Common use of Residual Receipts Clause in Contracts

Residual Receipts. Subject to the adjustments described in Section 10 of this Note, prior to the expiration of the 55-year Term hereof, Borrower shall be obligated to repay the Agency Loan exclusively from the City’s Share of Residual Receipts, as follows: Annually, not later than the last day of April, beginning with the year following the year in which the Conversion occurs, Borrower shall submit to City an audited Annual Financial Statement for the preceding calendar year, prepared by a certified public accountant reasonably acceptable to the City, determining the amount of Residual Receipts, if any, generated in that year, together with payment of the City’s Share of such Residual Receipts. The first such Annual Financial Statement shall be for the partial year beginning on the Conversion and ending on December 31 of that year. The City shall review and approve such Annual Financial Statement, or request revisions, within 30 days after receipt. In the event as the result of the City’s review of the statement, there is an increase in the amount of any payment due and payable to City (as the result, for example, of a determination that the actual amount of Residual Receipts to which the City is entitled exceeds the amount of City’s Share of Residual Receipts shown in the Annual Financial Statement submitted by Borrower), Borrower shall promptly pay to the City the difference, with interest, from the date on which such payment was due, at the rate of five percent (5%) per annum.

Residual Receipts. Subject to the adjustments described in Section 10 of this Note, prior to the expiration of the 55-year Term hereof, Borrower shall be obligated to repay the Agency City Loan exclusively from the City’s Share of Residual Receipts, as follows: Annually, not later than the last day of April, beginning with the year following the year in which the Conversion Occupancy Date occurs, Borrower shall submit to City an audited Annual Financial Statement for the preceding calendar year, prepared by a certified public accountant reasonably acceptable to the City, determining the amount of Residual Receipts, if any, generated in that year, together with payment of the City’s Share of such Residual Receipts. The first such Annual Financial Statement shall be for the partial year beginning on the Conversion Occupancy Date and ending on December 31 of that year. The City shall review and approve such Annual Financial Statement, or request revisions, within 30 days after receipt. In the event as the result of the City’s review of the statement, there is an increase in the amount of any payment due and payable to City (as the result, for example, of a determination that the actual amount of Residual Receipts to which the City is entitled exceeds the amount of City’s Share of Residual Receipts shown in the Annual Financial Statement submitted by Borrower), Borrower shall promptly pay to the City the difference, with interest, from the date on which such payment was due, at the rate of five percent (5%) per annum.

Residual Receipts. Subject to the adjustments described in Section 10 of this Note, prior to the expiration of the 55-year Term hereof, Borrower shall be obligated to repay the Agency 20% Loan exclusively from the CityAgency’s Share of Residual Receipts, as follows: Annually, not later than the last day of April, beginning with the year following the year in which the Conversion Completion occurs, Borrower shall submit to City Agency an audited Annual Financial Statement for the preceding calendar year, prepared by a certified public accountant reasonably acceptable to the CityAgency, determining the amount of Residual Receipts, if any, generated in that year, together with payment of the City’s Share of such Residual Receipts. The first such Annual Financial Statement shall be for the partial year beginning on the Conversion Completion and ending on December 31 of that year. The City Agency shall review and approve such Annual Financial Statement, or request revisions, within 30 days after receipt. In the event as the result of the CityAgency’s review of the statement, there is an increase in the amount of any payment due and payable to City Agency (as the result, for example, of a determination that the actual amount of Residual Receipts to which the City Agency is entitled exceeds the amount of CityAgency’s Share of Residual Receipts shown in the Annual Financial Statement submitted by Borrower), Borrower shall promptly pay to the City Agency the difference, with interest, from the date on which such payment was due, at the rate of five percent (5%) per annum.

Residual Receipts. Subject to the adjustments described in Section 10 Sections 6 and 11 of this Note, prior to the expiration of the 55-year Term hereof, Borrower shall be obligated to repay the Agency City Loan exclusively from the City’s Share of Residual Receipts, as follows: Annually, not later than the last day of April, beginning with the year following the year in which the Conversion Occupancy Date occurs, Borrower shall submit to City an audited Annual Financial Statement for the preceding calendar year, prepared by a certified public accountant reasonably acceptable to the City, determining the amount of Residual Receipts, if any, generated in that year, together with payment of the City’s Share of such Residual Receipts. The first such Annual Financial Statement shall be for the partial year beginning on the Conversion Occupancy Date and ending on December 31 of that year. The City shall review and approve such Annual Financial Statement, or request revisions, within 30 days after receipt. In the event as the result of the City’s review of the statement, there is an increase in the amount of any payment due and payable to City (as the result, for example, of a determination that the actual amount of Residual Receipts to which the City is entitled exceeds the amount of City’s Share of Residual Receipts shown in the Annual Financial Statement submitted by Borrower), Borrower shall promptly pay to the City the difference, with interest, from the date on which such payment was due, at the rate of five percent (5%) per annum.