Laserfiche WebLink
or indirect partnership interest thereafter. Sale includes a sale in condemnation or under <br />threat thereof. Sale does not include dedications and grants of easements to public and <br />private utility companies of the kind customary in real estate development. <br />Notwithstanding anything to the contrary contained herein, a "Sale" shall not include any <br />transaction not considered a "transfer' under Section 13. ( <br />"Senior Loan" shall mean any senior loan made to Borrower, for payment of <br />Acquisition and/or Rehabilitation Costs, and shall include any subsequent loan that <br />refinances said Senior Loan. <br />"Term" the term for repayment of this Note shall mean fifty-five (55) years from <br />the date of recording of the Deed of Trust securing the Note. <br />"Term of Affordability" the term of affordability shall be fifty-five (55) years. <br />"Very Low Income" means an adjusted income which does not exceed fifty <br />percent (50%) of the area median income for the Orange County, California PMSA, <br />adjusted for household size, as published by HUD. <br />3. This Note evidences the obligation of Borrower to the City for the <br />repayment of the City Loan of NSP2 and NSP3 Funds attributable to the acquisition of <br />the Property, and related soft costs. <br />4. This Note is payable at the principal office of City of Santa Ana - <br />Community Development Agency, 20 Civic Center Drive, Santa Ana, California 92702, <br />Art: Housing Division, or at such other place as the holder hereof may inform Borrower <br />in writing, in lawful money of the United States. <br />3. Loan Repayment. <br />Borrower shall make payments to the City as provided in Sections 5 (Residual <br />Receipts), 6 (Refinancing Proceeds), 7 (Sale Proceeds) and 9 (Accelerated Loan <br />Repayment) of the Agreement. <br />4. Operating Capital Improvement Loan. <br />If the replacement reserve account ("reserves") is depleted due to unforeseen <br />repairs and the General Partner makes a loan to the Partnership, the reserves must be fully <br />funded prior to payment of said loan. The outstanding loan balance will be reflected in <br />the annual report. <br />5. Annual Loan Repavment/ Residual Receipts. <br />a. Commencing on the date one hundred fifty (150) days after the close of the <br />initial Calendar Year following the issuance of the Certificate of Completion and on or <br />before the 150`h day of each Calendar Year thereafter the Borrower shall thereafter make <br />a loan payment to the City annually, in the amount of the lesser of the outstanding <br />72 <br />80A-128