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1•efuse rerr~oval, ce1•ti~cates, permits and licenses, se~e1• el~arges, real and personal prapel~t~r
<br /> taxes, assesslnel~ts, il~sur"ar]ce, sec~rlt~~, adver•tlsing and pralnatrorl, ~a1~1tOr"gal services, eleanrr~
<br /> at~d building supplies, pu1•chase, repair, ser~lcing and installatiall of appliances, equipment,
<br /> fixtures ar~d furr~ishir~s, fees and expel~ses of prapel•t~r management, fees and expenses of
<br /> accoul~tants, a~tarile~s and otl~er plofessianals, the cast of sacral sei•vlces and otl~er l~ausing
<br /> suppoi•ti~re sere?ices pi'a~rlded at tl~e Px•ojeet consistent ~~ritl~ De~relapel•'s approved Tax l~e~lit
<br /> Applications to TEA for Phase -1 and Phase repayr~ent of arl~ completion ari operatil~
<br /> Ioat~s node to Develapel•, at~d otlie~• actlral, reasonable and ct~stomal•~ apel•atil7g costs at~d capital
<br /> cans ~vhlcll are direeti~ incur"i'ed and paid b~ Developers but which are not paid fialn ar eligible
<br /> to be paid f1•ain the apltal Replacelnent Reserve o1• and otl~er' i~esei•ve aceot~nt for tl~e applicable
<br /> Plisse. Ta the extent tl~e ~pe1'atrrig ~xpel~ses fel" a Phase are not reasonably consistent v~rtll tl~e
<br /> annual Opeiatil~ Budget fa1• a given year, tine Agency Executive Dil~eetol• shall i'easal~bly
<br /> x•evie~v al~d approve to cot~fi~•n~ tzeh Operating Expel~ses al'e reasonable aril act~lai~ ~ncur~r"ed;
<br /> provided, loo approval sl~all be 1•~~uiled for emei•ellcy expel~ditures reasanabl~ necessat"y or"
<br /> appropl"fate to pr"eselve life, limb, or pz'ope~•ty,
<br /> Dper•ati~~g Expenses sliall e~~•c~r~~ aii of the folla~virig; ~i} solar"ies of en~playees
<br /> of Developer" a1' Developer"'s general averliead expel~ses, or expenses, cosh and fees paid to an
<br /> Affiliate ~ Developer, to the extent and oftl~e foregoing exceed the expenses, casts or fees tl~at
<br /> ~vauld be payable in a bans fide arlns' lengtl~ tralisaetiall bet~veen t~nx•elated parties In the ~1•ange
<br /> Ca«rity area fo1• the same ~vorl~ ar services; iii} at~~ alnour]ts paid dir•ectl~ a tenant of the
<br /> Re~~tal Pai•tio11 of the Project tD t1111'd party ill con~~ectiol~ ~vi~h expenses ~vi~ich, if incurred by
<br /> Developeli, auld be Operating Expel~ses; ~iii~ optional or• elective paylnerit ~~+itlr respect to
<br /> fina~~cin approval pl~r"scant to ectiar~ l ~ 1 of Mlle Agreement the "P1"imar'y Loan"~ ~ulxles
<br /> rrlade ~'~1t11 the carlet~t of the Executive Dlrectol• il~ her" r•easanable discretion}; Div) expenses,
<br /> expenditures and cl~ares of ar~y i~atur'e ~4~hatsoever arising ai' ilrctu•red b,~ Developer prior to
<br /> completion of the applicable Plisse of tl~e Rel~tal Po1•trori of the Pi"o~ect itl~ respect to tl~e
<br /> develop~ne~lt, l~air~teliarrce at~d upl~eep of tl~e applicable Please of the Recital Portion of the
<br /> Project, ~1• ar~~~ pal~tion tl~er"eof, rnclud111g, ~vitl~ot~t limitation all costs a~~d capitalised expenses
<br /> tncul{red by Developel~ in co~~l~ection ~vlth rile ac~t~isitiol~ of the bite f1•om tlae Agency ~e.g, riot
<br /> leasing to lo~v income tenants}, all pl'edevelopn~ent acid preconstructian activities cor~dtlcted by
<br /> Developer in connection ~itli the Re~~tal Pol`tion of the P1•aject, including, ~vithat~t lltnltatlo~~, the
<br /> preparatiar~ of all plal~s al~d the pe1•farn~ar~ce of and tests, stlydies, i~ivestigations a~• other ~varlc,
<br /> and the construction of tl~e Re~~tal Partian of the Pt•o
<br /> jeer arld and an-site ol" aff~site ~~ork i1~
<br /> connectiol~ tl~ere~vitlr; Zvi} depreciatiol~, atnorti~ation, and accr~~ed principal and interest expense
<br /> ors deferred pa~l~ler]t debt; acid vii} a~~~ Pal~tnersl~ip Related Fees to tl~e exter~t their ar;e rat paid
<br /> as capitalrzed expenses,
<br /> "~~rr~t~r~~~s~r~~ Ar~~~~rre~rt" means the par~tlaershlp agr'eernerit bet~veen tlYe
<br /> De~~elopei• al~d the ~nvestar• Lirrllted Pa1'trier.
<br /> "pc~~4~~rer~s~~r'~~ .~~rr~ed Fees" sliall lnean tl~e folla~viri Fees of each Developer'
<br /> el~tit~, or partners thereof p~zr•staant to the Par~nei'ship Agreement, which are actuall~~ paid
<br /> ~i~ a general pa1•tner~s} ~adn~inistrative andlor managing pa1•tner~s}~
<br />
<br /> partnelshlp inalragelnel~t fee payable to rile general pa~•tt~er~s} ir1 a ctrlnt~lative alriour~t not to
<br /> ATTAHET N~, SB-~
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