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remain with the Borrower, with all Residual Receipts remaining with Borrower once all of the City Loans <br />have been fully repaid. <br />d. Borrower shall retain fifty percent of the Residual Receipts. The other fifty percent shall be <br />divided with thirty -three percent (33 %) to be applied to the first NSP Loan dated October 2013, thirty - <br />three percent (33 %) applied to the HOME loan of current date herewith, and thirty -three percent (33 %) <br />applied to the second NSP loan dated concurrently herewith. As Borrower repays its loans, the payment <br />percentage applied to the remaining loans shall increase. <br />e. The Residual Receipts payment shall be made not later than one hundred fifty (150) days <br />after the close of the Calendar Year. Such payment shall be applied first to any late fees, then to reduce <br />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 occurs during <br />the tern of this Note (other than refinancing of the conventional lender acquisition loan) not to exceed the <br />outstanding balance of principal on this Note, to the extent of the City's Percentage of the Refinancing <br />Proceeds (if any), as follows: the cash proceeds from such Refinancing shall be applied first to pay <br />Closing Costs; next, the amount necessary to pay in full the balance remaining on the Senior Loan; next, <br />the amount necessary to pay any deferred developer fee in full; and next, the Borrower shall pay to the <br />City the City's Percentage of the Refinancing Proceeds to the extent of the outstanding balance on this <br />Note. At least fifty percent (50 %) of the Refinancing proceeds shall remain with Borrower, with all <br />remaining Refinancing proceeds remaining with the Developer to the extent the outstanding balance of <br />the Note has been fully paid. Such payment shalt be due on the date of such Refinancing, and shall be <br />applied to reduce the principal balance of the Loan. The City shall not be required to reconvey the lien of <br />the Deed of Trust if Refinancing Proceeds are insufficient to repay the Loan in frill. <br />Loan Repayment from Sale Proceeds. <br />The Borrower shall make a loan payment, not to exceed the outstanding balance of principal on <br />this Note subject to Section 14 herein, to the City from any Sale that occurs during the term of the City <br />Loan, to the extent of the City's Percentage of the Sale Proceeds, as follows: gross sale proceeds are <br />applied first to pay Closing Costs, next 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 pay to the City <br />the City's Percentage of the total Sale Proceeds, not to exceed the outstanding amount of principal due on <br />this Note. At least fifty percent (50 %) of the Sale Proceeds shall remain with Borrower, with all <br />remaining Sales proceeds remaining with the Developer to the extent the outstanding balance of the Note <br />has been fully paid. Such payment shall be due on the date of such Sale, and shall be applied to reduce the <br />principal balance of the Loan. The City shall not be required to reconvey the lien of the Deed of Trust if <br />Sale Proceeds are insufficient to repay the Loan in fill. <br />8. Accelerated Loan Payment. <br />The full principal amount outstanding shall be due and payable on the earlier to occur of the <br />following: <br />a. Sale or Refinancing of the Property as provided further in Section 13 hereof; <br />1076A53V1389384.1 <br />