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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 810 S. Minnie Street, Santa Ana, <br />California described in the City Deed of Trust. <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 810 <br />S. Minnie Street, for each year, less deductions for Operating Expenses from the same buildings, <br />applicable to each such year less the items listed in the Amended and Restated Limited <br />Partnership 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 />thereof, or any interest therein by the Borrower, and includes any transfer, assignment or sale of <br />any partnership interest in the Borrower by an individual or entity which is a general or limited <br />partner in the Borrower, or any interest by any individual or entity which holds an interest in any <br />