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thereafter, the Borrower shall submit to the City an audited financial statement of Gross <br />Revenues and Operating Expenses attributable to the Property for the applicable Calendar Year, <br />along with a computation of the amount of the Residual Receipts applicable to such Calendar <br />Year with which to make a City Loan payment then due. <br />c. Except as otherwise provided, the Borrower shall pay to the City the City's <br />Percentage of the Residual Receipts as payment of principal. Fifty percent (50%) of the <br />Residual Receipts shall remain with the Borrower. <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 late fees, <br />then to reduce the principal balance of the loan. <br />6. Loan Repayment from Refinancing Proceeds. <br />The Borrower shall make a loan payment to the City from every Refinancing that occurs <br />during the term of this Note not to exceed the outstanding balance of principal on this Note, to <br />the extent of the City's Percentage of the Refinancing Proceeds (if any), as follows: the cash <br />proceeds from such Refinancing shall be applied first to pay Closing Costs; next, the amount <br />necessary to pay in full the balance remaining on the Senior Loan; next, the Borrower shall pay <br />to the City the City's Percentage of the Refinancing Proceeds to the extent of the outstanding <br />balance on this Note. Fifty percent (50%) of the Refinancing proceeds shall remain with <br />Borrower. Such payment shall be due on the date of such Refinancing, and shall be applied to <br />reduce the principal balance of the Loan. The City shall not be required to reconvey the lien of <br />the Deed of Trust if Sale Proceeds are insufficient to repay the Loan in full. <br />7. Loan Repayment from Sale Proceeds. <br />The Borrower shall make a loan payment, not to exceed the outstanding balance of <br />principal on this Note subject to Section 14 herein, to the City from any Sale that occurs during <br />the term of the City Loan, to the extent of the City's Percentage of the Sale Proceeds, as follows: <br />gross sale proceeds are applied first to pay Closing Costs, next to pay in full the balance <br />remaining on the Senior Loan; next the Borrower shall pay to the City the City's Percentage of <br />the total Sale Proceeds, not to exceed the outstanding amount of principal due on this Note. Fifty <br />percent (50%) of the Sale Proceeds shall remain with Borrower. Such payment shall be due on <br />the date of such Sale, and shall be applied to reduce the principal balance of the Loan. The City <br />shall not be required to reconvey the lien of the Deed of Trust if Sale Proceeds are insufficient to <br />repay the Loan in full. <br />8. Accelerated Loan Payment. <br />The full principal amount outstanding shall be due and payable on the earlier to occur of <br />the following: <br />a. Sale or Refinancing of the Property as provided further in Section 13 hereof, <br />6 <br />