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development, nor transfers of Limited Partnership interests or transfers of General Partner <br />interests caused by the removal of the General Partner pursuant to the terms of the <br />Partnership Agreement. <br />"Sale Proceeds" shall be as set forth in Section 8 hereof. <br />"Senior Loan" shall mean the senior. loan being made by U.S. Bank National <br />Association, concurrent to the City Loan for payment of a portion of costs of the acquisition <br />of the leasehold interest in the Property and the Construction Costs, and shall include the <br />Senior Loan following the purchase thereof by. California Community Reinvestment <br />Corporation (or its assignee) any subsequent loan that refinances the Senior Loan, and shall <br />include any other loan recorded senior in priority to this City Loan <br />"Term" the term for repayment of this Note shall mean sixty-two (62) years from <br />the Certificate of Completion. <br />3. LOAN REPAYMENT. <br />Borrower shall make payments to the City as provided in Sections 5 (Residual <br />Receipts), 7 (Refinancing Proceeds), 8 (Sale Proceeds) and 10 (Accelerated Loan <br />Repayment). <br />4. OPERATING CAPITAL IMPROVEMENT LOAN. <br />If the replacement reserve account ("reserves") is depleted due to unforeseen <br />repairs and the General Partner(s) makes a loan to the Borrower, the reserves must be fully <br />funded to the balance of the reserve prior to disbursement for such unforeseen repairs prior <br />to repayment of said loan. Such loan shall be repaid with net cash flow prior to the Residual <br />Receipt split. The outstanding loan balance will be reflected in the annual report. <br />5. ANNUAL LOAN REPAYMENT. <br />5.1. After any deferred developer fee has been paid, as set forth hereinabove, the <br />Borrower shall thereafter make a loan payment to the City annually, in the amount of the <br />lesser of the outstanding balance due under this Note, plus any accrued interest thereon, or <br />the City's Percentage of the Residual Receipts, as provided in this Section 5. <br />5.2. Within one hundred twenty (120) days after the year in which the <br />construction of the Project is completed, and on or before the 120th day of each Calendar <br />Year thereafter, the Borrower shall submit to the City a detailed statement of Gross <br />Revenues and Operating Expenses attributable to the Property for the applicable Calendar <br />Year, along with a computation of the amount of the Residual Receipts applicable to such <br />Calendar Year with which to make a City Loan payment then due. <br />5.3. Except as otherwise provided in Section 4, the Borrower shall pay to the <br />City the City's Percentage of the Residual Receipts as payment of principal and interest <br />under this Note. The Borrower shall pay 13.53% of the Residual Receipts to the County, <br />The Crossroads at Washington <br />City NSP Loan Note <br />