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5 <br />Housing and Community Development. The term “Senior Loan” shall include any subsequent <br />loan that refinances an initial Senior Loan. <br /> <br />"Term" the term for repayment of this Note shall mean fifty-five (55) years from the <br />date of recording. <br /> <br />3. Loan Repayment. <br /> <br />Borrower shall make payments to the City as provided in Sections 5 (Residual Receipts), <br />7 (Refinancing Proceeds), 8 (Sale Proceeds) and 10 (Accelerated Loan Repayment). <br /> <br />4. Operating Capital Improvement Loan. <br /> <br /> If the replacement reserve account (“reserves”) is depleted due to unforeseen repairs and <br />the General Partner makes a loan to the Partnership, the reserves must be fully funded to their <br />original level prior to repayment of said loan. Such loan shall be repaid with net cash flow prior <br />to the residual receipt split. The outstanding loan balance will be reflected in the annual report. <br /> <br />5. Annual Loan Repayment. <br /> <br /> a. 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 lesser <br />of the outstanding balance due under this Note or the City’s Percentage of the Residual Receipts, <br />as provided in this Section 5. <br /> <br />b. Within one hundred twenty (120) days after the year in which the rehabilitation of <br />the Project is completed, and on or before the 120th day of each Calendar Year thereafter, the <br />Borrower shall submit to the City a detailed statement of Gross Revenues and Operating <br />Expenses attributable to the Property for the applicable Calendar Year, along with a computation <br />of the amount of the Residual Receipts applicable to such Calendar Year with which to make a <br />City Loan payment then due. <br /> <br />c. Except as otherwise provided in Section 4, (i) the Borrower shall pay to the City <br />City’s Percentage of the Residual Receipts as payment of principal and interest under its loan; <br />and (ii) Borrower shall retain Borrower’s fifty percent (50%) share of the Residual Receipts to <br />be used by Borrower as determined by the General Partners of Borrower, including, without <br />limitation, for distribution to the partners of the Borrower. <br /> <br />d. The Residual Receipts payment shall be made not later than one hundred fifty (150) <br />days after the close of the Calendar Year. Such payment shall be applied first to any accrued but <br />unpaid interest, if any, then to reduce the principal balance of the City Loan. <br />6. Reserved. <br />7. Loan Repayment from Refinancing Proceeds. <br />EXHIBIT 3