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EXHIBIT 3 <br />"Senior Loan" shall mean the senior loan being made by MUFG Union Bank, N.A., <br />concurrent to the City Loan for payment of a portion of the Acquisition and Rehabilitation Costs, <br />and shall include any subsequent loan that refinances the initial Senior Loan. <br />"Term" the term for repayment of this Note shall mean fifty-five (55) years from the <br />date of recording. <br />3. Loan Repavment. <br />Borrower shall make payments to the City as provided in Sections 5 (Residual Receipts), <br />7 (Refinancing Proceeds), 8 (Sale Proceeds) and 10 (Accelerated Loan Repayment). <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 to their <br />original level prior to repayment of said loan. Such loan shall be repaid with net cash flow prior <br />to the residual receipt split. The outstanding loan balance will be reflected in the annual report. <br />5. Annual Loan Repayment. <br />a. After any deferred Developer Fee has been paid, as set forth hereinabove, the <br />Borrower shall thereafter make a loan payment to the City annually, in the amount of the lesser <br />of the outstanding balance due under this Note or the City's Percentage of the Residual Receipts, <br />as provided in this Section 5. <br />b. Within one hundred twenty (120) days after the year in which the rehabilitation of <br />the Project is completed, and on or before the 120th day of each Calendar Year thereafter, the <br />Borrower shall submit to the City a detailed statement of Gross Revenues and Operating <br />Expenses attributable to the Property for the applicable Calendar Year, along with a computation <br />of the amount of the Residual Receipts applicable to such Calendar Year with which to make a <br />City Loan payment then due. <br />c. Except as otherwise provided in Section 4, the Borrower shall pay to the City fifty <br />percent (50%) of the Residual Receipts as payment of principal and interest under its loan. The <br />remaining amount of the Residual Receipts shall remain with the Borrower to be used by <br />Borrower as determined by the General Partners of Borrower, including, without limitation, for <br />distribution to the partners of the Borrower. <br />d. The Residual Receipts payment shall be made not later than one hundred fifty (150) <br />days after the close of the Calendar Year. Such payment shall be applied first to any accrued but <br />unpaid interest, if any, then to reduce the principal balance of the loans. <br />6. Reserved. <br />5 <br />80A-112 <br />