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"Senior Loan" shall mean any senior loan made to Borrower, for payment of Acquisition <br />and/or Rehabilitation Costs, and shall include any subsequent loan that refinances said Senior <br />Loan. <br />"Term" the term for repayment of this Note shall mean fifty-five (55) years from the date <br />of recording of the Deed of Trust securing the Note. <br />"Term of Affordability" the term of affordability shall be fifty-five (5 5) years. <br />"Very Low Income" means an adjusted income which does not exceed fifty <br />percent (50%) of the area median incorne for the Orange County, California PMSA, adjusted for <br />household size, as published by HUD. <br />3. This Note evidences the obligation of Borrower to the City for the <br />repayment of the City Loan of NSP2 Funds attributable to the acquisition of the Property, and <br />related soft costs. <br />4. This Note is payable at the principal office of City of Santa Ana— <br />Community Development Agency, 20 Civic Center Drive, Santa Ana, California 92702, Att: <br />Housing Division, or at such other place as the holder hereof may inform Borrower in writing, in <br />lawful money of the United States. <br />3. Loan Repayment. <br />Borrower shall make payments to the City as provided in Sections 5 (Residual Receipts), <br />6 (Refinancing Proceeds), 7 (Sale Proceeds) and 9 (Accelerated Loan Repayment). <br />4. Operating Capital Improvement Loan. <br />If the replacement reserve account ("reserves") is depleted due to unforeseen repairs and <br />the General Partner makes a loan to the Partnership, the reserves must be fully funded prior to <br />payment of said loan. Such loan shall be repaid with the Partnership share of the Residual <br />Receipts. The outstanding loan balance will be reflected in the annual report. <br />5. Annual Loan Repayment/ Residual Receipts. <br />a. The Borrower shall thereafter make a loan payment to the City annually, in the <br />amount of the lesser of the outstanding balance due under this Note or the City's Percentage of <br />the Residual Receipts, as provided in this Section 5. <br />b. Within one hundred fifty (150) days after the close of the initial Calendar Year <br />following the Issuance of the Certificate of Occupancy for the building and on or before the <br />150th day of each Calendar Year thereafter, the Borrower shall submit to the City an audited <br />financial statement of Gross Revenues and Operating Expenses attributable to the Property for <br />5 <br />