FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

Home Browse Search

EXHIBIT 3 does not include any insurance proceeds other than any rental interruption insurance proceed,; - Any credit consideration ;hall be included in Gross Revenues at the time cash proceeds (principal, interest and/or other) arc received. Burrower shall establish and maintain accounts I'or the Gross Rcvcuucs (the "'Project Accounts") that are segregated trom revcnucs and iacomc received by Horrower from all other projects. Gross Revenues shall also include all interest earned on the Project Accounts to the extent interest is released h-om the Project Accounts - Gross Revenues do not includethe proceeds of any loans or capital unuributions made. to Borrower, Refinancing Proceeds or Sale Proceeds. 44 0 p e r a t i n g shad mcpnetlw %iuu WMe followin— It) payments of principal and interest and all other charges relating to the Senior Loan(s), exclusively including required payments under the Chase Bank, N.A. Loan, and the VHHP Loan (any additional loans to the project must be approved by the City); (ii) a property management fee no greater than 8% of gross rents; (in) Owner Partnership Management and Asset Management Fees not to exceed 5%, of gross rents; (iv) Deposits into required reserves required by any lender or B01TOWer's Partnership Agiccmcnl; (V) all other actual, reasonable cash operatina costs and expenses, calculated on an annual hasis, that are directly attributable to managing and operating the Property and the Borrower, including, without limiting the grneralay 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 connnissioils and other leasing expense,; reasonable reserves for all anticipated expenses as approved b_y the City; and other such itetns constituting operation, maintenance and repair costs actually paid by the Borrowe, subject to the following conditions: (a) Depreciation and amortisation expenses shall not be considered Operating Expenses, except as othe,wise provided herein- (b) Reserved. (c) Any expenses, compensation or fees paid to any affiliate of Borrower shall only be included as Operating Expenses to the extent they are not in excess of the reasonable expenses, compensation or fees which would be payable to unrelated third parties in arnr 9-ICngth tl'an5letlotU for similar SG'ViCCS in the Sant? Ana, C'alilui"nia area. (vi) Any other expenses necessary to meet senior lender requirements and requirements Of Borrower-'S limited partner, or its assignee, as set forth in Borrower's Amended and Restated 3 City Council 21 — 74 4/20/2021