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sale in condemnation or under threat thereof. Sale does not include dedications and grants of <br />easements to public and private utility companies of the Kind customary in real estate <br />development. Notwithstanding anything to the contrary contained herein, a "Sale" shall not <br />include any transaction not considered a "transfer' under Section 13. <br />"Senior Loan" shall mean any senior loan made to Borrower, for payment of Acquisition <br />and/or Rehabilitation Costs, and shall include any subsequent loan that refinances said Senior <br />Loan. <br />"Term" the term for repayment of this Note shall mean fifty-five (55) years from the date <br />of recording of the Deed of Trust securing the Note. <br />"Term of Affordability" the term of affordability shall be fifty-five (55) years. <br />"Very Low Income" means an adjusted income which does not exceed fifty <br />percent (50%) of the area median income for the Orange County, California PMSA, adjusted for <br />household size, as published by HUD. <br />3. Loan Repayment. <br />Borrower shall make payments to the City as provided in Sections 5 (Residual Receipts),_ <br />6 (Refinancing Proceeds), 7 (Sale Proceeds) and 9 (Accelerated Loan Repayment) of the <br />Agreement. <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 />payment of said loan. The outstanding loan balance will be reflected in the annual report. <br />5. Annual Loan Repayment/ Residual Receipts <br />a. Commencing on the date one hundred fifty (150) days after the close of the initial <br />Calendar Yearfollowingthe issuance of the Certificate of Completion and on or before the 150th <br />day of each Calendar Year thereafter the Borrower shall thereafter make a loan payment to the <br />City annually, in the amount of the lesser of the outstanding balance due under this Note or the <br />City's Percentage of the Residual Receipts, as provided in this Section 5. <br />b. . Within one hundred fifty (150)daysafter the close of the initial Calendar Year <br />following the Issuance of the Certificate of Completion and on or before the 150th day of each <br />Calendar Year thereafter, the 'Borrower shall submit to the City an audited financial statement of <br />Gross Revenues and Operating Expenses attributable to the Property for the applicable Calendar <br />Year, along with a computation of the amount of the Residual Receipts applicable to such <br />Calendar Year with which to make a City Loan payment then due. <br />5 <br />