Common use of Distribution of Net Operating Income Clause in Contracts

Distribution of Net Operating Income. Net Operating Income for each fiscal year shall be distributed within seventy-five (75) days following each calendar year and shall be applied in the following order of priority: (a) to pay the Deferred Management Fee, if any; (b) to pay the current Reporting Fee and then to pay any accrued Reporting Fees which have not been paid in full from previous years; (c) to pay interest and then principal on the Development Fee; (d) to pay the Operating Loans, if any, as referenced in Section 6.2(b) of this Agreement, limited to 50% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (c) of this Section 11.1; (e) to pay the Management Compliance Monitoring Fee of $8,333 pursuant to Section 9.2(e) of this Agreement; (f) to pay the Incentive Management Fee from Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (d) of this Section 11.1; and (g) to the Limited Partner in an amount equal to 20% of the remaining Net Operating Income and to the General Partner in an amount equal to 80% of the remaining Net Operating Income.

Distribution of Net Operating Income. Net Operating Income for each fiscal year shall be distributed within seventy-five (75) days following each calendar year and shall be applied in the following order of priority: (a) to pay the Deferred Management Fee, if any; (b) to pay the current Reporting Fee and then to pay any accrued Reporting Fees which have not been paid in full from previous years; (c) to pay interest and then principal on the Development Fee; (d) to pay the Operating Loans, if any, as referenced in Section 6.2(b) of this Agreement, limited to 50% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (c) of this Section 11.1; (e) to pay the Management Compliance Monitoring Fee of $8,333 pursuant to Section 9.2(e) of this Agreement; (f) to pay the Incentive Management Fee from Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (d) of this Section 11.1; and (gf) to the Limited Partner in an amount equal to 2015% of the remaining Net Operating Income and to the General Partner in an amount equal to 8085% of the remaining Net Operating Income.

Distribution of Net Operating Income. Net Operating Income for each fiscal year shall be distributed within seventy-five (75) days following each calendar year and shall be applied in the following order of priority: (a) to pay the Deferred Management Fee, if any; (b) to pay the current Reporting Fee and then to pay any accrued Reporting Fees which have not been paid in full from previous years; (c) to pay interest and then principal on the Development FeeFee and any General Partner advances in an amount not to exceed an aggregate of $275,000; (d) to pay the Operating Loans, if any, as referenced in Section 6.2(b) of this Agreement, limited to 50% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (c) of this Section 11.1; (e) to pay the Management Compliance Monitoring Fee of $8,333 pursuant to Section 9.2(e) of this Agreement; (f) to pay the Incentive Management Fee from Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (d) of this Section 11.1; and (gf) to the Limited Partner in an amount equal to 20% of the remaining Net Operating Income and to the General Partner in an amount equal to 80% of the remaining Net Operating Income.

Distribution of Net Operating Income. Net Operating Income for each fiscal year shall be distributed within seventy-five (75) days following each calendar year and shall be applied in the following order of priority: (a) to pay the Deferred Management Fee, if any; (b) to pay the current Reporting Fee and then to pay any accrued Reporting Fees which have not been paid in full from previous years; (c) to pay interest and then principal on the Development Fee; (d) to pay the Operating Loans, if any, as referenced in Section 6.2(b) of this Agreement, limited to 50% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (c) of this Section 11.1; (e) to pay the Management Compliance Monitoring Fee of $8,333 pursuant to Section 9.2(e) of this Agreement; (f) to pay the Incentive Management Fee from Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (d) of this Section 11.1; and (gf) to the Limited Partner in an amount equal to 20% of the remaining Net Operating Income and to the General Partner in an amount equal to 8020% of the remaining Net Operating Income.

Distribution of Net Operating Income. Net Operating Income for each fiscal year shall be distributed within seventy-five (75) days following each calendar year and shall be applied in the following order of priority: (a) to pay the Deferred Management Fee, if any; (b) to pay the current Reporting Fee and then to pay any accrued Reporting Fees which have not been paid in full from previous years; (c) to pay interest and then principal on the Development Fee; (d) to pay the Operating Loans, if any, as referenced in Section 6.2(b) of this Agreement, limited to 50% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (c) of this Section 11.1; (e) to pay the Management Compliance Monitoring Fee of $8,333 pursuant to Section 9.2(e) of this Agreement; (f) to pay the Incentive Management Fee from equal to 10% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (d) of this Section 11.1; and (gf) to the Limited Partner in an amount equal to 20% of the remaining Net Operating Income and to the General Partner in an amount equal to 80100% of the remaining Net Operating Income.

Distribution of Net Operating Income. Net Operating Income for each fiscal year shall be distributed within seventy-five (75) days following each calendar year and shall be applied in the following order of priority: (a) to pay the Deferred Management Fee, if any; (b) to pay the current Reporting Fee and then to pay any accrued Reporting Fees which have not been paid in full from previous years; (c) to pay interest and then principal on the Development FeeFee and any General Partner advances in an amount not to exceed an aggregate of $275,000; (d) to pay the Operating Loans, if any, as referenced in Section 6.2(b) of this Agreement, limited to 50% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (c) of this Section 11.1; (e) to pay the Management Compliance Monitoring Fee of $8,333 pursuant to Section 9.2(e) of this Agreement; (f) to pay the Incentive Management Fee from Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (d) of this Section 11.1; and (gf) to the Limited Partner in an amount equal to 2050% of the remaining Net Operating Income and to the General Partner in an amount equal to 8050% of the remaining Net Operating Income.

Distribution of Net Operating Income. Net Operating Income for each fiscal year shall be distributed within seventy-five (75) days following each calendar year and shall be applied in the following order of priority: (a) to pay the Deferred Management Fee, if any; (b) to pay the current Reporting Fee and then to pay any accrued Reporting Fees which have not been paid in full from previous years; (c) to pay interest and then principal the General Partner advance in the amount equal to $300,000 less the amount of any Mortgage placed on the Development Fee;Project. In no event will this General Partner advance exceed $50,000 and will only be repayable in the event the Mortgage is placed on the Project. (d) to pay the Operating Loans, if any, as referenced in Section 6.2(b) of this Agreement, limited to 50% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (c) of this Section 11.1; (e) to pay the Management Compliance Monitoring Fee of $8,333 pursuant to Section 9.2(e) of this Agreement; (f) to pay the Incentive Management Fee from Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (d) of this Section 11.1; and (gf) to the Limited Partner in an amount equal to 2030% of the remaining Net Operating Income and to the General Partner in an amount equal to 8070% of the remaining Net Operating Income.

Distribution of Net Operating Income. Net Operating Income for each fiscal year shall be distributed within seventy-five (75) days following each calendar year and shall be applied in the following order of priority: (a) to pay the Deferred Management Fee, if any; (b) to pay the current Reporting Fee and then to pay any accrued Reporting Fees which have not been paid in full from previous years; (c) to pay interest and then principal on the Development Fee; (d) to pay the Operating Loans, if any, as referenced in Section 6.2(b) of this Agreement, limited to 50% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (c) of this Section 11.1; (e) to pay the Management Compliance Monitoring Fee of $8,333 pursuant to Section 9.2(e) of this Agreement; (f) to pay the Incentive Management Fee from Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (d) of this Section 11.1; and (gf) to the Limited Partner in an amount equal to 20% of the remaining Net Operating Income and to the General Partner in an amount equal to 80% of the remaining Net Operating Income.

Distribution of Net Operating Income. Net Operating Income for each fiscal year shall be distributed within seventy-five (75) days following each calendar year and shall be applied in the following order of priority: (a) to pay the Deferred Management Fee, if any; (b) to pay the current Reporting Fee and then to pay any accrued Reporting Fees which have not been paid in full from previous years; (c) to pay interest and then principal on the Development Fee; (d) to pay the Operating Loans, if any, as referenced in Section 6.2(b) of this Agreement, limited to 50% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (c) of this Section 11.1; (e) to pay the Management Compliance Monitoring Fee of $8,333 pursuant to Section 9.2(e) of this Agreement; (f) to pay the Incentive Management Fee from equal to 70% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (d) of this Section 11.1; and (gf) to the Limited Partner in an amount equal to 2050% of the remaining Net Operating Income and to the General Partner in an amount equal to 8050% of the remaining Net Operating Income.

Distribution of Net Operating Income. Net Operating Income for each fiscal year shall be distributed within seventy-five (75) days following each calendar year and shall be applied in the following order of priority: (a) to pay the Deferred Management Fee, if any; (b) to pay the current Reporting Fee and then to pay any accrued Reporting Fees which have not been paid in full from previous years; (c) to pay interest and then principal on the Development Fee; (d) to pay the Operating Loans, if any, as referenced in Section 6.2(b) of this Agreement, limited to 50% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (c) of this Section 11.1; (e) to pay the Management Compliance Monitoring Fee of $8,333 pursuant to Section 9.2(e) of this Agreement; (f) to pay the Incentive Management Fee from equal to 70% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (d) of this Section 11.1; and (gf) to the Limited Partner in an amount equal to 2030% of the remaining Net Operating Income and to the General Partner in an amount equal to 8070% of the remaining Net Operating Income.

Distribution of Net Operating Income. Net Operating Income for each fiscal year shall be distributed within seventy-five (75) days following each calendar year and shall be applied in the following order of priority: (a) to pay the Deferred Management Fee, if any; (b) to pay the current Reporting Fee and then to pay any accrued Reporting Fees which have not been paid in full from previous years; (c) to pay interest and then principal on the Development Fee; (d) to pay the Operating Loans, if any, as referenced in Section 6.2(b) of this Agreement, limited to 50% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (c) of this Section 11.1; (e) to pay the Management Compliance Monitoring Fee of $8,333 pursuant to Section 9.2(e) of this Agreement; (f) to pay the Incentive Management Fee from Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (d) of this Section 11.1; and (gf) to the Limited Partner in an amount equal to 2050% of the remaining Net Operating Income and to the General Partner in an amount equal to 8050% of the remaining Net Operating Income.