VISTA DEL RIO PARTNERS, L.P. - Laserfiche WebLink

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"Senior Loan" shall mean the senior loan being made by JPMorgan Chase Bank, N.A., concurrent to the Agency Loan for payment of a portion of the Construction costs incurred by Vista Del Rio relating to the Project, as approved by the Executive Director, and shall include any subsequent loan that refinances the initial Senior Loan. "Term" shall mean the term for repayment of this Note, which shall commence on the date of this Note and end on the fifty -fifth (55th) anniversary of the date the Release of Construction Covenants is recorded against the Property ( "Maturity Date "). 3. Loan Repayment. Borrower shall make payments to the Successor Agency as provided in Sections 5 (Residual Receipts), 7 (Refinancing Proceeds), 8 (Sale Proceeds) and 10 (Accelerated Loan Repayment). 4. Reserved. 5. Annual Loan Repayment. a. Borrower shall make a loan payment to the Successor Agency annually, in the amount of the lesser of the outstanding balance due under this Note or the Agency's Percentage of Residual Receipts, as provided in this Section 5. b. Within one hundred twenty (120) days after the close of the initial Calendar Year following the year the Project is placed -in- service and on or before the 120th day of each Calendar Year thereafter, the Borrower shall submit to the Successor Agency audited financial statements, including a detailed statement of Gross Revenues and Operating Expenses attributable to the Property for the applicable Calendar Year, along with a computation of the amount of the Residual Receipts applicable to such Calendar Year with which to make a Agency Loan payment then due. C. The Borrower shall pay to the Successor Agency seventy -five percent (75 %) of the Residual Receipts ( "Agency's Percentage of Residual Receipts ") as payment of principal and interest under the Agency Loan. The remaining twenty five percent (25 %) of the Residual Receipts shall remain with the Borrower. Pursuant to the Loan Agreement, the Borrower has also received a loan of HOME Program funds from the City in the original principal amount of $1,500,000 ( "City /HOME Loan "). The Agency's Percentage of Residual Receipts for each year shall be applied to repay the amounts owing under this Note and the amounts owing under the City /HOME Loan, as follows: 76% of the Agency's Percentage of Residual Receipts will be applied to repay the City /HOME Loan and 24% of the Agency's Percentage of Residual Receipts will be applied to repay amounts owing under this Note. Upon repayment in full of all amounts owing under the City/HOME Loan, the entire Agency's Percentage of Residual Receipts shall be allocated to repayment of the amounts owing hereunder in accordance with Section 13.a. hereof. d. The Residual Receipts payment shall be made not later than one hundred fifty (150) days after the close of the Calendar Year. 6. Reserved. F -4 DOCSOCn 475221 v 10/200272 -0004