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(iv) deposits into required reserves; <br />(v) any deferred developer fee; <br />(vi) all other actual, reasonable cash operating costs and expenses, calculated on <br />an annual basis, that are directly attributable to managing and operating the <br />Property, including, without limiting the generality of the foregoing, the <br />following: costs and expenses for real and personal property taxes, special <br />assessments or similar charges; water, fuel, electricity and other utilities; <br />heating, ventilation and air conditioning expenses; labor; supplies; tools; <br />equipment; insurance; advertising and marketing; accounting and legal fees; <br />brokerage commissions and other leasing expenses; reasonable reserves for <br />all anticipated expenses as approved by the Agency; and other such items <br />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; and, <br />(b) Any expenses, compensation or fees paid to any affiliate of <br />Borrower, excluding those payable under (iii), shall only be <br />included as Operating Expenses to the extent they are not in excess <br />of the reasonable expenses, compensation or fees that would be <br />payable to unrelated third parties in arms -length transactions for <br />similar services in the Orange County, California area; <br />(vii) Any other expenses necessary to meet Senior Lender requirements, and <br />requirements of the Investor Limited Partner, or its assignee, as set forth in <br />Borrower's Amended and Restated Agreement of Limited Partnership dated <br />as of May 1, 2019, as may be amended (the "Partnership Agreement"). <br />"PropertX" shall mean that property located at 2223 West Fifth Street, Santa Ana, <br />California. <br />"Refinancing" shall mean changing the then existing financing on the Property by, without <br />limitation, modifying the interest rate and/or the term of the existing Senior Loan, increasing or <br />reducing the amount of the existing Senior Loan, paying off the existing Senior Loan and obtaining <br />new Senior Loan, except for the payoff of the construction loan and its replacement with permanent <br />financing as contemplated by that [Citi Commitment with Freddie Mac dated as of _ _, 2019] <br />and except for the payoff of the conventional lender's acquisition loan for the Property. <br />"Refinancing Proceeds" shall be disbursed as set forth in section 6 hereof. <br />0 <br />80A-173 <br />