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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) of the <br />Agreement. <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. 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) days after the close of the initial <br />Calendar Year following the issuance of the Certificate of Completion and on or before the 1501' <br />day of each Calendar Year thereafter the Borrower shall thereafter make a loan payment to the <br />City annually, in the amount of the lesser of the outstanding balance due under this Note or the <br />City's Percentage of 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 Completion and on or before the 150th day of each <br />Calendar Year thereafter, the Borrower shall submit to the City an audited financial statement of <br />Gross Revenues and Operating Expenses attributable to the Property for the applicable Calendar <br />Year, along with a computation of the amount of the Residual Receipts applicable to such Calendar <br />Year with which to make a City Loan payment then due. <br />c. Except as otherwise provided, the Borrower shall pay to the City the City's <br />Percentage of the Residual Receipts as payment interest and then to principal. At least fifty <br />percent (50%) of the Residual Receipts shall remain with the Borrower, with all Residual <br />Receipts remaining with Borrower to the extent the City Loan has been fully repaid. <br />d. Borrower shall retain fifty percent of the Residual Receipts. The other fifty percent <br />shall be divided according to the table below: <br />SOURCE <br />PERCENTAGE <br />CDBG Loan <br />2.01% <br />HOME Loan <br />8.92% <br />Inclusionary Housing Loan <br />19.20% <br />State of California Housing and Community <br />Development Affordable Housing Loan <br />19.87% <br />TOTAL <br />50.00% <br />55C-111 <br />