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threat thereof. Sale does not include dedications and grants of easements to public and private <br />utility companies of the kind customary in real estate development, nor transfers of Limited <br />Partnership interests or transfers of General Partner interests caused by the removal of the <br />General Partner pursuant to the terms of the Partnership Agreement. <br />"Sale Proceeds" shall be disbursed as set forth in Section 8 hereof. <br />"Senior Loan" shall mean the senior loan being made by MUFG Union Bank, N.A., <br />concurrent to the Agency Loan for payment of a portion of the Acquisition and Rehabilitation <br />Costs, 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 Repayment. <br />Borrower shall make payments to the Agency as provided in Sections 5 (Residual <br />Receipts), 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 Agency annually, in the amount of the <br />lesser of the outstanding balance due under this Note or the Agency's Percentage of the Residual <br />Receipts, 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 Agency 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 />Agency Loan payment then due. <br />c. Except as otherwise provided in Section 4, the Borrower shall pay to the Agency <br />fifty percent (50%) of the Residual Receipts as payment of principal and interest under its loan. <br />The remaining amount of the Residual Receipts shall remain with the Borrower to be used by <br />5 <br />