80A - JOINT PH - TRANSIT ZONING CODE, FINAL EIR, SPECIFIC PLAN ETC. - ORIGINAL PACKET PROVIDED TO COUNCIL

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other revenues of whatever kind or nature from the Phase R- of the Project, except that security deposits (until applied), interest on security deposits and required reserves, sales proceeds, and the proceeds of loans, refinancings, condemnation, insurance claims, and partner capital contributions, shall not be considered Annual Project Revenue. As used herein .5 "Applicable F i -a a " means the interest rate set by the United States Treasury from time to time for the purpose of determining applicable Low Income Housing Tax Credit interest rates published by the Internal Revenue Service in monthly reserve rulings. As used herein, `Debt Service" means regularly scheduled payments of principal and interest made in a calendar year pursuant to the financing obtained for the development and ownership of Phase which has been approved by the Agency pursuant to the Agreement, and which is senior in lien priority to the Agency Loan, but excluding payr, e t made pursuant to the Promissory Note. As used herein, "Capital RelVacement Res ti "' shall ni an a reasonably requir d reserve not to exceed $250 per unit per year or such greater amount as may be required by lenders or investors for Phase R-_), to be used for the purpose of replacing capital items. On or before one hundred twenty 120 days after the end of the Borrower's fiscal year, of each year commencing in the year after the issuance of the Release of Construction Covenants for Phase R--, _, the Borrower shall annually provide the Agency an audited f narieial statement for Phase R -� and a Residual Receipts Report, in the forth attached to the Agreement as Attachm ent No. 10. wh ieh shall describe in detail the Annual Project Revenue, Debt Service, Operating Expenses, Capital Replacement I es r e (including deposits therein and expenditures therefrom), and Residual Receipts for that year for Phase R -�. The Borrower shall also submit to the Agency, on or before one IlUndred twenty ty i 2 days after the end of the Borrower's fiscal year, of each year commencing in the year of the issuance of the Release of Construction Covenants for t Phase - , annual audited financial statements with respect to the Project that have been reviewed by an independent certif ed public accountant, together with are expressed written opinion of the certified public. accountant that such financial statements present the financial position, results of operations, and cash flo ws fairly and in accordance with generally accepted accounting principles. " p iwfin g Bu " are "Annual tag " shall men the annual operating budget for each Phase of the Project that sets forth the projected Operating Expenses for the upcoming year that is subject to and shall be submitted for review and approval by Executive Director, in his her reasonable discretion, each year during the Affordability Period pursuant to Section 401.9 of the Agreement. " p t -ati g Expenses" shall mean actual, reasonable and customary (for comparable high quality rental housing developments in Orange County) costs, fees and expenses directly incurred, paid, and attributable to the operation, maintenance and management of each Phase of the Rental Portion of the Project in calendar year, and which is reasonably consistent with the annul Operating Budget for each Prase approved by Agency pursuant to 01.9 of the Agreement, including: painting, cleaning, repairs, alterations, landscaping, utilities, ATTACHMENT NO. B -2 CS M 400673 v 1 3/200272 -0001