55A - AGMT LEGACY APARTMENTS - Laserfiche WebLink

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(iii) owner administration fee not to exceed 5% of gross rents which will include Investor Limited Partner local administration fee of $5,500 per year and General Partner management fee of $12,000 per year pursuant to the Partnership Agreement, which shall increase by 3% per year; (iv) deposits into required reserves; (v) any deferred developer fee; (vi) all other actual, reasonable cash operating costs and expenses, calculated on an annual basis, that are directly attributable to managing and operating the Property, including, without limiting the generality of the foregoing, the following: costs and expenses for real and personal property taxes, special assessments or similar charges; water, fuel, electricity and other utilities; heating, ventilation and air conditioning expenses; labor; supplies; tools; equipment; insurance; advertising and marketing; accounting and legal fees; brokerage commissions and other leasing expenses; reasonable reserves for all anticipated expenses as approved by the City; and other such items constituting operation, maintenance and repair costs actually paid by the Borrower, subject to the following conditions: (a) Depreciation and amortization expenses shall not be considered Operating Expenses, except as otherwise provided herein; and, (b) Any expenses, compensation or fees paid to any affiliate of Borrower, excluding those payable under (iii), shall only be included as Operating Expenses to the extent they are not in excess of the reasonable expenses, compensation or fees that would be payable to unrelated third parties in arms -length transactions for similar services in the Orange County, California area; (vii) Any other expenses necessary to meet Senior Lender requirements, and requirements of the Investor Limited Partner, or its assignee, as set forth in Borrower's Amended and Restated Agreement of Limited Partnership dated as of [ 1 2020, as may be amended (the "Partnership Agreement"), or as may be permitted by CaI FIFA and California HCD, with the intent that all lenders entitled to payment of Residual Receipts will utilize a common calculation.. "Property" shall mean that property located at 609 North Spurgeon St., Santa Ana, California (to be re -designated as 301 East Santa Ana Boulevard) . "Refinancing" shall mean changing the then existing financing on the Property by, without limitation, modifying the interest rate and/or the term of the existing Senior Loan, increasing or reducing the amount of the existing Senior Loan, paying off the existing Senior 4 55A-96