NORTH HARBOR HOUSING PARTNERS, LP (CO JAMBOREE HOUSING CORPORATION

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"Calendar Year" means each consecutive twelve (12) month period from January 1 to December 31. "CDBG Deed of Trust" shall mean the CDBG Deed of Trust in favor of the City, securing the CDBG Loan, substantially in the form attached to the Loan Agreement as Exhibit D, which is incorporated herein by this reference. "CDBG Loan" shall mean the loan evidenced by this Note repayable to the City in accordance with the terms of this Note and secured by the CDBG Deed of Trust. "CDBG Program" (CDBG) means the Community Development Block Grant program conducted pursuant to Title I of the Housing and Community Development Act of 1974, as amended by the United States Department of Housing and Urban Development ("HUD"). "City Loan" shall mean the loan evidenced by this Note funded in whole or in part with CDBG funds. "City's Percentage" with reference to the Residual Receipts, shall mean 50% or the prorated percentage of the total amount of funds contributed after North Harbor Housing Partners LP, retains fifty percent of the Residual Receipts, whichever is less, of the City's share of the total Residual Receipts from the Property as further described in Section 5 hereof. If other lenders to the Property are also repaid from Residual Receipts, City's Percentage shall be reduced proportionally to the ratio that the original principal amount of the Loan bears to the original principal amount of all loans being repaid from Residual Receipts multiplied by 50%. "Closing Costs" shall mean: (i) In the case of a Sale, reasonable brokerage commissions payable to a broker as a result of the Sale, which shall not in any event exceed the customary amount charged -for similar transactions in the immediate market place, costs of title insurance premiums, documentary stamp taxes, escrow fees, recording charges, loan repayment charges and other costs reasonably incurred with respect to the Property, in each case actually paid by Borrower as a condition of the Sale. (ii) In the case of a Refinancing, the reasonable and necessary costs of consummating such Refinancing, including, without limitation, loan fees, loan repayment charges, costs of title insurance premiums, escrow fees, recording fees, attorneys' fees and costs of Lender required repairs or reserves. "Gross Revenues" shall mean all revenues and receipts of every kind actually received by Borrower from operating the Property, and all parts thereof, including, but not limited to, income from both cash and credit transactions, rental from leased and/or subleased spaces and parking fees and charges (but not including security deposits and other tenant deposits, except to the extent such deposits are forfeited to the Borrower under the tenant's lease). Gross Revenues