SR 05:219 - Laserfiche WebLink

(2) To pay the Operating/Management Reserve Deposit. (3) To pay the City Loan Payment. (4) To pay the Asset Management Fee. (5) To pay the Management/Incentive Bonus. (ii) Payments to Accrue until Paid. (1) To the extent that the Surplus Cash in any year is insufficient to pay the Developer Contribution, the unpaid portion shall be paid from Surplus Cash in subsequent year(s) until paid in full and before any payments are made pursuant to Section 2.3(b)(i)(2) through (5) above; provided however that payments owed under Section 2.3(b)(i)(2) through (4)'shall accrue as provided below. (2) To the extent that the Surplus Cash is insufficient to pay the OperatinglManagement Reserve Deposit in any given year, the unpaid portion shall be added to the total amount ofOperatinglManagement Reserve Deposit owed in the following year and shall continue to accrue until paid in full. The OperatinglManagement Reserve Deposit for each particular year and any accrued amounts shall be paid before any payments are made pursuant to Section 2.3(b)(i)(3) through (5) above; provided however that payments owed under Section 2.3(b)(i)(3) and (4) shall accrue as provided below. (3) If during the first five (5) years following the Borrower's receipt of a certificate of occupancy to the project, Surplus Cash is insufficient to pay the City Loan Payment, the City Loan Payment shall be forgiven. Throughout the remainder of the Term, to the extent that the Surplus Cash is insufficient to pay the City Loan Payment, the unpaid portion shall be added to the total amount of the City Loan Payment in the following year and shall continue to accrue until paid in full or forgiven pursuant to 2.3(b)(iv). Any unpaid portion of a City Loan Payment that is added to one or more subsequent City Loan Payments shall not bear interest. The City Loan Payment and any accrued amounts shall be paid before any payments are made pursuant to Section 2.3(b)(i)(4) or (5); provided, however that payments owed under Section 2.3(b)(i)(4) shall accrue as provided below. (4) To the extent that the Surplus Cash is insufficient to pay the Asset Management Fee in any given year, the unpaid portion shall be added to the total amount of Asset Management Fee owed in the following year and shall continue to accrue until paid in full. The Asset Management Fee for each particular year and any accrued amounts shall be paid before any payments are made pursuant to Section 2.3(b)(i)(5). (5) To the extent that the Surplus Cash is insufficient to pay the Management Incentive Bonus in any given year, the unpaid portion shall not accrue. (iii) Citv Payments. The Borrower shall provide the City with any documentation reasonably requested by the City to substantiate the Borrower's determination of 6 144\105\217525.14