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940 S. MINNIE, LP - 2014
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940 S. MINNIE, LP - 2014
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Last modified
7/7/2014 3:04:49 PM
Creation date
7/7/2014 3:02:07 PM
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Contracts
Company Name
940 S. MINNIE, LP
Contract #
A-2014-077
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
3/18/2014
Insurance Exp Date
9/1/2014
Destruction Year
0
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Exhibit F <br />(v) all other actual, reasonable cash operating costs and expenses, calculated on an <br />annual basis, that are directly attributable to managing and operating the Property, including, <br />without limiting the generality of the foregoing, the following: costs and expenses for real and <br />personal property taxes, special assessments or similar charges; water, fuel, electricity and other <br />utilities; heating, ventilation and air conditioning expenses; labor; supplies; tools; equipment; <br />insurance; advertising and marketing; accounting and legal fees; brokerage connnissions and <br />other leasing expenses; reasonable reserves for all anticipated expenses as approved by the City; <br />and other such items constituting operation, maintenance and repair costs actually paid by the <br />Borrower, subject to the following conditions: <br />(a) Depreciation and amortization expenses shall not be considered <br />Operating Expenses, except as otherwise provided herein. <br />(b) All furniture, fixtures, machinery and equipment expenditures with <br />an individual cost of $1,000 or more and a useful life of more than one year, shall be amortized <br />over a period determined in accordance with generally accepted accounting principles (except to <br />the extent purchased with reserve funds which have otherwise been included as an Operating <br />Expense). Such amortization shall assume equal annual installments of principal and interest <br />with an interest factor at the actual rate not to exceed the reference rate of the Bank of America <br />plus two percent (2 %) if such furniture, fixtures, machinery and equipment are financed, or said <br />reference rate plus two percent (2 %) if paid for in cash by Borrower. All furniture, fixtures, <br />machinery and equipment with an individual cost of less than $200 or a useful life of less than <br />one year shall be treated as expense items. <br />(c) Any expenses, compensation or fees paid to any affiliate of Borrower <br />shall only be included as Operating Expenses to the extent they are not in excess of the <br />reasonable expenses, compensation or fees which would be payable to unrelated third parties in <br />arms - length transactions for similar services in the Santa Ana, California area. <br />(vi) Any other expenses necessary to meet senior lender requirements and requirements <br />of Borrower's limited partner, or its assignee, as set forth in Borrower's Agreement of Limited <br />Partnership (the "Partnership Agreement "). <br />(vii) Deferred Developer Fee due to cost over -runs during initial rehabilitation. <br />"Project" shall mean the acquisition and rehabilitation of the Property by Borrower <br />pursuant to the Loan Agreement. <br />"Property" shall mean the real property located at 940 South Minnie Street, Santa Ana, <br />California, described in the City Deed of Trust. <br />"Refinancing" shall mean changing the then existing financing on the Property by, <br />without limitation, modifying the interest rate and /or the tern of the existing Senior Loan, <br />3 <br />
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