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ATTACHMENT 2 <br /> Redline Version of Section 2.3 of the Amended Loan Agreement <br /> Inc, as may be amended from time to time,or a successor Management Agreement <br /> approved by City. <br /> " . • _ P . - • - -• " • . espeet-to-a <br /> Costs (including debt service on Approved Financing). The Operating Management Reserve <br /> Costs (including debt service on Approved Financing). The Operating Management Reserve <br /> .. t and shall not be <br /> "Property Manager's Subordinated Fee" shall mean that portion of[the <br /> prooertymanagement) - - h. u I. n• •i. •: • r :iv•nf. • •rin •r•. • • m.k- <br /> m. • . ► • - • - ► ' - . • m- • h- A. or. - • Fin. in: • Her- f II e - ri. - • in h- <br /> Prop Management Agreement. <br /> (9) "Surplus Cash" shall mean the difference between the Gross <br /> Revenue and Annual Operating Costs. <br /> ii—Annual Payments from Surplus Cash. <br /> (1) Waterfall of Payments. Commencing on May 1, mat the end of <br /> the fiscal year -. : : - . . . • - • • • •• ' -. ,in which the <br /> Conversion Date occurs, and on that day for each year thereafter for the Term of the Loan, <br /> theBorrower shall use any existing Surplus Cash and any Development Surplus Cash to make <br /> the following payments in the following order of priority: <br /> (a) To pay any amount of subordinated-base <br /> . _• . - - -{ } —the Project. <br /> T h r ri F <br /> (b) To pay the payment due on the Help Loan Payment <br /> as set forth in HELP Loan Amended and Restated Promissory Note. <br /> (c) To pay the Developer Contribution until paid in <br /> full. <br /> (d) To pay the Operating/Management Reserve <br /> (e) To pay the City Loan Payment. <br /> 144\105\1089710.1 <br />