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other revenues of ?vlratever4 bind or nature fr+orrr the Phase R-_ of the Project, except that
<br />security deposits ?untrl applred}, interest on security deposits ar?d required reserves, sales
<br />proceeds, arrd t1?e proceeds of loans, refinancings, catldemnation, ins?rrarrce claims, and par•tt?er
<br />capital carrtributians, shall riot be considered At?r?lral Pr;oject Revenue.
<br />As used herein, "?ip?I?crib?e ?'ec?er???? ?r??e" r?leans tl?e interest rate set by tl?e
<br />Ul?ited states Treasury from trine to trine for' tl?e purpose of deter4r?ril?irrg applicable La?v ?ncorr?e
<br />dousing Tax credit interest rates published by tl?e Internal Reven?re service in n?or?thly reserve
<br />rulings,
<br />As used herein, "?e?f `e??vic?" means regularly scheduled payments of principal
<br />and interest made ire a calendar{ year pursuant to the financing obtained far the developr?er?t ar?d
<br />o?vnershrp of P11ase R-u ??lricl? leas been approved by the Agency pursuant to the Agrreement,
<br />at?d ??hich is senior i?? lien priorrty to tl?e Agency ?oar?, but excluding payments nude prrrsrrar?t
<br />t? tl?e pr`an??ssary Nate.
<br />As used herein, ?`upr'fa? .?????crc??????? .?ese???e'? shall r?learr a reasonably required
<br />reserve rat to exceed $?50 per unit per year' {??• such greater arrrout?t as ruay be required by
<br />Ier?ders or investor+ far Phase R-?, to be used ?'or the p?rrpose of replacing capital iten?s?
<br />?n or? before ore hundred twenty {?20}days after the err?l of the Borrower's fiscal
<br />year, of each year conlmer?cirrg in tl? year4 after the isstrar?ce of the Release of construction
<br />Covenants for Phase ?-?, the Borro?rer shall ant?r?ally provide the Agency are audited f?narrcial
<br />staterrrerrt fora Phase R?? arrd a Residual Receipts Report, in the for•?n attached to the Ar•een?ent
<br />as Attacl?r?errt X0,10, ?vl?ich shall desc?"lbe In detarl the Ar?r??ral Pr•ojcct Revenue, Debt service,
<br />operating expenses, capital Replacement Reserive ?rncludrng deports therein ar?d experiditrrres
<br />therefrarr?, and Resid??al Receipts far; that year far Phase Rw?. The Barroer? shall also subrr?it
<br />to tl?e Agency, an or before one l??zr7dred t??ret?ty { 1 ??} days after, the end of the Borra?ver's fiscal
<br />year, of each year comt?errcing in the year' of the rssuarrce of the Release of orastr{?rction
<br />Covenants for t Phase R-`, at?ra??al audited financial staterner?ts ??ith respect to the Project that
<br />have been revre?ved by atr rr?dependent cer•tr?ed public accountant, tage?her with an expressed
<br />?vriitter? opinion of tl?e certified p?rblic accountant that such financial statements present the
<br />financial position, results of operations, acrd cash flows fairly ar?d in accordance ?vitl? ger?eraily
<br />accepted acco?ir7tirr pr{ir?ciples,
<br />?`?pe??afr'?rg ?????ge?" and "?.?r?rr?c?? ???c??" shall rrreat? the ar?rrual operating
<br />budget for each Phase of the Project drat sets forth the projected operating Bxper?ses for the
<br />upcornit?g year that is s?rbjct to at?d sl7all be submitted for revre?v and approval by executive
<br />Director, in hisllrer reasonable discr{etion, each year' during the Affordability Period pursuant to
<br />section 401.E of tyre Agreernent?
<br />"???e??a?r?? .?.xp?trse?" shall mean actual, reasonable and customary {for
<br />comparable high quality rer7tal Dousing developments its ?r?ange Calrnty? costs, fees and
<br />expenses directly incurred, paid, and attrib?rtable to tl?e operation, maintenance and management
<br />of each Phase of the Rental Portion of the Project in a calendar' year', and ???hich is reasonably
<br />cansrstent ?vrth the arrrrual ?peratir?g Budget for each Phase appra?ed by Agency pursuant to
<br />401 ?9 of the Agrieerrrent, rncludrng; painting, eleanit?g, repairs, alterations, landscaping, utilities,
<br />?DCS?CII ?????`3??? 31???272?????
<br />ATTAHET ND. 88-2
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