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other revenues of ~vlratever4 bind or nature fr+orrr the Phase R-_ of the Project, except that
<br /> security deposits ~untrl applred}, interest on security deposits ar~d required reserves, sales
<br /> proceeds, arrd t1~e proceeds of loans, refinancings, catldemnation, ins~rrarrce claims, and par•tt~er
<br /> capital carrtributians, shall riot be considered At~r~lral Pr;oject Revenue.
<br /> As used herein, "~ip~I~crib~e ~'ec~er~~~~ ~r~~e" r~leans tl~e interest rate set by tl~e
<br /> Ul~ited states Treasury from trine to trine for' tl~e purpose of deter4r~ril~irrg applicable La~v ~ncorr~e
<br /> dousing Tax credit interest rates published by tl~e Internal Reven~re service in n~or~thly reserve
<br /> rulings,
<br /> As used herein, "~e~f `e~~vic~" means regularly scheduled payments of principal
<br /> and interest made ire a calendar{ year pursuant to the financing obtained far the developr~er~t ar~d
<br /> o~vnershrp of P11ase R-u ~~lricl~ leas been approved by the Agency pursuant to the Agrreement,
<br /> at~d ~~hich is senior i~~ lien priorrty to tl~e Agency ~oar~, but excluding payments nude prrrsrrar~t
<br /> t~ tl~e pr`an~~ssary Nate.
<br /> As used herein, ~`upr'fa~ .~~~~~crc~~~~~~~ .~ese~~~e'~ shall r~learr a reasonably required
<br /> reserve rat to exceed $~50 per unit per year' such greater arrrout~t as ruay be required by
<br /> Ier~ders or investor+ far Phase R-~, to be used ~'or the p~rrpose of replacing capital iten~s~
<br /> ~n or~ before ore hundred twenty {~20}days after the err~l of the Borrower's fiscal
<br /> year, of each year conlmer~cirrg in tl~ year4 after the isstrar~ce of the Release of construction
<br /> Covenants for Phase the Borro~rer shall ant~r~ally provide the Agency are audited f~narrcial
<br /> staterrrerrt fora Phase R~~ arrd a Residual Receipts Report, in the for•~n attached to the Ar•een~ent
<br /> as Attacl~r~errt X0,10, ~vl~ich shall desc~"lbe In detarl the Ar~r~~ral Pr•ojcct Revenue, Debt service,
<br /> operating expenses, capital Replacement Reserive ~rncludrng deports therein ar~d experiditrrres
<br /> therefrarr~, and Resid~~al Receipts far; that year far Phase Rw~. The Barroer~ shall also subrr~it
<br /> to tl~e Agency, an or before one l~~zr7dred t~~ret~ty { 1 days after, the end of the Borra~ver's fiscal
<br /> year, of each year comt~errcing in the year' of the rssuarrce of the Release of orastr{~rction
<br /> Covenants for t Phase R-`, at~ra~~al audited financial staterner~ts ~~ith respect to the Project that
<br /> have been revre~ved by atr rr~dependent cer•tr~ed public accountant, tage~her with an expressed
<br /> ~vriitter~ opinion of tl~e certified p~rblic accountant that such financial statements present the
<br /> financial position, results of operations, acrd cash flows fairly ar~d in accordance ~vitl~ ger~eraily
<br /> accepted acco~ir7tirr pr{ir~ciples,
<br /> ~`~pe~~afr'~rg ~~~~~ge~" and "~.~r~rr~c~~ ~~~c~~" shall rrreat~ the ar~rrual operating
<br /> budget for each Phase of the Project drat sets forth the projected operating Bxper~ses for the
<br /> upcornit~g year that is s~rbjct to at~d sl7all be submitted for revre~v and approval by executive
<br /> Director, in hisllrer reasonable discr{etion, each year' during the Affordability Period pursuant to
<br /> section 401.E of tyre Agreernent~
<br /> "~~~e~~a~r~~ .~.xp~trse~" shall mean actual, reasonable and customary {for
<br /> comparable high quality rer7tal Dousing developments its ~r~ange Calrnty~ costs, fees and
<br /> expenses directly incurred, paid, and attrib~rtable to tl~e operation, maintenance and management
<br /> of each Phase of the Rental Portion of the Project in a calendar' year', and ~~~hich is reasonably
<br /> cansrstent ~vrth the arrrrual ~peratir~g Budget for each Phase appra~ed by Agency pursuant to
<br /> 401 ~9 of the Agrieerrrent, rncludrng; painting, eleanit~g, repairs, alterations, landscaping, utilities,
<br /> ATTAHET ND. 88-2
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<br /> ~DCS~CII ~~~~~`3~~~ 31~~~272~~~~~
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