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ATTACHMENT 2 Redline Version of Section 2.3 of the Amended Loan Agreement a— "2.3 Repayment of the Loan. The Loan shall be repaid as set forth in the definition •f h• ' •a P . m•n it • si•n 2. . • •w .n. - • • '. is • h- w. • payments set forth in Section 2.3 (b) below. i--Definitions. The following definitions shall apply for the purposes of this Section 2. Any capitalized terms not otherwise defined below shall have the meaning set forth in Section 1.1. (1) tnanagetnef 1 . . . . . . . • : ! : . . 1,1 I I f . . ... . . -- - }- "Affordability Reserve" shall mean the affordability reserve described in Section 2.4 of the Regulatory Agreement. (2) "Annual Operating Costs" shall mean, with respect to a particular fiscal year, costs incurred for operation and maintenance of the Project, including but not limited to: property taxes and assessments imposed on the Project; debt service currently due on Approved Financing (excluding debt service owed to the City on the Loan and debt service owed to the City on the HELP Loan); annual fees charged in connection with any Approved Financing,the property management fees and reimbursements, insurance premiums; utility services not paid for directly by tenants; maintenance and repair; any annual license or occupancy fees required for operation of the Project; security services; advertising and marketing; --. •. . . . • - of a°ny previou°sli .. . . • :: . -- • . . • • •f . . • N'n• - • - h• u . I. • 111 into a replacement reserve account; extraordinary operating costs specifically approved in writing by the City; payments of deductibles in connection with casualty insurance claims; the amount of uninsured losses actually replaced, repaired or restored, rc serve deposits,other ordinary and reasonable operating expenses included in the Borrower's annual budget; other ordinary and reasonable operating expenses approved in writing by the City and not listed above. Annual Operating Costs shall not include the following: depreciation, amortization, depletion or other non-cash expenses; and any amount expended from a reserve account. ["Asset Management Fee" shall mean the annual asset management fee ]paid to BRIDGE in the amount of Twenty Five Thousand Dollars (S25.000[)_(increased by three percent (3°r6) annually] (3) "City Loan Payment" shall mean the annual interest only payment that is due on the City-Loan from the City paid from Surplus Cash pursuant to Section 2.3(b) as paid from Surplus Cash. Subject to Section 2.3(b)(ii)(4)-and-(iv2) below, the annual interest only payment shall be equal to ten percent (10%) per annum on the principal amount of the City Loan then outstanding. The Loan may be forgiven at the end of the Term[ in accordance with Section 2.3] (c), below. 144\105\1089710.1