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97174497 <br />b. The total amount due on this Loan shall equal the <br />total sum of cash payments and rent subsidies as if <br />the beginning balance were to be amortized at <br />eight (8) interest for fifteen (15) years. <br />C. The Loan shall not accrue interest during the <br />initial 24 months of the Loan term. The amount of <br />interest paid per month for term years three through <br />fifteen is set forth in the payment schedule <br />attached hereto as Exhibit A. BORROWER shall make <br />monthly payments through total rent subsidies and <br />program operating costs for management of HOME units <br />of Seventeen Hundred Fifty Dollars ($1,750) per <br />month for the eleven units for the initial 24 months <br />of the Loan period (October 1, 1993 to September 30, <br />1995). Beginning on October 1, 1995 and continuing <br />monthly thereafter for the remainder of the Loan <br />period, Borrower shall make Three Thousand Fifty <br />Dollars ($3,050) per month payments which shall <br />consist of a Seventeen Hundred Fifty Dollars <br />($1,750) allocated to program operating costs for <br />management of HOME program units and the monthly <br />rent subsidies to the tenants and a One Thousand <br />Three Hundred Dollar ($1,300) cash payment to the <br />city. During the initial twenty-four (24) months <br />of the loan period, Four Hundred Fifty Dollars <br />($450) per month represents the amount attributable <br />to program operating costs. Beginning on October <br />1, 1995, the program operating cost amount shall <br />reduce to Two Hundred Fifty Dollars ($250) per <br />month. If in any month during the loan period the <br />combination of the program operating costs and the <br />rent subsidy provided to tenants is less than $1487 <br />per month (which is equal to 85 percent of $1750), <br />the difference between the $1750 and the sum of the <br />combination of the program operating costs and rent <br />subsidy provided to the tenants shall be allocated, <br />in the next reporting period, in one of the <br />following manners: <br />1. For use <br />maintenance of <br />eleven units. <br />as maintenance <br />maintenance an <br />other units ir <br />in providing extraordinary <br />rehabilitation on any of the <br />Extraordinary shall be defined <br />or rehabilitation beyond normal <br />l rehabilitation which occurs on <br />the complex; <br />2. For use as a rebate back to the tenants of <br />the qualified units; or <br />- 2 - <br />