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3/30/11 <br />c. Except as otherwise provided, the Borrower shall pay to the City 50 percent <br />of the Residual Receipts. Fifty percent (50%) of the Residual Receipts shall remain with <br />the Borrower. <br />d. The Residual Receipts payment shall be made not later than one hundred <br />fifty (150) days after the close of the Calendar Year. Such payment shall be applied first <br />to any late fees, then to reduce the principal balance of the loan. <br />6. Loan Repayment from Refinancing Proceeds. The Borrower shall <br />make a loan payment to the City from every Refinancing that occurs during the term of <br />this Agreement not to exceed the outstanding balance of principal on this Note, to the <br />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 <br />amount necessary to pay in full the balance remaining on the Senior Loan; next, the <br />Borrower shall pay to the City the City's Percentage of the Refinancing Proceeds to the <br />extent of the outstanding balance on this Note. Fifty percent (50%) of the Refinancing <br />proceeds shall remain with Borrower. Such payment shall be due on the date of such <br />Refinancing, 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 <br />insufficient to repay the Loan in full. <br />7. Loan Repayment -from Sale Proceeds. The Borrower shall make a <br />loan payment, not to exceed the outstanding balance of principal on the Note subject to <br />Section 11 herein, to the City from any Sale that occurs during the term of the City Loan, <br />to the extent of the City's Percentage of the Sale Proceeds, as follows: gross sale <br />proceeds are applied first to pay Closing Costs, next to pay in full the balance remaining <br />on the Senior Loan; next the Borrower shall pay to the City the City's Percentage of the <br />total Sale Proceeds, not to exceed the outstanding amount of principal due on this Note. <br />Fifty percent (50%) of the Sale Proceeds shall remain with Borrower. Such payment shall <br />be due on the date of such Sale, and shall be applied to reduce the principal balance of the <br />Loan. The City shall not be required to reconvey the lien of the Deed of Trust if Sale <br />Proceeds are insufficient to 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 <br />occur of the following: <br />a. Sale or Refinancing of the Property as provided further in Section 10 <br />hereof, unless: (i) in the case of a Sale in which the Sale Proceeds are insufficient to <br />repay in full the City Loan, the City approves such sale and the purchaser assumes the <br />balance of the City Loan in accordance with the terms of the Note; or (ii) in the case of a <br />Refinancing in which the Refinancing Proceeds are insufficient to repay in full the City <br />Loan, the City approves such Refinancing and the Borrower remains obligated pursuant <br />to the terms of this Note. <br />Page 4 of 14 <br />Exhibit 2 <br />25E-8