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c. Encept as olherwise provided in Section 4, the. Borrowcr ,,hall pay to the City the <br />City's Percentage cif 'the 1tesiduaal 1 c=ipts as payment of principal and interest. under their loans. <br />The remaining amount of the lxesicfual. Receipts shall roruain with the Bon'ower- to be used by <br />Borroww,cr as deterniinect by the General Partners of Borrower, including, without Iimitation, Liar <br />diAruhutoorl to the partners, ol'llw Borrower. <br />d. I he Residual receipts payment ,,hall he made not later than one hundred fifty (1.50) <br />drays after the close of the Calendar Yeaar. Such payrmeaat shall be applied first to any accrocc1 but <br />unpaid uatcresl, i Panay, then to reduce the prinelpal balance of the loans. <br />6. Reserved. <br />7. Loan Reaiawnreit front Rel9naoa+ har II'roreeds. <br />The Borrower shall make a loan payment to the City fioni every 1'tefiru ulcing that occurs <br />during the terra oL f this Note not to exceed the outslandilig balance of` princjpad and 'interest on <br />tliis Note, to the extent of the City's Percentage of the Refinaiwing Proceeds (if any), aas Inflows: <br />fire Cash procee4ts 1'loaii such Refinancing shall be applied first to pay Closing Costs; next, the <br />antowit necessary to pray in Esau tlae Balance remaining on [lie Senior Loan; next, tlie Borrower <br />shall pay to the City fifty percent (50%,) Of the Refinancing Proceeds to the extent of the <br />outstanding Balance on this Note T'ho reuraining Refinancing proceeds shalt remain with <br />Borrower to he* tweet by Borrower its detQuinined by the General Nartners of Borrower, including, <br />without lirintaation, Parr distaibul'ion tea the partners of the Borrower. Such payment shall be due on <br />the date of such Itefinancinf„ and shall he applied first to any accrued but unpearcl rater to then to <br />reduce the principal ha¢lat.nce of the Loans. The City shall not be required to rccc+nwey the Meta of <br />the Deed ofTrust if Sale Proceeds arc insufficient to repay the Ro &uas in fuall. <br />8. Loan Re a •nient from Sale Proceeds. <br />The Borrower shall make a loan payarrcrat, not to cxcoed the outstanding balance of <br />principal and Interest on this Note, to the City From any Sale that ocr;urs during the term of the <br />City Loan, to the extent of the City's Percentage cat the Sale Proceeds, as follows: gross salt <br />proceeds are applied first to pay Closing Costs, next to pray in full the balance remaining our the <br />Seunou Letitia; next the Borrower shall pay to the City fifty pereent (5t)° /u) of the totat Sale <br />Proceeds, trot to cxccccl the outstanding amount of principal and interest clue on this Note This <br />filly percent (50%) represents the total payment clue sander tlae City "Nolc. 'Pile remaining Sale <br />Proceeds shall rerniain with BolTowwer. Such payment shaali be clue on the date of Suuh Sale, and <br />shall lie applied fir;at to any zaccraaed but unpaid interest, their to reduce the principal balance of <br />the Loans the City shalt not be required to reconvey t1ae hen ot.' the Deed of Trust if Sale <br />Proceeds acre; insut'ficicnt to repay the Loans in bill. <br />1. tiny Out Option. <br />Prior to file initial disbursement under this Note, [lie Borrerwter tihaall grant to the City ,a <br />Right of First P eftusatl (subryjcct to any purchase option aandr`or right f "or fn st refusal granted to one <br />5 <br />25H -71 <br />