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

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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, D?CS?C114???73??131??027?-??01 41