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thereof, or any interest therein by the Borrower, and includes any transfer, assigmnent or sale of <br />any partnership interest in the Borrower by an individual or entity which is a general or limited <br />partner in the Borrower, or any interest by any individual or entity which holds an interest in any <br />such general or limited partner in the Borrower, which brings the cumulative total of all such <br />direct and indirect transfers, assignments and sales during the term of this Note to more than <br />thirty -five percent (35 %) of the ownership interests in the Borrower, and any such transfer, <br />assignment or sale of a direct or indirect partnership interest thereafter. Sale includes a sale in <br />condemnation or under threat thereof. Sale does not include dedications and grants of easements <br />to public and private utility companies of the kind customary in real estate development. <br />"Sale Proceeds" shall be disbursed as set forth in Section 8 hereof. <br />"Senior Loan" shall mean the senior loan being made by , <br />concurrent to the City Loan for payment of a portion of the Acquisition and Rehabilitation Costs, <br />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 />Loan Repayment. <br />Borrower shall make payments to the City as provided in Sections 5 (Residual Receipts), <br />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 prior to <br />repayment of said loan. Such loan shall be repaid with net cash flow prior to the residual receipt <br />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 City annually, in the amount of the lesser <br />of the outstanding balance due under this Note or the City's Percentage of the Residual Receipts, <br />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 City 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 />City Loan payment then due, <br />0 <br />25C -73 <br />