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The Borrower shall make a loan payment to the City from every Refinancing that occurs <br />during the term of this Note not to exceed the outstanding balance of principal and interest on <br />this Note, to the extent of the City's Percentage of the Refinancing Proceeds (if any), as follows: <br />the cash proceeds from such Refinancing (i.e., the proceeds less the costs of such Refinancing, <br />any amounts required for repairs, and any amounts required to be set aside as reserves) shall be <br />applied first to pay Closing Costs; next, the amount necessary to pay in full all amounts owing on <br />the Senior Loans; next, the Borrower shall pay to the City fifty percent (50%) of the then <br />remaining unapplied Refinancing Proceeds not to exceed the outstanding balance on this Note. <br />The remaining Refinancing proceeds shall remain with Borrower to be used by Borrower as <br />determined by the General Partners of Borrower, including, without limitation, for distribution to <br />the partners of the Borrower. Such payment shall be due within 30 days of the date of such <br />Refinancing, and shall be applied first to any accrued but unpaid interest, then to reduce the <br />principal balance of the Loans. The City shall not be required to reconvey the lien of the Deed of <br />Trust if Sale Proceeds are insufficient to repay the City 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 City from any Sale that occurs during the term of the <br />City Loan, to the extent of the City's Percentage of the Sale Proceeds, as follows: gross sale <br />proceeds are applied first to pay Closing Costs, next to pay in full all amounts owing on the <br />Senior Loans; next to pay for any necessary repairs and any amounts required to be set aside as <br />reserve; next the Borrower shall pay to the City fifty percent (50%) of the then remaining <br />unapplied Sale Proceeds, not to exceed the outstanding amount of principal and interest due on <br />this Note. This fifty percent (50%) represents the total payment due under the City Note. The <br />remaining Sale Proceeds shall remain with Borrower. Such payment shall be due on the date of <br />such Sale, and shall be applied first to any accrued but unpaid interest, then to reduce the <br />principal balance of the Loans. The City shall not be required to reconvey the lien of the Deed of <br />Trust if Sale Proceeds are insufficient to repay the City Loan in full. <br />9. Reserved. <br />10. Accelerated Loan Pavment. <br />The full principal amount outstanding plus accrued but unpaid interest thereon, shall be <br />due and payable on the earlier to occur of the following: <br />a. Sale or Refinancing of the Property as provided further in Section 15 hereof, <br />unless: (i) in the case of a Sale in which the City's Percentage of the Sale Proceeds are <br />insufficient to repay in full the City Loan, the City approves such sale -and the purchaser assumes <br />the balance of the City Loan in accordance with the terms of this Note; or (ii) in the case of a <br />Refinancing in which the City's Percentage of the Refinancing Proceeds are insufficient to repay <br />in full the City Loan, the City approves such Refinancing and the Borrower remains obligated <br />pursuant to the terms of this Note. <br />0 <br />