WESTVIEW HOUSE L (6).P - Laserfiche WebLink

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"Interest" shall mean that the NOTE shall bear simple interest at the rate of Three percent (3%) per amium, from the date of issuance of the Certificate of Completion. "Operating Expenses" shall mean the sum of the following: (a) payments of principal and interest and all other charges payable on or with respect to the Senior Loan(s); (b) a property management fee no greater than sixty-five dollars ($65)/per unit/per year, increased annually by the lesser of: (i) three percent (3%); or (ii) prior Year CPI, beginning the year following the issuance of the first certificate of occupancy for the Project; (c) Partnership related fees that are actually incurred and are reasonable and customary to the partners of Borrower for similar projects in Southern California, and which may include: (i) the partnership management fee payable to the Administrative General Partner not to exceed seventeen thousand dollars ($17,000) per operating year and escalating at three percent (3%) per operating year; (ii) the partnership management fee payable to the Managing General Partner not to exceed three thousand five hundred dollars ($3,500) per operating year and escalating at three percent (3%) per operating year; and (iii) an investor asset management fee of seven thousand five hundred dollars ($7,500) per year, escalating at (A) three percent (3%) per operating year; (d) Deposits into required reserves required by any lender or Borrower's Partnership Agreement; (e) 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: (i) Depreciation, amortization, and accrued principal and interest expenses on deferred payment debt and capital improvement expenditures shall not be considered Operating Expenses, except as otherwise provided herein. (f) 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; (g) Any other expenses necessary to meet senior lender requirements 3 Westview House City Inclusionary Housing Program Loan Note