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(b) Annual Payments. <br /> (i) Waterfall of Payments. Commencing on May 1, in the fiscal year that <br /> Borrower receives a certificate of occupancy for the Project, and on that day for each year <br /> thereafter for the Term of the Loan, Borrower shall use any existing Surplus Cash to make the <br /> following payments in the following order of priority: <br /> (1) To pay any amount of subordinated base management fee <br /> owed pursuant to the property management agreement for the Project. <br /> (2) To pay the Help Loan Payment. <br /> (3) To pay the Developer Contribution until paid in full. <br /> (4) To pay the Operating/Management Reserve Deposit. <br /> (5) To pay the City Loan Payment. <br /> (6) To pay the Asset Management Fee. <br /> (7) To pay the Management/Incentive Bonus. <br /> (ii) Payments to Accrue until Paid. <br /> (1) To the extent that the Surplus Cash in any year is <br /> insufficient to pay the fee set forth in (b)(i)(1), the unpaid portion shall be paid from Surplus <br /> Cash in subsequent year(s) until paid in full and before any payments are made pursuant to <br /> Section 2.3(b)(i)(2) through (7) above; provided however that payments owed under Section <br /> 2.3(b)(i)(3) through (6) shall accrue as provided below. <br /> (2) To the extent that the Surplus Cash in any year is <br /> insufficient to pay the Developer Contribution, the unpaid portion shall be paid from Surplus <br /> Cash in subsequent year(s) until paid in full and before any payments are made pursuant to <br /> Section 2.3(b)(i)(4) through (7) above; provided however that payments owed under Section <br /> 2.3(b)(i)(4) through (6) shall accrue as provided below. <br /> (3) To the extent that the Surplus Cash is insufficient to pay the <br /> Operating/Management Reserve Deposit in any given year, the unpaid portion shall be added to <br /> the total amount of Operating/Management Reserve Deposit owed in the following year and <br /> shall continue to accrue until paid in full. The Operating/Management Reserve Deposit for each <br /> particular year and any accrued amounts shall be paid before any payments are made pursuant to <br /> Section 2.3(b)(i)(5) through (7) above; provided however that payments owed under Section <br /> 2.3(b)(i)(5) and (6) shall accrue as provided below. <br /> (4) If during the first five (5) years following the Borrower's <br /> receipt of a certificate of occupancy to the project, Surplus Cash is insufficient to pay the City <br /> Loan Payment, the City Loan Payment shall be forgiven. Throughout the remainder of the Term, <br /> 6 <br /> 144V105\217525.16 <br />