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"Residual Receipts" shall mean the Gross Revenues from the Property for each year, less deductions for Operating Expenses from the same Property, applicable to each such year to the extent not previously deducted as an Operating Expense. "Sale" shall mean any transfer, assignment, conveyance or lease of the Property, or any portion thereof, or any interest therein by the Borrower. Sale includes a sale in condemnation or under threat thereof. Sale does not include dedications and grants of easements to public and private utility companies of the kind customary in real estate development. Notwithstanding anything to the contrary contained herein, a "Sale" shall not include any transaction not considered a "transfer' under section 13, or under Section 16.2 of the Agreement or as otherwise permitted under Section 16.3 or 16.4 of the Agreement. "Senior Loan" shall mean a loan from the Senior Lender concurrent to the Agency Loan for payment of a portion of the acquisition and construction costs, and shall include any subsequent loan that refinances the initial Senior Loan. "Term of Affordability" or "Term" means the terms and conditions contained herein shall remain in effect for fifty-five (55) years from the date of issuance of the Certificate of Occupancy for the Project, or repayment of the Agency Loan, whichever is longer. "Very Low Income" means an adjusted income which does not exceed fifty percent (50%) of the area median income for the Orange County, California PMSA, adjusted for household size, as published by HUD. 3. Loan Repayment. Borrower shall make payments to the Agency as provided in sections 5 (Residual Receipts), 6 (Refinancing Proceeds), 7 (Sale Proceeds) and 9 (Accelerated Loan Repayment) of this Note. 4. Oneratine Capital Improvement Loan. If the replacement reserve account ("Reserves") is depleted due to unforeseen repairs and the General Partner makes a loan to the Partnership, the Reserves must be fully funded prior to payment of said loan. The outstanding loan balance will be reflected in the annual report. 5. Annual Loan Repayment/ Residual Receipts. a. Commencing on the date one hundred and fifty (150) days after the close of the initial Calendar Year following the issuance of the Certificate of Occupancy, and on or before the 150t' day of each Calendar Year thereafter, the Borrower shall thereafter make a loan payment, including any payment processing fee charged by the City's loan processor, as applicable, to the Agency annually, in the amount of the lesser of the outstanding balance due under this Note or the Agency's Percentage of the Residual Receipts, as provided herein. 80A-174