Income and Liabilities. Except as otherwise provided herein and in the Management Agreement, each of the Tenants in Common shall be entitled to all benefits and obligations of ownership of the Property based on their Pro Rata Shares. Accordingly, each of the Tenants in Common shall (a) be entitled to all benefits of ownership of the Property, on a gross and not a net basis, including, without limitation, all items of income and proceeds from sale or refinance or condemnation, in proportion to their respective Interests, and (b) bear, and shall be liable for, payment of all expenses of ownership of the Property, on a gross and not a net basis, including by way of illustration, but not limitation, all operating expenses and expenses of sale or refinancing or condemnation, burdens, obligations, duties, liabilities, costs and expenses of the Property, in proportion to their respective Interests, except for such amounts as may be reasonably determined by the Property Manager to be retained for reserves or improvements in accordance with the Management Agreement.
Income and Liabilities. Except as otherwise provided herein and in the Management Agreement, all benefits and obligations of the ownership of the Project, including, without limitation, income, revenue, operating expenses, proceeds from sale or refinance or condemnation awards shall be shared by the Tenants in Common in proportion to their respective undivided interests in the Project. Notwithstanding the foregoing, (a) each Tenant in Common shall be responsible for all real estate and personal property taxes, general and special real property assessments and other like charges (collectively "Taxes") attributable to its undivided interest in the Project, (b) fees under the Management Agreement shall be paid by each of the Tenants in Common as provided in the Management Agreement and (c) expenses or other costs that are not applied to the Tenants in Common pro rata based on their interests in the Project shall be separately charged to each Tenant in Common. The Tenants in Common shall receive, within 3 months of receipt by the Property Manager, all cash from operations of the Project after payment of expenses and debt service, in proportion to their respective undivided interests in the Project, except for such amounts as may be determined by the Property Manager pursuant to the Management Agreement to be retained for reserves or improvements
Income and Liabilities. Except as otherwise stated in this Agreement, the City and HCC shall each be entitled to and be bound by all benefits and obligations of ownership of the Property.
Income and Liabilities. Except as otherwise provided herein and in the Property Management Agreement, all benefits and obligations of the ownership of the Property, including, without limitation, income, operating expenses, proceeds from sale or refinance or condemnation awards shall be shared by the Tenants in Common in proportion to their respective undivided interests in the Property. Without limiting the generality of the foregoing, in accordance with the Property Management Agreement, the Tenants in Common shall receive, within three (3) months of receipt by the Property Manager, all cash from operations of the Property after payment of expenses, in proportion to their respective undivided interests in the Property, except for (i) such amounts as may be determined by the Property Manager pursuant to the Property Management Agreement to be retained for reserves or improvements and (ii) Taxes (other than payments of Taxes by tenants of the Property) and the fees (the “Management Fee”) (each as defined in the Property Management Agreement), which shall be paid by the Property Manager on behalf of each of the Tenants in Common as provided in the Property Management Agreement.
Income and Liabilities. Except as otherwise provided herein and in the Management Agreement, each of the Tenants in Common shall be entitled to all benefits and obligations of ownership of the Property in accordance with their Interests. Accordingly, each of the Tenants in Common shall (a) be entitled to all benefits of ownership of the Property, on a gross and not a net basis, including, without limitation, all items of income and proceeds from sale or refinance or condemnation, in proportion to their respective Interests, and (b) bear, and shall be liable for, payment of all expenses of ownership of the Property, on a gross and not a net basis, including by way of illustration, but not limitation, all operating expenses and expenses of sale or refinancing or condemnation, in proportion to their respective Interests, except for such amounts as may be reasonably determined by the Manager to be retained for reserves or improvements in accordance with the Management Agreement. The Property Manager shall disburse to each of the Tenants in Common his pro rata share of the revenue from the Property, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, within three (3) months from the date of receipt by the Property Manager.
Income and Liabilities. Except as otherwise provided herein and in the Property Management Agreement, each of the Tenants in Common shall be entitled to all benefits and obligations of ownership of the Property. Accordingly, each of the Tenants in Common shall (a) be entitled to all benefits of ownership of the Property, on a gross and not a net basis, including, without limitation, all items of income, revenue and proceeds from sale or refinance or condemnation of the Property, in proportion to their respective Interests, and (b) bear, and shall be liable for, payment of all expenses of ownership of the. Property, on a gross and not a net basis, including by way of illustration, but not limitation, all operating expenses and expenses of sale or refinancing or condemnation, in proportion to their respective Interests; except for such amounts as may be reasonably determined by the Tenants in Common or by the Property Manager (to the extent that the Property Manager has the authority to make such a determination pursuant to the Property Management Agreement) to be retained for reserves or improvements in accordance with the Property Management Agreement or the applicable budget for the Property.
Income and Liabilities. Each of the Tenants in Common shall be entitled to all benefits and obligations of ownership of the Property in accordance with their Interests. Accordingly, each of the Tenants in Common shall (a) be entitled to all benefits of ownership of the Property, on a gross and not a net basis, including, without limitation, all items of income and proceeds from sale or refinance or condemnation, in proportion to their respective Interests, and (b) bear, and shall be liable for, payment of all expenses of ownership of the Property, on a gross and not a net basis, including by way of illustration, but not limitation, all operating expenses and expenses of sale or refinancing or condemnation, in proportion to their respective Interests, except for such amounts as may be reasonably determined by the Manager to be retained for reserves or improvements in accordance with the Management Agreement.
