55A - AGMT LEGACY APARTMENTS - Laserfiche WebLink

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a. Commencing on the date one hundred and fifty (150) days after the close of the initial Calendar Year following the issuance of the Certificate of Occupancy, and on or before the 150a' day of each Calendar Year thereafter, the Borrower shall thereafter make a loan payment, including any payment processing fee charged by the City's loan processor, as applicable, to the City annually, in the amount of the lesser of the outstanding balance due under this Note or the City's Percentage of the Residual Receipts, as provided herein. b. Within one hundred and fifty (150) days after the close of the initial Calendar Year, following the Issuance of the Certificate of Occupancy, and on or before the 150th day of each Calendar Year thereafter, the Borrower shall submit to the City an audited financial statement of Gross Revenues and Operating Expenses attributable to the Property for the applicable Calendar Year, along with a computation of the amount of the Residual Receipts applicable to such Calendar Year with which to make an Inclusionary Loan payment then due. c. [Except as otherwise provided, the Borrower shall pay to the City the City's Percentage of the Residual Receipts as payment of the City Inclusionary Loan until the City Inclusionary Loan has been fully repaid. At least fifty percent (50%) of the Residual Receipts shall remain with the Borrower, [with all Residual Receipts remaining with Borrower once the City Inclusionary Loan and other subordinate loans have been fully repaid]. d. Borrower shall retain fifty percent (50%) of the Residual Receipts. The other 50% shall be divided with [_] % applied to this City Inclusionary Loan, L--]% applied to [California HCD Loan], and [ ]% applied to [Ca1HFA Loan]. [As Borrower repays this 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 loans in accordance with Section 5(d) hereof] 6. Loan Repayment 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 and any deferred developer fee in full, as the Senior Lender may permit; and next, the Borrower shall pay to the City the City's Percentage of the Refinancing Proceeds to the extent of the outstanding balance on this Note and to other subordinate lenders any amounts due to them under their respective loan documents. All remaining Refinancing proceeds shall remain with the Borrower 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. 6 55A-98