80A - JOINT PH - TRANSIT ZONING CODE, FINAL EIR, SPECIFIC PLAN ETC. - ORIGINAL PACKET PROVIDED TO COUNCIL

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Loan, Phase -2 Loan and the Phase FS Agenc y Loan are sometimes collectively referred to herein as the "Agency Loans." 314.2 Repayment of the Agency Loans. The Phase -1 Agency Loan, the Phase -2 Agency Loan and the PS Agency Loan shall each be evidenced by a separate Promissory Note, and the Developer's obligation to repay each such Agency Loan shall be set forth in such Promissory Notes (the "Please -1 Promissory Note," "Ph as R -2 Prom issor Note "' and the Phase PS Promissory Note or, collectively the "Promissory Notes "). The Agency Loans shall be funded solely from moneys from a Low and Moderate Income Housing Fund established purWant to Section 33334.3 of the California Health and Safety Code, all within the meaning of Section 1720(c)(4) of the California Labor Code. Capitalized terms in this Section 314.2 not defined herein are defined in the Promissory Note. (a) Phase R-- i-o issor); Mote and Chas R-2 Pwniissorj7 Mote Paj)a i-oin Residual . � *. The Phase R -1 Promissory Note and Phase R -2 Promissory Note shall be payable from fifty percent 0" of the "Residual Receipts"' of the Phase of the Rental Portion of the Project to which such Promissory Note relates, after payment of (i) Expenses, and (ii) Debt Service allocable to such Phase of the Rental Portion, until such Promissory Note has been paid in fill; provided, however, that if such calculation results in negative number for any given year, Residual Receipts shall be zero for that year. In the event that the Developer obtains other approved financing that also requires payment from Residual Receipts, the Residual Receipts shall be allocated to repayment of both or all) loans in are amount proportionate to the relative amount of such loans, so that each soft loan receives a proportional share of a total of no more than fifty percent 0% of the Residual Receipts for such Phase of the Rental Portion of the Project in each year. (b) Ph'S ronnssoi` � Note. The phase PS Promissory ' Note is payable after close of escrow of all of the For -Sale Units from twent y-five percent 25% of the net proceeds of such sales after Developer has received a return of velve percent 12yo oil costs, as trrore pailicul r•ly set forth in the Phase PS Promissory Note. In the event that such amount is not sufficient to pay the full amount of the Phase PS Promissory issory Note, the remaining balance of the Phase PS Promissory Note shall be reduced to zero upon the Developer's payment of the foregoing niou t to the Agency. 314.3 Reporting Requirements for the Rental Portion of the PI-0ject. with respect to each Phase of the Rental Portion, the Developer shall annually, on or before April 30th of each year, commencing in the year after the issuance of the first certificate of occupancy for such Phase, submit to the Agency an audited financial statement and a Residual Receipts Deport, in the form attached hereto as Attachment No. 10 and incorporated herein, which shall provide the basis for the Developer's payment of Residual Receipts to the Agency Fith respect to Such Phase. The Agency Executive Director may aiv the requirements ents of this Section 3 14.3 in the evert the Developer timely submits to the Agency a report prepared for any other federal, state or local government agency that contains the information required by Attachment No, 10. The Residual Receipts Report, or the report accepted by the Executive Director in lieu of the Residual Receipts Report, inust be prepared or audited by an entity independent of the Developer in order to satisfy the requirements ents of this Section 314.3. 1 Do sD / 1400673 %, 1312002 72 -0001