FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

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EXHIBIT 3 TTousing and Community Dt%elopment_ The term `Senior T,oan" shall include any subsequent loam that refinances an initial Senior Loan- ... Ferm" the terra for repayment of this Note shall meaty fifty-five (55) years tirmr the date of recording, 3, Loan Repayment. Borrower shall make payments to the City as provided in Sections 5 (Residual Receipts), 7 (Refinancing Proceeds), 8 (Sale Proceeds) and 10 (Accelerated Loan Repayment). 4. 00crating Capital Improvement Loan. If the replacenrcnt rescrve account ("resetves") is depleted clue to unforeseen repairs and the General I'artner makes a loan to the Partnership, the reserves must be Bally Banded to Iheir original level prior to repayment of said loan. Such loan shall be repaid with net cash flow prior to dtc residual receipt split_ The outstanding loan balance will be reticetcd in the annual rrport. S. Annual Loan Repayment. a. After any defen-ed Developer Fee has been paid, as set Both hereinabove, the Burrower shall ihcrcalicr make a loan payment to dye City annually, in the atnouut of the ]essa of the outstanding balance due under this Note or the City's Percentage of the Residual Receipts, as provided in this Section 5. b. Within one hundred twenty (120) clays after the year in which the rchabilitation of the Project is completed, and on or before the 120th day of each Calendar Year thcrcaftcr, the Borrower shall submit to the City a detailed statement of Gross Revenues and Operating Expenses attributable to the Property for the applicable Calendar Year, along with a computation Of the amlOttrlt of the Residual Receipts applicable to such Calendar- Year with which to make a City Loan payment then due. C. Itxcept as otherwise provided in Section 4, (i) the Borrower shall pay to the City City's Percentage of the Residual Receipts as payment ofprincipal and interest under its loan; and (it) Borrower shall retain Borrower's titiy percent (50%,) share of the Residual Receipts to be used by Borrower as determined by the Gcncral Partners of Borrower, including, without limitation, for distribution to the partners of the Borrower. d. I he Residual Receipts payment shall he made not later than one hundred fifty (150) clays after the close of the Calendar Year_ Such payment shall be applied first to any accrued but unpaid interest, if any, then to reduce the principal balance of the City Loan. 6. Reserved. 7. Loan Renavntent from Retinanchm Proceeds. 5 City Council 21 — 76 4/20/2021