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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 existing senior loan previously made by US Bank, NA. <br />"Term" the term for repayment of this Note shall mean fifty-five (55) years from the <br />date of recording. <br />3. Loan Repavment. <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 snake a <br />City Loan payment then due. <br />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 Linder 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 />4 <br />