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thereot, or ally interest thaurcin by the Borrower, and includes any translcr, assignment, or sale of <br />ally partnership interest in the Borrower by an individual or entity which k a general or trained <br />partner in tile, Borrower, or any inters:st by any individual of entity %vldch holds ,in interem in sally <br />v uch general or limited partner in the Borrower, winch brings the cuunatulative total of all such <br />direct and indirect transfers. assigrantcnts and sales. during the tcrrau of this Note to more than <br />thirty-five percent (35 %) of the ownership interests to the Borrower, and any such transfer, <br />assi nrneat or sale of a direct air indirect partnership interest tlocreal'ta:u, We includes a sale in <br />condervrnation or quieter thueaat thereof. Sale dens not ❑ld ude dedications and grants, ofew,,ements <br />to public and private utility Companies of ffic kind caustornary in real estate dcvelopnmm.. <br />"Sale Proceeth' " shall lie disbursal as sot forth rot Section d hea-eraC. <br />"Senior Loan shall medal the senior loan being made by C'rtr C'kommonity Capital, <br />concurrent to the Laity Loans l'eor payment cud' a portion of the Acquisition and Rehabilitation Costs, <br />arorul shall include arry vudaycgnent loam that refinances the initial Senior Loan. <br />"Term" the term for repayment aol'tlrrs Note shall mean fifty-five (55) years fiorn the <br />date: of recording;. <br />31 Loan Repayment. <br />Borrower shall make payments to floe City as provided in Sections 5 (Residual Receipts), <br />7 (Ref inancinp P'roeeeds). 8 (Sale Proceeds) and 10 (Accelerated Loan Repayment), <br />A. OLx,,rating Capital I niproven Left t Loan. <br />lF the replacement reserve accolval. ( rtServe; ) is depleted due to urrfiar-esecn repairs and <br />the General Partner makes a loran to the Partnership, the reserves tnwst be (Lilly funded prior to <br />repayment of said loam. SnCh loan sliadl be repaid with net cash flow prior to the residnat receipt <br />sphL The rnrlstandinl loan bahuace wilt be reflected in the aannUal repeat. <br />5. Annnaal Loan Ile aawnaent. <br />aa. After any deferred Developer lace has been paid, as ;let tirrtla hercinahove, the <br />Borrower shall thereaafl,cj make a loan payment to tore City annually, in the amount of the lesser <br />soft:he aoulstaanehng balance true under this Note or the City's Percentage of the Residual Reecipts, <br />as provided in this Section 5. <br />lr. Within one hundred twenty (120) days after the year in which the rehabilitation of <br />the Project is completed, and on or belbre the 1 20111 day of Inch. Calendar Year lbereatfter, <br />than Borrower shall submit to the City a detailed statement of Gross Revenues and <br />Operating Expenses attributable to the Property for the applicable C`aleodar Year, along; <br />with a cornpu lMion of, the uaniount of the Residual Rcucipts applicable to such Calendar <br />Year with which to raaA:e a City Loan payment then, due, <br />as <br />25H -70 <br />