55C - RESO - SA ARTS COLLECTIVE - Laserfiche WebLink

Home Browse Search

(ii) general partner fee and tax credit investor management fees pursuant to the Borrower's amended and restated partnership agreement ("Partnership Agreement"); (iii) the cost of any supportive services provided to tenants of the Property, including fees and reimbursements payable to the provider or coordinator of such supportive services; (iv) debt service payments (excluding debt service due from residual receipts or surplus cash of the Property) on senior loan obligations associated with the Property, and approved by Lender; (v) tax credit adjustment payments payable to Maker's tax credit investor pursuant to Borrower's Partnership Agreement; (vi) payments made on loans advanced by any partner or member of Borrower for the purpose of paying operating expenses of the Property; (vii) a property management fee equal to 8% of gross rents; (viii) Owner Administration Fee of 5% of gross rents; (ix) deposits into required reserves; (x) any deferred developer fee; (xi) all other actual, reasonable cash operating costs and expenses, calculated on an annual basis, that are directly attributable to managing and operating the Property, including, without limiting the generality of the foregoing, the following: costs and expenses for real and personal property taxes, special assessments or similar charges; water, fuel, electricity and other utilities; heating, ventilation and air conditioning expenses; labor; supplies; tools; equipment; insurance; advertising and marketing; accounting and legal fees; brokerage commissions and other leasing expenses; reasonable reserves for all anticipated expenses as approved by the City; and other such items constituting operation, maintenance and repair costs actually paid by the Borrower, subject to the following conditions: (a) Depreciation and amortization expenses shall not be considered Operating Expenses, except as otherwise provided herein. (b) Any expenses, compensation or fees paid to any affiliate of Borrower shall only be included as Operating Expenses to the extent they are not in excess of the reasonable expenses, compensation or fees which would be payable to unrelated third parties in arms -length transactions for similar services in the Santa Ana, California area. LEGAL_US_W # 90423673.1 4 55C-208