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EXHIBIT 3 11 C a 1 c n d a mean Vwla cnr�;ecutive twelve (12) month period li-om .January I to Decctubcr 11. "CDRG Deed of 'Trust" shall mean the CDRO Deed of Tntst in favor of the City, securing the CDBG Loan, substanlmlly in the torn attached to the Loan Agreement as Exhibit D, which is incorporated hcrcin by this rcicrenec- "CDBC Loan" shall mean the loan evidenced by this Note repayable to the City in accordance with the terms of this Note anti secured by the CDBC Deed of Trust. "CDBC Program" (CDBC) means the Cuttununity Developmem Block Grunt progrann wnducted pursuant to Title I of the I lousing and Community Development Act of 1974, as amended by the United Statcs Department of Housing and Urban Development ("HUD"). "City Loan" shall mean the loan evidenced by this Note funded in whole or in part with CDBC funds. " C i t y ' s P withcreEerurvCeatcgtJee Residual Receipts, shall mean 50'/o or the prorated percentage of the total anunurt of firnds contributed after North Harbor TTousing Parhners LP, retains Idly percent ol' the Residual Receipts, whichever is less, ol' the City's share of the total Residual Receipts floor the Property as futther desctibcd in Section 5 hcrcol'. ITulher lenders to the Property arc also repaid fiom Residual Receipts, City's Percentage shall be reduced proportionally to the ralio that the original principal amount of the Loan bears to the original principal amount of all loans being repaid from Residual Receipts multiplied by 50'V, "Closing Costs" shall mean: 0) Tn the case of a Sale, reasonable brokerage commissions payable to a broker as a result of the sale, which shall not in any event exceed the customary amount charged -for similar transactions in the immediate market place, costs of title insurance pretiums, documentary stamp taxes, escrow tees, recurditlg charges, luau repayment charges and other costs reasonably incurred with respect to the Property, in each ease actually paid by Borrower as a condition of the sale. (n) In the case. of Refinancing, the reasonable and necessary costs of consurtunating such Refinancing, including, without limitation, loan fees, loan repayment charf;es, costs of title insurance premiums, escrow fees, recording fees, attorneys' fees and costs of lender required repairs or reserves - "Gross Revenues" shall mean all revenue,; and receipts of every hind actually received by Borrower from operating the Property, and all parts thereof, including, but not limited to, income from both cash and credit lransactions, rental loam leased and/or subleased spaces and parking fees and charges (but not including security deposits and other tenant deposits, except to the extent such deposits are forfcited to the Borrower under the tenant's Icasc). Gloss Revenues 2 City Council 21 — 73 4/20/2021