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Loan(s), exclusively including required payments under the MUFG Union Bank, N.A. loan, the Orange County Community Foundation Loan and the County of Orange Loan (any additional loans to the project must be approved by the City); (ii) a property management fee no greater than 8% of gross rents; (iii) Owner Partnership Management and Asset Management Fees not to exceed 5% of gross rents; (iv) Deposits into required reserves required by any lender or Borrower's Partnership Agreement; (v) all other actual, reasonable cash operating costs and expenses, calculated on an annual basis, that are directly attributable to managing and operating the Property and the Borrower, 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) Reserved. (c) 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. (vi) Any other expenses necessary to meet senior lender requirements and requirements of Borrower's limited partner, or its assignee, as set forth in Borrower's Agreement of Limited Partnership (the "Partnership Agreement"), including, without limitation, repayment of any loans to the Borrower by a partner or tax credit recapture or deficiency payments. (vii) Deferred Developer Fees. (viii) A social services administrative fee. "Project" shall mean the acquisition and rehabilitation of the Property by Borrower pursuant to the Loan Agreement.