Common use of Cost Savings Clause in Contracts

Cost Savings. “Excess Proceeds” shall mean the sum of all sources of financing received by Borrower for the Xxxxxx House II Apartment Complex Rehabilitation Project, less the sum of money (i) actually used for the Xxxxxx House II Apartment Complex Rehabilitation Project as documented to the reasonable satisfaction of the County Manager or his designee, (ii) that will be used to pay for work related to the Xxxxxx House II Apartment Complex Rehabilitation Project that has been contracted for but not yet performed, as documented to the reasonable satisfaction of the County Manager or his designee, and (iii) budgeted for use in the construction budget approved by the County Manager or his designee, but not yet expended due to no fault of the Borrower, as documented to the reasonable satisfaction of the County Manager or his designee. The calculation of Excess Proceeds shall be made on the date that VHDA issues the Borrower’s United States Department of the Treasury Internal Revenue Service Low- Income Housing Credit Allocation and Certification (Form 8609). The County Board shall receive fifty percent (50%) and the Borrower shall receive fifty percent (50%) of the Excess Proceeds. The County Board shall apply one hundred percent (100%) of its remitted Excess Proceeds toward payment on the outstanding balance of the AHIF Loan.

Cost Savings. “Excess Proceeds” shall mean the sum of all sources of financing received by Borrower for the Xxxxxx House II Apartment Complex Rehabilitation Xxxxxxx Place West Construction Project, less the sum of money (i) actually used for the Xxxxxx House II Apartment Complex Rehabilitation Xxxxxxx Place West Construction Project as documented to the reasonable satisfaction of the County Manager or his designee, (ii) that will be used to pay for work related to the Xxxxxx House II Apartment Complex Rehabilitation Xxxxxxx Place West Construction Project that has been contracted for but not yet performed, as documented to the reasonable satisfaction of the County Manager or his designee, and (iii) budgeted for use in the construction budget approved by the County Manager or his designee, but not yet expended due to no fault of the Borrower, as documented to the reasonable satisfaction of the County Manager or his designee. The calculation of Excess Proceeds shall be made on the date that VHDA issues the Borrower’s United States Department of the Treasury Internal Revenue Service Low- Low-Income Housing Credit Allocation and Certification (Form 8609). The County Board shall receive fifty percent (50%) and the Borrower shall receive fifty percent (50%) of the Excess Proceeds. The County Board shall apply one hundred percent (100%) of its remitted Excess Proceeds toward payment on the outstanding balance of the AHIF Loan. The Borrower shall be permitted to utilize its remitted Excess Proceeds to fund a portion of the Capital Replacement Reserve.

Cost Savings. “Excess Proceeds” shall mean the sum of all sources of financing received by Borrower for the Xxxxxx House II Apartment Complex Rehabilitation Xxxxxxx Place East Construction Project, less the sum of money (i) actually used for the Xxxxxx House II Apartment Complex Rehabilitation Xxxxxxx Place East Construction Project as documented to the reasonable satisfaction of the County Manager or his designee, (ii) that will be used to pay for work related to the Xxxxxx House II Apartment Complex Rehabilitation Xxxxxxx Place East Construction Project that has been contracted for but not yet performed, as documented to the reasonable satisfaction of the County Manager or his designee, and (iii) budgeted for use in the construction budget approved by the County Manager or his designee, but not yet expended due to no fault of the Borrower, as documented to the reasonable satisfaction of the County Manager or his designee. The calculation of Excess Proceeds shall be made on the date that VHDA issues the Borrower’s United States Department of the Treasury Internal Revenue Service Low- Low-Income Housing Credit Allocation and Certification (Form 8609). Excess Proceeds shall not be distributed until the Capital One Construction Loan has been fully repaid. The County Board shall receive fifty percent (50%) and the Borrower shall receive fifty percent (50%) of the Excess Proceeds. The County Board shall apply one hundred percent (100%) of its remitted Excess Proceeds toward payment on the outstanding balance of the AHIF Loan. The Borrower shall be permitted to utilize its remitted Excess Proceeds to fund a portion of the Capital Replacement Reserve.

Cost Savings. “Excess Proceeds” shall mean the sum of all sources of financing received by Borrower for the Xxxxxx House II Apartment Complex Xxxxxxxxx Garden 1 Rehabilitation Project, less the sum of money (i) actually used for the Xxxxxx House II Apartment Complex Xxxxxxxxx Garden 1 Rehabilitation Project as documented to the reasonable satisfaction of the County Manager or his designee, (ii) that will be used to pay for work related to the Xxxxxx House II Apartment Complex Xxxxxxxxx Garden 1 Rehabilitation Project that has been contracted for but not yet performed, as documented to the reasonable satisfaction of the County Manager or his designee, and (iii) budgeted for use in the construction budget approved by the County Manager or his designee, but not yet expended due to no fault of the Borrower, as documented to the reasonable satisfaction of the County Manager or his designee. The calculation of Excess Proceeds shall be made on the date that VHDA issues the Borrower’s United States Department of the Treasury Internal Revenue Service Low- Low-Income Housing Credit Allocation and Certification (Form 8609). Excess Proceeds shall not be distributed until the VHDA Gap Loan has been fully repaid. The County Board shall receive fifty percent (50%) and the Borrower shall receive fifty percent (50%) of the Excess Proceeds. The County Board shall apply one hundred percent (100%) of its remitted Excess Proceeds toward payment on the outstanding balance of the AHIF Loan.

Cost Savings. “Excess Proceeds” shall mean the sum of all sources of financing received by Borrower for the Xxxxxx House II Apartment Complex Rehabilitation Project, less the sum of money (i) actually used for the Xxxxxx House II Apartment Complex Rehabilitation Project as documented to the reasonable satisfaction of the County Manager or his designee, (ii) that will be used to pay for work related to the Xxxxxx House II Apartment Complex Rehabilitation Project that has been contracted for but not yet performed, as documented to the reasonable satisfaction of the County Manager or his designee, and (iii) budgeted for use in the construction budget approved by the County Manager or his designee, but not yet expended due to no fault of the Borrower, as documented to the reasonable satisfaction of the County Manager or his designee. The calculation of Excess Proceeds shall be made on the date that VHDA issues the Borrower’s United States Department of the Treasury Internal Revenue Service Low- Low-Income Housing Credit Allocation and Certification (Form 8609). Excess Proceeds shall not be distributed until the VHDA Gap Loan has been fully repaid. The County Board shall receive fifty percent (50%) and the Borrower shall receive fifty percent (50%) of the Excess Proceeds. The County Board shall apply one hundred percent (100%) of its remitted Excess Proceeds toward payment on the outstanding balance of the AHIF Loan.

Cost Savings. “Excess Proceeds” shall mean the sum of all sources of financing received by Borrower for the Xxxxxx House II Apartment Complex Rehabilitation Columbia Hills West Development Project, less the sum of money (i) actually used for the Xxxxxx House II Apartment Complex Rehabilitation Columbia Hills West Development Project as documented to the reasonable satisfaction of the County Manager or his designee, (ii) that will be used to pay for work related to the Xxxxxx House II Apartment Complex Rehabilitation Columbia Hills West Development Project that has been contracted for but not yet performed, as documented to the reasonable satisfaction of the County Manager or his designee, and (iii) budgeted for use in the construction budget approved by the County Manager or his designee, but not yet expended due to no fault of the Borrower, as documented to the reasonable satisfaction of the County Manager or his designee. The calculation of Excess Proceeds shall be made on the date that VHDA issues the Borrower’s United States Department of the Treasury Internal Revenue Service Low- Low-Income Housing Credit Allocation and Certification (Form 8609). Excess Proceeds shall not be distributed until the BofA Construction Loan has been fully repaid. The County Board shall receive fifty one-hundred percent (50100%) of the first Five Hundred Thousand and 00/100 Dollars ($500,000.00) of Excess Proceeds. The County Board and the Borrower shall each receive fifty percent (50%) of the all Excess ProceedsProceeds in excess of Five Hundred Thousand and 00/100 Dollars ($500,000.00). The County Board shall apply one hundred percent (100%) of its remitted Excess Proceeds toward payment on the outstanding balance of the AHIF Loan.