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"Senior Loan "'shall mean any senior loan made to Borrower, for payment of Acquisition andior Construction Costs, a nd shall includo any subsequent loan that refinances said SernorLoan. "Term" the term for repayment of this Note shall mean fifty -five (55) years from the date of full occupancy and rental of the Project, Terns ot"Affordabilit " the term of affordability .9 hall be fitly -five (55) years. "'Very Low Income " means an adjusted income which does not exceed fifty,percent (50%) of the area median income for the Orange County, California PNTSA, adjusted for household size, as published by RUD. 3. This Note evidences the obligation of Borrower to the City for (lie repayment of the City Loan of HOME Funds attributable to the development of the Property, and related sell costs, A. This Note is payablc at 1110 principal office of City of Santa Ana, Community Development Agency, M— Civic Center DrNc, Santa Ana, California 92702, Att: I Iouqing Division, or at such otherplaoc as the holder horcof may infornir Borrower in writing, in Jawful money of the United States. 31 Loan Renavinent. Borrowcr shatl make payments to the City as provided in Sections 5 (Residual Receipts), 6 (Refinancing Proceeds), 7 (Sale Proceeds? and 9 (Amvtorated Loan Repayment) of the Agreement. 4. Operating Capital If the relflaQement reserve account. ('reserves') Is depleted due to unforuscen repairs and the General Partner makes a loan to the Partnership, the reserves most be fully funded prior to payment of said loan" The outstanding loan balance will be reflected in the annual report. 5. Annual Loan Repffnionti Residual Receipts rl. Commencing on the date one hundred fifty (150) (lays after the close of the initial Calendar Year followirig the issuance of the Certificate of Completion and on or before the 150"' day of each Calendar Year thereafter the Borrower shall thereafter make a toan payment to the City annually, in the amount of the lesser of the outstanding balance dqc under this Note or the City's Percentage of the Residual Receipts, aq provided in this Section 5, b. Within one hundred fifty (150) days after the close of the initial Calendar Year fo[lowing.tho Issuance or the Cerrificaw of Completion and on or before the 150[h (lay of each Calendar Year thereafter, the Borrower -,hall submit to the City on audited financial statement of Gross Revenues and Operating Expenses attributabIc 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 alak(, a City Loan payment then due, c. Except as otherwise provided, the Borrower shall pay to the City the City's Percentage of the Residual Rcccipts w payment of principal, AL least fifty percent (50%) of the Residual Reeciptq shall 107611.53%.138V3811 1 4 25B-69