Laserfiche WebLink
3. Loan Repayment. <br /> <br />Borrower shall make payments to the Agency as provided in sections 4 (Residual <br />Receipts), 5 (Refinancing Proceeds), 6 (Transfer Proceeds) and 7 (Accelerated Loan Repayment) <br />of this Note. <br /> <br />4. Annual Loan Repayment/ Residual Receipts. <br /> <br /> a. Commencing on the date one hundred and fifty (150) days after the close of the initial <br />Calendar Year following the issuance of the Certificate of Occupancy, and on or before the 150th <br />day of each Calendar Year thereafter, the Borrower shall thereafter make a loan payment, including <br />any payment processing fee charged by the City’s loan processor, as applicable, to the Agency <br />annually, in the amount of the lesser of the outstanding balance due under this Note or the Agency’s <br />Percentage of the Residual Receipts, as provided herein. <br /> <br /> b. Within one hundred and fifty (150) days after the close of the initial Calendar Year, <br />following the Issuance of the Certificate of Occupancy, and on or before the 150th day of each <br />Calendar Year thereafter, the Borrower shall submit to the Agency an audited financial statement <br />of Annual Project Revenues and Annual Operating Expenses attributable to the Property for the <br />applicable Calendar Year, along with a computation of the amount of the Residual Receipts <br />applicable to such Calendar Year with which to make an Agency Loan payment then due. <br /> <br />c. Except as otherwise provided, the Borrower shall pay to the Agency the Agency's <br />Percentage of the Residual Receipts as payment of the Agency Loan pursuant to Section 4(d) <br />below. At least fifty percent (50%) of the Residual Receipts shall remain with the Borrower, with <br />all Residual Receipts remaining with Borrower, once the Agency Loan has been fully repaid. <br /> <br />d. Borrower shall retain fifty percent (50%) of the Residual Receipts. The other fifty <br />percent (50%), shall be applied to this Agency Loan. <br /> <br />e. The Residual Receipts payment shall be made no later than one hundred and fifty <br />(150) days after the close of the Calendar Year. Such payment shall be applied first to any late <br />fees, then to reduce the principal balance of the loan. <br /> <br />f. Agency’s right to receive payments pursuant to this Section 4 shall be subject and <br />subordinate to any Senior Lender’s rights under the Senior Loan Documents. <br />5. Loan Repayment from Refinancing Proceeds. <br />The Borrower shall make a loan payment to the Agency from every Refinancing that occurs <br />during the term of this Note (other than refinancing of the Senior Loans), not to exceed the <br />outstanding balance of principal on this Note, to the extent of the Agency’s Percentage of the <br />Refinancing Proceeds (if any), as follows: the cash proceeds from such Refinancing shall be <br />applied first to pay Closing Costs; next, the amount necessary to pay in full the balance remaining <br />on any Senior Loan; next, the amount necessary to pay any deferred developer fee in full; and next, <br />EXHIBIT 4