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 Columbia Hills West Development Project, less the sum of money (i) actually used for the 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 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-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 one-hundred percent (100%) 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 all Excess Proceeds 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.

Cost Savings. “Excess Proceeds” shall mean the sum of all sources of financing received by Borrower for the Columbia Hills West Development Xxxxxx House II Apartment Complex Rehabilitation Project, less the sum of money (i) actually used for the Columbia Hills West Development 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 Columbia Hills West Development 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 BofA Construction Loan has been fully repaid. The County Board shall receive one-hundred fifty percent (10050%) 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 all the Excess Proceeds in excess of Five Hundred Thousand and 00/100 Dollars ($500,000.00)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 Columbia Hills Xxxxxxx Place West Development Construction Project, less the sum of money (i) actually used for the Columbia Hills Xxxxxxx Place West Development 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 Columbia Hills Xxxxxxx Place West Development 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-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 one-hundred fifty percent (10050%) 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 all the Excess Proceeds in excess of Five Hundred Thousand and 00/100 Dollars ($500,000.00)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. End of Article III

Cost Savings. “Excess Proceeds” shall mean the sum of all sources of financing received by Borrower for the Columbia Hills West Development Xxxxxxxxx Garden 1 Rehabilitation Project, less the sum of money (i) actually used for the Columbia Hills West Development 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 Columbia Hills West Development 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-Income Housing Credit Allocation and Certification (Form 8609). Excess Proceeds shall not be distributed until the BofA Construction VHDA Gap Loan has been fully repaid. The County Board shall receive one-hundred fifty percent (10050%) 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 all the Excess Proceeds in excess of Five Hundred Thousand and 00/100 Dollars ($500,000.00)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.. End of Article III

Cost Savings. “Excess Proceeds” shall mean the sum of all sources of financing received by Borrower for the Columbia Hills West Development Xxxxxx Rehabilitation Project, less the sum of money (i) actually used for the Columbia Hills West Development Xxxxxx 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 Columbia Hills West Development Xxxxxx 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). Excess Proceeds shall not be distributed until the BofA Construction Loan has been fully repaid. The County Board shall receive one-hundred fifty percent (10050%) 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 all the Excess Proceeds in excess of Five Hundred Thousand and 00/100 Dollars ($500,000.00)Proceeds. The County Board shall apply one hundred percent (100%) of its remitted Excess Proceeds toward payment on the outstanding balance of the AHIF CDBG Loan.. End of Article III

Cost Savings. “Excess Proceeds” shall mean the sum of all sources of financing received by Borrower for the Columbia Hills West Clarendon Court Development Project, less the sum of money (i) actually used for the Columbia Hills West Clarendon Court 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 Columbia Hills West Clarendon Court Development Project that has been contracted for but Exhibit C FORM OF AHIF NOTE 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). Excess Proceeds shall not be distributed until the BofA Construction Loan has been fully repaid. The County Board shall receive one-hundred ninety percent (10090%) 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 ten percent (5010%) of all the Excess Proceeds in excess of Five Hundred Thousand and 00/100 Dollars ($500,000.00)Proceeds. The County Board shall apply one hundred percent (100%) of its remitted Excess Proceeds toward payment on the outstanding balance balances of the AHIF LoanCounty Loans.

Cost Savings. “Excess Proceeds” shall mean the sum of all sources of financing received by Borrower for the Columbia Hills West Development Xxxxxxxxx Garden 1 Rehabilitation Project, less the sum of money (i) actually used for the Columbia Hills West Development 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 Columbia Hills West Development 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-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 one-hundred fifty percent (10050%) 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 all the Excess Proceeds in excess of Five Hundred Thousand and 00/100 Dollars ($500,000.00)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 Columbia Hills West Development Xxxxxxx Place East Construction Project, less the sum of money (i) actually used for the Columbia Hills West Development 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 Columbia Hills West Development 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-Income Housing Credit Allocation and Certification (Form 8609). Excess Proceeds shall not be distributed until the BofA Capital One Construction Loan has been fully repaid. The County Board shall receive one-hundred fifty percent (10050%) 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 all the Excess Proceeds in excess of Five Hundred Thousand and 00/100 Dollars ($500,000.00)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. End of Article III

Cost Savings. “Excess Proceeds” shall mean the sum of all sources of financing received by Borrower for the Columbia Hills West Development Xxxxxx House II Apartment Complex Rehabilitation Project, less the sum of money (i) actually used for the Columbia Hills West Development 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 Columbia Hills West Development 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). Excess Proceeds shall not be distributed until the BofA Construction VHDA Gap Loan has been fully repaid. The County Board shall receive one-hundred fifty percent (10050%) 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 all the Excess Proceeds in excess of Five Hundred Thousand and 00/100 Dollars ($500,000.00)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.. End of Article III

Cost Savings. “Excess Proceeds” shall mean the sum of all sources of financing received by Borrower for the Columbia Hills West Development Project, less the sum of money (i) actually used for the 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 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-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 one-hundred percent (100%) 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 all Excess Proceeds 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.. End of Article III

Cost Savings. “Excess Proceeds” shall mean the sum of all sources of financing received by Borrower Xxxxxxxx for the Columbia Hills West Development Xxxxxxxxx Garden 1 Rehabilitation Project, less the sum of money (i) actually used for the Columbia Hills West Development 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 Columbia Hills West Development 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-Income Housing Credit Allocation and Certification (Form 8609). Excess Proceeds shall not be distributed until the BofA Construction VHDA Gap Loan has been fully repaid. The County Board shall receive one-hundred fifty percent (10050%) 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 all the Excess Proceeds in excess of Five Hundred Thousand and 00/100 Dollars ($500,000.00)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.. End of Article III

Cost Savings. “Excess Proceeds” shall mean the sum of all sources of financing received by Borrower for the Columbia Hills West Clarendon Court Development Project, less the sum of money (i) actually used for the Columbia Hills West Clarendon Court 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 Columbia Hills West Clarendon Court 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-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 one-hundred ninety percent (100%) 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 (5090%) of all Excess Proceeds in excess and the Borrower shall each ten percent (10%) of Five Hundred Thousand and 00/100 Dollars ($500,000.00)all Excess Proceeds. The County Board shall apply one hundred percent (100%) of its remitted Excess Proceeds toward payment on the outstanding balance balances of the AHIF Loan.County Loans. End of Article III