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EXHIBIT 4 <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 />7. Loan Repayment from Refinancin¢ Proceeds. <br />The Borrower shall make a loan payment to the Agency from every Refinancing that <br />occurs during the tern of this Note not to exceed the outstanding balance of principal and <br />interest on this Note, to the extent of the Agency's Percentage of the Refinancing Proceeds (if <br />any), as follows: the cash proceeds from such Refinancing shall be applied first to pay Closing <br />Costs; next, the amount necessary to pay in full all amounts owing on the Senior Loan; ; next to <br />pay any amounts due to the Limited Partner pursuant to the Partnership Agreement; next to pay <br />any amounts due to the Limited Partner pursuant to the Partnership Agreement; next, the <br />Borrower shall pay to the Agency fifty percent (50%) of the then remaining unapplied <br />Refinancing Proceeds not to exceed the outstanding balance on this Note. The remaining <br />Refinancing proceeds shall remain with Borrower to be used by Borrower as determined by the <br />General Partners of Borrower, including, without limitation, for distribution to the partners of the <br />Borrower. Such payment shall be due within 30 days of the date of such Refinancing, and shall <br />be applied first to any accrued but unpaid interest, then to reduce the principal balance of the <br />Loans. The Agency shall not be required to reconvey the lien of the Agency Deed of Trust if <br />Sale Proceeds are insufficient to repay the Agency Loan in full. <br />8. Loan Repayment from Sale Proceeds. <br />The Borrower shall make a loan payment, not to exceed the outstanding balance of <br />principal and interest on this Note, to the Agency from any Sale that occurs during the term of <br />the Agency Loan, to the extent of the Agency's Percentage of the Sale Proceeds, as follows: <br />gross sale proceeds are applied first to pay Closing Costs, next to pay in full all amounts owing <br />on the Senior Loan; next the Borrower shall pay to the Agency fifty percent (50%) of the then <br />remaining unapplied Sale Proceeds, not to exceed the outstanding amount of principal and <br />interest due on this Note. This fifty percent (50%) represents the total payment due under this <br />Note. The remaining Sale Proceeds shall remain with Borrower. Such payment shall be due on <br />the date of such Sale, and shall be applied first to any accrued but unpaid interest, then to reduce <br />the principal balance of the Loans. The Agency shall not be required to reconvey the lien of the <br />Agency Deed of Trust if Sale Proceeds are insufficient to repay the Agency Loan in full. <br />9. Buy Out Option. <br />0 <br />80A-225 <br />