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annual basis, that are directly attributable to managing and operating the Property, including, <br />without limiting the generality of the foregoing, the following: costs and expenses for real and <br />personal property taxes, special assessments or similar charges; water, fuel, electricity and other <br />utilities; heating, ventilation and air conditioning expenses; labor; supplies; tools; equipment; <br />insurance; advertising and marketing; accounting and legal fees; brokerage commissions and <br />other leasing expenses; reasonable reserves for all anticipated expenses as approved by the City; <br />and other such items 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. <br />(b) Reserved. <br />(c) Any expenses, compensation or fees paid to any affiliate of Borrower <br />shall only be included as Operating Expenses to the extent they are not in excess of the <br />reasonable expenses, compensation or fees which would be payable to unrelated third parties in <br />arms - length transactions for similar services in the Santa Ana, California area. <br />(vi) Any other expenses necessary to meet senior lender requirements and requirements <br />of Borrower's limited partner, or its assignee, as set forth in Borrower's Agreement of Limited <br />Partnership (the "Partnership Agreement "). <br />(vii) Deferred Developer Fees. <br />"Project" shall mean the acquisition and rehabilitation of the Property by Borrower <br />pursuant to the Loan Agreement. <br />"Property" shall mean the real property located at <br />in the City Deed of Trust. <br />described <br />"Refinancing" shall mean changing the then existing financing on the Property by, <br />without limitation, modifying the interest rate and /or the term of the existing Senior Loan, <br />increasing or reducing the amount of the existing Senior Loan, paying off the existing Senior <br />Loan and obtaining new Senior Loan. <br />"Refinancing Proceeds" shall be disbursed as set forth in Section 7 hereof, <br />"Residual Receipts" shall mean the Gross Revenues from the Properties located at <br />, for each year, less deductions for Operating Expenses from the same <br />buildings, applicable to each such year less the items listed in Article 5 of the Partnership <br />Agreement, to the extent not already deducted as an Operating Expense. <br />"Sale" shall mean any transfer, assignment, conveyance or lease (other than to a tenant: <br />for occupancy or a transaction set forth in Section 15(c) hereof) of the Property or any portion <br />25C -72 <br />