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b. Within 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 150th day of each Calendar Year thereafter, the Borrower shall submit to the Agency an audited financial statement of Gross Revenues and Operating Expenses attributable to the Property for the applicable Calendar Year, along with a computation of the amount of the Residual Receipts applicable to such Calendar Year with which to make an Agency Loan payment then due. C. Except as otherwise provided, the Borrower shall pay to the Agency the Agency's Percentage of the Residual Receipts as payment of the Agency LMIHAF Loan and City Inclusionary Loan pursuant to Section 5(d) below. At least fifty percent (50%) of the Residual Receipts shall remain with the Borrower, with all Residual Receipts remaining with Borrower, once both the Agency LMIHAF Loan and City Inclusionary Loan have been fully repaid. d. Borrower shall retain fifty percent (50%) of the Residual Receipts. The other fifty percent (50%), shall be divided with seventy-eight percent (78%) to be applied to this Agency LMIHAF Loan, and twenty-two percent (22%) to be applied to the Inclusionary City Loan. As Borrower repays this Loan and the Inclusionary City Loan, the payment percentage applied to the remaining loans shall increase. e. The Residual Receipts payment shall be made no later than one hundred and fifty (150) days after the close of the Calendar Year. Such payment shall be applied first to any late fees, then to reduce the principal balance of the loan. 6. Loan Reuayment from Refinancing Proceeds. The Borrower shall make a loan payment to the Agency from every Refinancing that occurs during the term of this Note (other than refinancing of the Senior Loan), not to exceed the outstanding balance of principal on this Note, to the extent of the Agency's Percentage of the Refinancing Proceeds (if any), as follows: the cash proceeds from such Refinancing shall be applied first to pay Closing Costs; next, the amount necessary to pay in full the balance remaining on the Senior Loan; next, the amount necessary to pay any deferred developer fee in full; and next, the Borrower shall pay to the Agency the Agency's Percentage of the Refinancing Proceeds of which Agency Percentage shall be used seventy-eight percent (78%) to repay this LMIHAF Agency Loan, and twenty-two percent (22%) to repay the Inclusionary City Loan, to the extent of the outstanding balance on this Note. All remaining Refinancing proceeds shall remain with the Borrrower to the extent the outstanding balance (including interest) of the Note has been fully paid. Such payment shall be due on the date of such Refinancing, and shall be applied to reduce the principal balance of the Loan in accordance with this Section 6. The Agency shall not be required to reconvey the lien of the Deed of Trust if Refinancing Proceeds are insufficient to repay the Loan in full. Loan Repayment from Sale Proceeds. The Borrower shall make a loan payment, not to exceed the outstanding balance of principal on this Note, subject to section 14 herein, to the Agency from any Sale that occurs during 80A-175