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 Xxxxxxxxx Garden 1 Rehabilitation Project, less the sum of money (i) actually used for the 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 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). 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 Xxxxxxxxx Garden 1 Rehabilitation Clarendon Court Development Project, less the sum of money (i) actually used for the Xxxxxxxxx Garden 1 Rehabilitation 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 Xxxxxxxxx Garden 1 Rehabilitation 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). The County Board shall receive fifty ninety percent (5090%) of all Excess Proceeds and the Borrower shall receive fifty each ten percent (5010%) of the 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

Cost Savings. “Excess Proceeds” shall mean the sum of all sources of financing received by Borrower for the Xxxxxxxxx Garden 1 Rehabilitation Clarendon Court Development Project, less the sum of money (i) actually used for the Xxxxxxxxx Garden 1 Rehabilitation 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 Xxxxxxxxx Garden 1 Rehabilitation 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). The County Board shall receive fifty ninety percent (5090%) of the Excess Proceeds, and the Borrower shall receive fifty ten percent (5010%) of the 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 LoanCounty Loans.

Cost Savings. “Excess Proceeds” shall mean the sum of all sources of financing received by Borrower for the Xxxxxxxxx Garden 1 Rehabilitation Project, less the sum of money (i) actually used for the 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 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 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.. End of Article III

Cost Savings. “Excess Proceeds” shall mean the sum of all sources of financing received by Borrower for the Xxxxxxxxx Garden 1 Xxxxxx House II Apartment Complex Rehabilitation Project, less the sum of money (i) actually used for the Xxxxxxxxx Garden 1 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 Xxxxxxxxx Garden 1 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 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.. End of Article III

Cost Savings. “Excess Proceeds” shall mean the sum of all sources of financing received by Borrower Xxxxxxxx for the Xxxxxxxxx Garden 1 Rehabilitation Project, less the sum of money (i) actually used for the 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 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 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.. End of Article III

Cost Savings. “Excess Proceeds” shall mean the sum of all sources of financing received by Borrower for the Xxxxxxxxx Garden 1 Xxxxxx House II Apartment Complex Rehabilitation Project, less the sum of money (i) actually used for the Xxxxxxxxx Garden 1 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 Xxxxxxxxx Garden 1 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). 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.