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"Senior Loan" shall mean any senior loan made to Borrower, for payment of Acquisition and/or <br />Construction Costs, and shall include any subsequent loan that refinances said Senior Loan. <br />"Term" the teen for repayment of this Note shall mean fifty -five (55) years from the date of full <br />occupancy and rental of the Project. <br />Tenn of Affordability" the term of affordability shall be fifty -five (55) years. <br />"Ve Low Income" means an adjusted income which does not exceed fifty percent <br />(50 %) of the area median income for the Orange County, California PMSA, adjusted for household size, <br />as published by HUD. <br />3. This Note evidences the obligation of Borrower to the City for the repayment <br />of the City Loan of HOME Funds attributable to the development of the Property, and related soft costs. <br />4. This Note is payable at the principal office of City of Santa Ana, Community <br />Development Agency, 20 Civic Center Drive, Santa Ana, California 92702, Art: Housing Division, or at <br />such other place as the holder hereof may inform Borrower in writing, in lawful money of the United <br />States. <br />3. Loan Repavment. <br />Borrower shall make payments to the City as provided in Sections 5 (Residual Receipts), 6 <br />(Refinancing Proceeds), 7 (Sate Proceeds) and 9 (Accelerated Loan Repayment) of the Agreement. <br />4. Operating Capital Improvement Loan. <br />If the replacement reserve account (`reserves ") is depleted clue to unforeseen repairs and the <br />General Partner makes a loan to the Partnerslup, the reserves must be fully funded prior to payment of <br />said loan. The outstanding loan balance will be reflected in the annual report. <br />5. Annual Loan Repayment/ Residual Receipts. <br />a. Commencing on the date one hundred fifty (150) clays after the close of the initial Calendar <br />Year following the issuance of the Certificate of Completion and on or before the 150`r day of each <br />Calendar Year thereafter the Borrower shall thereafter make a loan payment to the City annually, in the <br />amount of the lesser of the outstanding balance clue under this Note or the City's Percentage of the <br />Residual Receipts, as provided in this Section 5. <br />b. Within one hundred fifty (150) days after the close of the initial Calendar Year following the <br />Issuance of the Certificate of Completion and on or before the 150th day of each Calendar Year <br />thereafter, the Borrower shall submit to the City an audited financial statement of Gross Revenues and <br />Operating Expenses attributable to the Property for the applicable Calendar Year, along with a <br />computation of the amount of the Residual Receipts applicable to such Calendar Year with which to make <br />a City Loan payment then due. <br />C. Except as otherwise provided, the Borrower shall pay to the City the City's Percentage of the <br />Residual Receipts as payment of principal. At least fifty percent (50 %) of the Residual Receipts shall <br />1076A53V1389334. t 11 <br />