amount of principal due on this Note. All remaining Sale Proceeds shall remain with the Borrower to the extent the outstanding balance (including interest) of the Note has been fully 6