NORTH BROADWAY HOUSING PARTNERS LP

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Revenues and Operating Expenses attributable to the Property for the applicable Calendar Year, along with a computation of the amount of the Residual Receipts applicable to such Calendar Year with which to make a City Loan payment then due. 5.3. Except as otherwise provided in Section 4, the Borrower shall pay to the City the City's Percentage of the Residual Receipts as payment of principal and interest under this Note. The Borrower shall pay 8.12% of the Residual Receipts to the County and 13.43% of the Residual Receipts to the Orange County Housing Finance Trust. The remaining amount of the Residual Receipts shall remain with the Borrower to be used by Borrower in accordance with the terms of the Partnership Agreement, including, without limitation, for distribution to the partners of the Borrower. 5.4. The Residual Receipts payment shall be made not later than one hundred fifty (150) days after the close of the Calendar Year. Such payment shall be applied first to the payment of all expenses, charges, costs and fees incurred by or payable to City by Borrower pursuant to the terms of the Loan Documents; second to any accrued but unpaid interest, if any; and third, to reduce the principal balance of the City Loan. Notwithstanding anything to the contrary contained herein, after the occurrence and during the continuation of an Event of Default (as such term is defined in the Loan Agreement), all amounts received by City from any party shall be applied in such order as City, in its sole discretion, may elect. 6. RESERVED. 7. LOAN REPAYMENT FROM NET REFINANCING PROCEEDS/NET SYNDICATION PROCEEDS. The Borrower shall make a payment to the City from every approved Refinancing or Syndication that occurs during the term of this Note, not to exceed the outstanding balance of principal and interest on this Note to the extent of the City's Percentage (28.45%) of the Net Refinancing Proceeds / Net Syndication Proceeds (if any). The "Net Refinancing Proceeds" shall be defined as the proceeds from the refinancing of any loan approved by the City as stipulated in the Loan Agreement, net of all of the following: the amount of the financing which is satisfied out of such proceeds, closing costs, costs to rehabilitate the Project, including the costs necessary to obtain refinancing proceeds (such as consultant, legal and other consultant costs), payments toward the Senior Loan required by the Senior Lender, payment of outstanding deferred developer fee, required reserve deposits, repayment of any General Partner loans to the Borrower, the soft costs related to the rehabilitation of the Project (such as architecture, engineering and other consultant costs, and all required relocation costs), and all hard costs of the rehabilitation, all of which have been reviewed and reasonably approved by the City. The "Net Syndication Proceeds" shall be defined as the syndication proceeds net of final Project hard and soft construction costs, including developer fee, based on a cost certification completed at the end of construction, and syndication costs all of which has been reviewed and reasonably approved by the City. 6 WISEPtace Permanent Supportive Housing City HOME -ARP Loan Note