SR 05:219 - Laserfiche WebLink

expenses approved in writing by the City and not listed above. Annual Operating Expenses shall not include the following: depreciation, amortization, depletion or other non-cash expenses; and any amount expended from a reserve account. (iii) "City Loan Payment" shall mean the annual interest only payment that is due on the City Loan as paid from Surplus Cash. (iv) "Developer Contribution" shall mean the Three Hundred Thousand ($300,000) fee to be paid to the Borrower in connection with Borrower's development of the Project plus such greater amount as is contributed by Borrower to the Project, plus any contributions or loans made to Borrower by a parent or affiliate of Borrower and related to the Project and payment of any fees or interest related to such loans. (v) "Gross Revenue" with respect to a particular fiscal year shall mean all revenue, income, receipts, and other consideration actually received from operation and leasing of the Project. Gross Revenue shall include, but not be limited to: all rents, fees and charges paid by tenants, Section 8 payments or other rental subsidy payments received for the dwelling units, deposits forfeited by tenants, net proceeds from vending and laundry room machines; the proceeds of business interruption or similar insurance and not paid to Senior Lenders; the proceeds of casualty insurance not used to rebuild or repair the Project and not paid to Senior Lenders; and condemnation awards for a taking of part or all ofthe Project for a temporary period not paid to Senior Lenders. Gross Revenue shall not include tenants' security deposits, loan proceeds, capital contributions or similar advances. (vi) "Management Incentive Bonus" with respect to a particular fiscal year shall mean the annual incentive bonus more particularly described in the Assisted Living Management Agreement dated , 2005, by and between Eskaton Properties Incorporated and BLP Partnership, Inc, or a successor Management Agreement approved by City. (vii) "Operating/Management Reserve Deposit" with respect to a particular fiscal year shall mean an amount equal to one percent (1 %) of the Annual Operating Costs (excluding debt service on Approved Financing). The Operating Management Reserve Deposits shall not exceed an amount that would be equal to one-third of the Annual Operating Costs (excluding debt service on Approved Financing). (viii) "Surplus Cash" shall mean the difference between the Gross Revenue and Annual Operating Costs. (b) Annual Pavments. (i) Waterfall of Pavrnents. Commencing in the fiscal year that Borrower receives a certificate of occupancy for the Project, and for each year thereafter for the Term of the Loan, Borrower shall use any existing Surplus Cash to make the following payments in the following order of priority: (1) To pay the Developer Contribution until paid in full. 5 144\105\217525.14