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<br /> 5 <br />"Term" the term for repayment of this Promissory Note shall mean fifty-five (55) years <br />from the date of recording of the Deed of Trust securing the Promissory Note. <br /> <br />"Term of Affordability" the term of affordability shall be fifty-five (55) years. <br /> <br />“Very Low Income” means an adjusted income which does not exceed fifty percent <br />(50%) of the area median income for the Orange County, California PMSA, adjusted for <br />household size, as published by HCD. <br /> <br />3. Loan Repayment. <br /> <br />Borrower shall make payments to the Agency as provided in Sections 5 (Residual <br />Receipts), 6 (Refinancing Proceeds), 7 (Sale Proceeds) and 9 (Accelerated Loan Repayment) of <br />the Agreement. <br /> <br />4. Operating Capital Improvement Loan. <br /> <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 /> <br />5. Annual Loan Repayment/ Residual Receipts. <br /> <br /> a. Commencing on the date one hundred fifty (150) calendar days after the close of the <br />initial Calendar Year following the issuance of the Certificate of Completion and on or before <br />the 150th day of each Calendar Year thereafter, the Borrower shall thereafter make a loan <br />payment to the Agency annually, in the amount of the lesser of the outstanding balance due <br />under this Promissory Note or the Agency’s Percentage of the Residual Receipts, as provided in <br />this Section 5. <br /> <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 Agency an audited financial statement <br />of Gross Revenues and Operating Expenses attributable to the Property for the applicable <br />Calendar Year, along with a computation of the amount of the Residual Receipts applicable to <br />such Calendar Year with which to make an Agency Loan payment then due. <br /> <br />c. Except as otherwise provided, the Borrower shall pay to the Agency the Agency's <br />Percentage of the Residual Receipts as payment of principal. At least fifty percent (50%) of the <br />Residual Receipts shall remain with the Borrower, with all Residual Receipts remaining with <br />Borrower to the extent the Agency Loan has been fully repaid. <br /> <br />d. Borrower shall retain fifty percent (50%) of the Residual Receipts. The other fifty <br />percent (50%) will be the Agency’s Percentage of the Residual Receipts and applied to the <br />EXHIBIT 3 <br />3-92