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balance due under this Note or the City's Percentage of the Residual Receipts, as <br />provided in this Section 5. <br />b. Within one hundred fifty (150) days after the close of the initial Calendar <br />Year following the Issuance of the Certificate of Completion and on or before the 150th <br />day of each Calendar Year thereafter, the Borrower shall submit to the City an audited <br />financial statement of Gross Revenues and Operating Expenses attributable to the <br />Property for the applicable Calendar Year, along with a computation of the amount of the <br />Residual Receipts applicable to such Calendar Year with which to make a City Loan <br />payment then due. <br />c. Except as otherwise provided, the Borrower shall pay to the City the City's <br />Percentage of the Residual Receipts as payment of principal. At least fifty percent (50%) <br />of the Residual Receipts shall remain with the Borrower, with all Residual Receipts <br />remaining with Borrower to the extent the City Loan has been fully repaid. <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. <br />The Borrower shall make a loan payment to the City from every Refinancing that <br />occurs during the term of this Note (other than refinancing of the conventional lender <br />acquisition loan) 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 />amount necessary to pay any deferred developer fee in full; and next, the Borrower shall <br />pay to the City the City's Percentage of the Refinancing Proceeds to the extent of the <br />outstanding balance on this Note. At least fifty percent (50%) of the Refinancing <br />proceeds shall remain with Borrower, with all remaining Refinancing proceeds remaining <br />with the Developer to the extent the outstanding balance of the Note has been fully paid. <br />Such payment shall be due on the date of such Refinancing, and shall be applied to <br />reduce the principal balance of the Loan. The City shall not be required to reconvey the <br />lien of the Deed of Trust if Refinancing Proceeds are insufficient to repay the Loan in <br />full. <br />7. Loan Repayment from Sale Proceeds. <br />The Borrower shall make a loan payment, not to exceed the outstanding balance <br />of principal on this Note subject to Section 14 herein, to the City from any Sale that <br />occurs during the term of the City Loan, to the extent of the City's Percentage of the Sale <br />Proceeds, as follows: gross sale proceeds are applied first to pay Closing Costs, next to <br />pay in full the balance remaining on the Senior Loan; next, the amount necessary to pay <br />any deferred developer fee in full; and next, the Borrower shall pay to the City the City's <br />Percentage of the total Sale Proceeds, not to exceed the outstanding amount of principal <br />due on this Note. At least fifty percent (50%) of the Sale Proceeds shall remain with <br />Borrower, with all remaining Refinancing proceeds remaining with the Developer to the <br />73 <br />80A-129