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c. Except as otherwise provided in Section 4, the Borrower shall pay to the City the <br />fifty percent (50 %) of the Residual Receipts as payment of principal and interest under their <br />loans. The remaining amount of the Residual Receipts shall remain with the Borrower to be <br />used by Borrower as determined by the General Partners of Borrower, including, without <br />limitation, for distribution to the partners of the Borrower. <br />d. The Residual Receipts payment shall be made not later than one hundred fifty (150) <br />days after the close of the Calendar Year. Such payment shall be applied first to any accrued but <br />unpaid interest, if any, then to reduce the principal balance of the loans. <br />6. Reserved. <br />7. Loan Reoavment from Refinancing Proceeds. <br />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 shall be applied first to pay Closing Costs; next, the <br />amount necessary to pay in full the balance remaining on the Senior Loan; next, the Borrower <br />shall pay to the City fifty percent (50 %) of the Refinancing Proceeds to the extent of the <br />outstanding balance on this Note. The remaining Refinancing proceeds shall remain with <br />Borrower to be used by Borrower as determined by the General Partners of Borrower, including, <br />without limitation, for distribution to the partners of the Borrower. Such payment shall be due on <br />the date of such Refinancing, and shall be applied first to any accrued but unpaid interest, then to <br />reduce the principal balance of the Loans. The City shall not be required to reconvey the lien of <br />the Deed of Trust if Sale Proceeds are insufficient to repay the Loans 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 fall the balance remaining on the <br />Senior Loan; next the Borrower shall pay to the City fifty percent (50 %) of the total Sale <br />Proceeds, not to exceed the outstanding amount of principal and interest due on this Note. This <br />fifty percent (50 %) represents the total payment due under the City Note. The remaining Sale <br />Proceeds shall remain with Borrower. Such payment shall be due on the date of such Sale, and <br />shall be applied first to any accrued but unpaid interest, then to reduce the principal balance of <br />the Loans, The City shall not be required to reconvey the lien of the Deed of Trust if Sale <br />Proceeds are insufficient to repay the Loans in full. <br />9. Buy Out Option. <br />Prior to the initial disbursement under this Note, the Borrower shall grant to the City a <br />Right of First Refusal (subject to any purchase option and/or right for first refusal granted to one <br />25C -74 <br />