Laserfiche WebLink
rental interruption insurance proceeds, Any credit consideration shall be included in Gross <br />Revenues at the time cash proceeds (principal and/or other) are received. Borrower shall <br />establish and maintain accounts for the Gross Revenues (the "'Project Accounts ") that are <br />segregated from revenues and income received by Borrower from all other projects. Gross <br />Revenues shall also include all interest earned on the Project Accounts, <br />"Low Income" means an adjusted income which does not exceed eighty percent (80 %) <br />of the area median income for the Orange County, California PMSA, adjusted for household <br />size, as published by HUD. <br />"Neighborhood Stabilization Program" (NSP) has the meaning set forth in Section 1 <br />above. <br />"NSP Assisted Units" shall mean those rental units constructed on eligible Properties <br />which are subject to the term of affordability, <br />"NSP2 Funds" shall mean the money provided under the NSP2 Program for the <br />development of the rental units hereunder. <br />"Operating Expenses" shall mean the sum of the following: <br />(i) payments of principal and interest and all other charges relating to the Senior <br />Loan(s); <br />a property management fee equal to 8% of gross rents; <br />(iii) Owner Administration Fee of 5% of gross rents; <br />(iv) deposits into required reserves; <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 commissions 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 />1076 \53 \1389384.1 <br />25B -105 <br />