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(w) till other actual, reasonable cash operating; casts and expenses, calcdrlatcd on an <br />annual haasis, that are directly attributable to managing and operating the Proprerty, including, <br />without limiting the generality of the foregoing, the Iollowing: co.wts and expennes for renal and <br />personal property taxes, special assessnnoiLs orsimilar 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 tees; brokerage corruaoissions and <br />olhQr leasing expenses; reasonable reserves for all anticipated expenwes as approved by the C:;i y; <br />and other such items constituting; opoel-atinn, maintenance and repair costs actually paid by the <br />Borrower, subject to the Hollowing conditions: <br />(ai) Depreciation and amortization expenses shall not be considered <br />Operating Expenses, except as otherwise provided herein. <br />(b) Reserved. <br />(c) Any expenses, compensation or fees paid to any affiliate of Borrower <br />shall only lie included as Operating Expenses to the extent they are not in excess of the <br />reasonable expenses, compensation or fi^es which would he payable to uarr °elt-ated thud parties in <br />"area -s lerrg;th tmusactionw Im- similar services in the Santa Ana, Califd'arniaa area. <br />(vi) Any other expenses necessary ua meet senior lender requirements and requirements <br />of Borrower's limited partner, or its assignee, as sel forth in Borrower's Agreement of Limited <br />Partnership (the: "Partnership Agr eenrenl' ",) <br />(vii) Deferred Developer Fees. <br />"Project," shalt mean the aedpuisitoon and rehabilitation of the Property by Borrower <br />purstaant to the t eoutn Agrreenaent. <br />"Property" shall mean the real property located at 21 S l Fast Furst qtr eet, Santa Ana, <br />California, described in the City Dced crf" 1 "mist. <br />"Rel°inancirug " whaall mean Qlimaging, the, then existing financing, on the Property by, <br />without 'linuitativn„ naduhfying the interest rate andyor the terra of the, existing Senior Loan, <br />incr-eashig or reducing the aatiaount Of fine existing Scniol- Lo<rur� paying, off the existing Senior <br />Loan and obtaining new Senior Loan. <br />"Refinancing Proceeds` shall be disbi,wsed as set forth in Section 7 hereof <br />" Residual Receipts" shall mean the Gross Revenues Born the Properties located at 2 t 5 1 <br />E. first Strect, Santa Ana, Cali t'orni a, for cacli year, less deductions for Operating Expenses fiom <br />the same lotrildmgs, applicable to caCh sa ch year less the items listed in Arliele 5 of the <br />Partner ship Agreeament, to the extent not nhc ady dedlaeted as nn Operating Fxp,aense. <br />"Sale" shall mean any transfer, assignment, conveyance or lease (other than to a tenant <br />for ocenpaney or a transaction yet fbi-ill in Section 15('c) hereof) of the Property or any portion. <br />3 <br />25H -69 <br />