80A - TRANSIT CODE AND STATION DISTRICT - EXHIBIT J

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Loan, Phase Laa~7 ar~d tl~e Phase P Agenc~? Lawn al'e san~etitrles collectively 1'eferred to llel•elxl ~ t~le "Agency Laa~~s,~~ 1~,~ Repayme~~~ of #lxe Ae~~cy Laa~~s, The Phase R~ 1 Agency Loan, the Phase Ael~cy Load at~d tl~e FS Agency Laan shall each be e~tde~iced ~ a separate Prolnissal'y Note, and tl~e De~elope~''s abllgatloz~ to 1'epay caclt such Agency Loan shall be set fal•th z~~ such P~;o~~issal'~~ Nates ~tl~e "Plraso ~«1 Pralnissot'~ Nate" "Phase R-2 Ptio~~~issal* Nate" and the Phase FS Pro~~isary Note or, callecti~rely fhe "Pron~issary Notes"}. The Agency Laa~ls shall be fi~~~ded solely from t~or~eys fl'orr~ a Lo~v and Moderate lncotne Hausi~~g Fund established p~rrs~~ant to Section 4, of tl~e alifol'nia Health and Safety fade, all ~~1#11~1~ the ~~eaning of Sectloll 17~~~c~~4~ ~f the Callfal'~~ia Labal~ bode. apltall~ed tel'rns It] this ecflDn 1~,~ nat defined l~ereiri are defi~~ed irl the Promtssor'y Nate. ~a~ ~'c~se ~'~•o~~~i~so~•~~ ~~o~e a~rr~ ~'~t~se ~R ~'~~n~~rr`ssa3•~~ ~~~~e ~a~~a~~~ ~'~Aa~rr ~esrc~t~a~ .~ec~r~~*~ Tl~e Phase R~1 Pramissat'~ Nate at~d Phase R-~ F~•atnio~'y Note shall he payable fl'at~~ fly pel'ce~~t ~50~I~~ of tl~e "Residual Recelp~s~~ of the Phase of the Rental Po1'~Ia~l of the Pl'O~ect to ~hlcl~ sl1Ch Pl'omis~ol'y Note relates, after payn~e~~t ~i~ ~peratlr~ expenses, at~d ~11~ Debt Se~'vlce allacable to suci~ Phase of tl~e Rental Partiot~, ~~ntil s~~ch PI'olnissory Nate leas been Paid in. fill; p1•o~ricied, hau~e~er, that if such calculation results in a negative n~~~nbet• far any given year, Residual Receipts shall be ~e~•o for that year, Its tl~e cent that tlae De~elopez' obtains atl~er appra~ed finat~cln that also req~ziz'es payme~~t fratr~ Residua Receipts, t~~e Residual Receipts shad be allocated to rep.yn~er~t of bath for ally loans i~~ a~~ atr~aunt proportionate to the relatlr~e att~aunt of s~~ch laat~s, sa that eacl~ sad laal~ receives a prapartional sl~at•e of a fatal of tea mare tl~ar~ fifty per•cerrt ~Sa°I~} of tl~e Residual Receipts foa' such Pi~ase of tl~e Rental Pol•tiox~ of the PI•oject its each year. ~b~ ~'~~~se ~t'o~t~~sso~•~f safe, Tl~e Phase F Pra~~llssory Note is payable after close of escra~~ of all of tie Far-Sale Hnits from te~ity-#i~c perce~it of the t~et proceeds of sr~cl~ sales after Developer' has received a ret~11•~l of t~~el~e percent 1~°Io} a~x Casts, as trrol'e pat•t~cular~ly set for~tl~ ~n the Pease FS Pro~~issory Nate. 1r~ f~le e~ret]t that s~rch a~1~au11t is XiDt sL1ff~ICler~t to p~~' the f~Zll a~~a~~rlt ~f Phase Ptomissar'y Nate, the 1'e~r~all~ing balance of tlae Phase A~•a~r~issal'~ Note shall be reduced to ~e~•o ~~po~~ tl~e ~e~elapel•'s pa~~nent aftl~e fo~•egair~g a~~~a~~nt to tl~e Agency. 3~~,~ ~.epar~iirg Requl~'elYler~~s #ll ~exx~al Po~'~Ioti of fhe Pr'ojeet~ itl~ ~•espect to each Phase oftlre Rental Por•tior~, the Developer shall a~~~nually, QI] or' before April bath of each year, ca~r~r~encing In the year after the issuance of the fi~'st cet•tlficate of acc~~par~cy far such Pl~ase~ submit to the Agency a~~ a~~dited financial statet~~er~t and a Residual Receipts Repa1'~, irl the forrr~ attached hereto as Attacl~met~t No, 1 ~ at~d incorpoaiated herein, ~vl~ich shall p~•o~ide tl~e basis far• the Developez''s payn~erit of Residual Receipts to tl~e Agency ~~itl~ respect to such Phase, Tl~e Agency executive Di~•ectol• may ~~rai~e the requirerrlents of this section ~ 14.E irl tl~e event tl~e De~elaper• timely s~rblrrits to the Agency a 1'epol~t pz~epared fo1• any athel• federal, state or lacal a~~er~~t~er~t agency that car~tains the i~~farlnatiot~ 1'equil•ed by Attachment Na, 1 D. The Residual Receipts Repa1'~, ar tl~e ~•eport accepted by the ~xecutlve Director in lieu of the Resid~~a Receipts Repar't, in~~st be prepared ot{ audited by an entity ii~depet~dent of tl~e Develapet' ix~ order to satisfy tl~e re~uiremer~ts of this Section 31 ~,3, 41 D~CS~C114~~~73~~131~~027~-~~01