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1•efuse rerr?oval, ce1•ti?cates, permits and licenses, se?e1• el?arges, real and personal prapel?t?r
<br />taxes, assesslnel?ts, il?sur"ar]ce, sec?rlt??, adver•tlsing and pralnatrorl, ?a1?1tOr"gal services, eleanrr?
<br />at?d building supplies, pu1•chase, repair, ser?lcing and installatiall of appliances, equipment,
<br />fixtures ar?d furr?ishir?s, fees and expel?ses of prapel•t?r management, fees and expenses of
<br />accoul?tants, a?tarile?s and otl?er plofessianals, the cast of sacral sei•vlces and otl?er l?ausing
<br />suppoi•ti?re sere?ices pi'a?rlded at tl?e Px•ojeet consistent ??ritl? De?relapel•'s approved Tax l?e?lit
<br />Applications to TEA for Phase -1 and Phase -?, repayr?ent of arl? completion ari operatil?
<br />Ioat?s node to Develapel•, at?d otlie?• actlral, reasonable and ct?stomal•? apel•atil7g costs at?d capital
<br />cans ?vhlcll are direeti? incur"i'ed and paid b? Developers but which are not paid fialn ar eligible
<br />to be paid f1•ain the apltal Replacelnent Reserve o1• and otl?er' i?esei•ve aceot?nt for tl?e applicable
<br />Plisse. Ta the extent tl?e ?pe1'atrrig ?xpel?ses fel" a Phase are not reasonably consistent v?rtll tl?e
<br />annual Opeiatil? Budget fa1• a given year, tine Agency Executive Dil?eetol• shall i'easal?bly
<br />x•evie?v al?d approve to cot?fi?•n? tzeh Operating Expel?ses al'e reasonable aril act?lai? ?ncur?r"ed;
<br />provided, loo approval sl?all be 1•??uiled for emei•ellcy expel?ditures reasanabl? necessat"y or"
<br />appropl"fate to pr"eselve life, limb, or pz'ope?•ty,
<br />Dper•ati??g Expenses sliall e??•c?r?? aii of the folla?virig; ?i} solar"ies of en?playees
<br />of Developer" a1' Developer"'s general averliead expel?ses, or expenses, cosh and fees paid to an
<br />Affiliate ? Developer, to the extent and oftl?e foregoing exceed the expenses, casts or fees tl?at
<br />?vauld be payable in a bans fide arlns' lengtl? tralisaetiall bet?veen t?nx•elated parties In the ?1•ange
<br />Ca«rity area fo1• the same ?vorl? ar services; iii} at?? alnour]ts paid dir•ectl? ?? a tenant of the
<br />Re??tal Pai•tio11 of the Project tD t1111'd party ill con??ectiol? ?vi?h expenses ?vi?ich, if incurred by
<br />Developeli, auld be Operating Expel?ses; ?iii? optional or• elective paylnerit ??+itlr respect to
<br />fina??cin approval pl?r"scant to ectiar? l ? 1 of Mlle Agreement the "P1"imar'y Loan"? ?ulxles
<br />rrlade ?'?1t11 the carlet?t of the Executive Dlrectol• il? her" r•easanable discretion}; Div) expenses,
<br />expenditures and cl?ares of ar?y i?atur'e ?4?hatsoever arising ai' ilrctu•red b,? Developer prior to
<br />completion of the applicable Plisse of tl?e Rel?tal Po1•trori of the Pi"o?ect itl? respect to tl?e
<br />develop?ne?lt, l?air?teliarrce at?d upl?eep of tl?e applicable Please of the Recital Portion of the
<br />Project, ?1• ar??? pal?tion tl?er"eof, rnclud111g, ?vitl?ot?t limitation all costs a??d capitalised expenses
<br />tncul{red by Developel? in co??l?ection ?vlth rile ac?t?isitiol? of the bite f1•om tlae Agency ?e.g, riot
<br />leasing to lo?v income tenants}, all pl'edevelopn?ent acid preconstructian activities cor?dtlcted by
<br />Developer in connection ?itli the Re??tal Pol`tion of the P1•aject, including, ?vithat?t lltnltatlo??, the
<br />preparatiar? of all plal?s al?d the pe1•farn?ar?ce of and tests, stlydies, i?ivestigations a?• other ?varlc,
<br />and the construction of tl?e Re??tal Partian of the Pt•o jeer arld and an-site ol" aff?site ??ork i1?
<br />connectiol? tl?ere?vitlr; Zvi} depreciatiol?, atnorti?ation, and accr??ed principal and interest expense
<br />ors deferred pa?l?ler]t debt; acid vii} a??? Pal?tnersl?ip Related Fees to tl?e exter?t their ar;e rat paid
<br />as capitalrzed expenses,
<br />"??rr?t?r???s?r?? Ar????rre?rt" means the par~tlaershlp agr'eernerit bet?veen tlYe
<br />De??elopei• al?d the ?nvestar• Lirrllted Pa1'trier.
<br />"pc??4??rer?s??r'?? .??rr?ed Fees" sliall lnean tl?e folla?viri Fees of each Developer'
<br />el?tit?, or partners thereof p?zr•staant to the Par?nei'ship Agreement, which are actuall?? paid
<br />?i? a general pa1•tner?s} ?adn?inistrative andlor managing pa1•tner?s}?
<br />partnelshlp inalragelnel?t fee payable to rile general pa?•tt?er?s} ir1 a ctrlnt?lative alriour?t not to
<br />1??C?0?11 ?I??G7?v1 ?1?0??7z-1001
<br />ATTAHET N?, SB-?
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