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"City Loan" shall mean the loan evidenced by this Note repayable to the City in accordance with <br />the terms of this Note and secured by the Deed of Trust. <br />"Citv's Percentaee" with reference to the Residual Receipts, shall mean fifty percent (50 %) of the <br />total Residual Receipts from the Property as further described in Section 5 hereof. <br />"Closing Costs" shall mean: <br />G) In the case of a Sale, reasonable brokerage commissions payable to a broker as a result <br />of the Sale, which shall not in any event exceed the customary amount charged -for similar transactions in <br />the immediate market place, costs of title insurance premiums, documentary stamp taxes, escrow fees, <br />recording charges, loan repayment charges and other costs reasonably incurred with respect to the <br />Property, in each case actually paid by Borrower as a condition of the Sale. <br />(ii) In the case of a Refmancing, the reasonable and necessary costs of completing <br />such Refinancing, including, without limitation, loan fees, loan repayment charges, costs of title insurance <br />premiums, escrow fees, recording fees and attorneys' fees. <br />"Deed of Trust" shall mean the Deed of Trust in favor of the City, securing the City HOME Loan. <br />"Gross Revenues" shall mean all revenues and receipts of every kind actually received by <br />Borrower from operating the Property, and all parts thereof, including, but not limited to, income from <br />both cash and credit transactions, rental from leased and /or subleased spaces and parking fees and charges <br />(but not including security deposits and other tenant deposits, except to the extent such deposits are <br />forfeited to the Borrower under the tenant's lease). Gross Revenues also includes any casualty insurance <br />proceeds in excess of those used to restore the Property and any rental interruption insurance proceeds. <br />Any credit consideration shall be included in Gross Revenues at the time cash proceeds (principal and /or <br />other) are received. Borrower shall establish and maintain accounts for the Gross Revenues (the "'Proj ect <br />Accounts ") that are segregated from revenues and income received by Borrower from all other projects. <br />Gross Revenues shall also include all interest earned on the Project Accounts. <br />"HOME Assisted Units" shall mean those rental units constricted on the Property which are <br />subj ect to the term of affordability. <br />"HOME Funds" shall mean the money provided under the HOME Program for the development <br />of the rental units hereunder. <br />"Low Income" means an adjusted income which does not exceed eighty percent (80 %) <br />of the area median income for the Orange County, California PMSA, adjusted for household size, as <br />published by HUD. <br />"Operating Expenses" shall mean the sum of the following: <br />W payments of principal and interest and all other charges relating to the Senior <br />Loan(s); <br />(ii) a property management fee equal to S% of gross rents; <br />(iii) Owner Administration Fee of 5% of gross rents; <br />1076A53VL389384.1 <br />