Operating and Maintenance Account. The General Partner, on behalf of the Partnership, shall establish an operating and maintenance account and shall deposit thereinto, or provide a letter of credit, in an amount required by the FmHA, to be used for initial operating capital as permitted or required by applicable FmHA regulations. Said amount shall be reimbursed, without interest, out of Apartment Housing funds as shall be authorized in accordance with applicable FmHA regulations, and if not so reimbursed within five years of the deposit, any amount remaining unreimbursed shall be forgiven and shall constitute an ordinary and necessary business expense of the General Partner as part consideration for the payment of the Development Fee.
Operating and Maintenance Account. The General Partner, on behalf of the Partnership, shall establish an operating and maintenance account and shall deposit thereinto an annual amount equal to $200 per residential unit per year for the purpose of repairs, maintenance and capital repairs. Said deposit shall be made monthly in equal installments. Withdrawals from such account shall be made only with the Consent of the Special Limited Partner. Any balance remaining in the account at the time of a sale of the Project shall be allocated and distributed equally between the General Partner and the Limited Partner.
Operating and Maintenance Account. The General Partner, on behalf of the Partnership, shall establish an operating and maintenance account and shall deposit thereunto an annual amount equal to $200 per residential unit per year for the purpose of repairs, maintenance and capital repairs. Said deposit shall be made monthly in equal installments. Withdrawals in the aggregate of $2,500 in a calendar year, from such account shall be made only with the Consent of the Special Limited Partner. Any balance remaining in the account at the time of a sale or refinancing of the Project, provided such reserves have not been transferred pursuant to such sale or refinancing, shall be allocated and distributed to the General.
Operating and Maintenance Account. The General Partner, on behalf of the Partnership, shall establish an operating and maintenance account and shall deposit thereinto, or provide a letter of credit, in an amount required by the RD, to be used for initial operating capital as permitted or required by applicable RD regulations. Said amount shall be reimbursed, without interest, out of Apartment Housing funds as shall be authorized in accordance with applicable RD regulations, and if not so reimbursed within five years of the deposit, any amount remaining unreimbursed shall be forgiven and shall constitute an ordinary and necessary business expense of the General Partner as part consideration for the payment of the Development Fee.
Operating and Maintenance Account. The General Partner, on behalf of the Partnership, shall establish an operating and maintenance account and shall deposit thereinto an annual amount equal to $200 per residential unit per year, or such greater sum as may be required by HUD, for the purpose of repairs, maintenance and capital improvements. Said deposit shall be made monthly in equal installments. Withdrawals from such account shall be made only with the Consent of the Special Limited Partner. Any balance remaining in the account at the time of a sale of the Apartment Housing shall be allocated and distributed equally between the General Partner and the Limited Partner, subject the restrictions stated in the Project's HAP Contract.
Operating and Maintenance Account. The General Partner, on behalf of the Partnership, shall establish an operating and maintenance account and shall deposit thereinto an annual amount equal to $200 per residential unit per year for the purpose of repairs, maintenance and capital improvements. Said deposit shall be made monthly in equal installments commencing with the Apartment Housing's placement in service. Withdrawals from such account shall be made only with the Consent of the Special Limited Partner, which shall not unreasonably be withheld, and the prior consent of the Mortgage Lender. Any balance remaining in the account at the time of a sale of the Apartment Housing shall be allocated and distributed equally between the General Partner and the Limited Partner.
Operating and Maintenance Account. (a) The Operating and Maintenance Account shall be funded from funds transferred by the Collateral Agent from (i) the Construction Account pursuant to Section 3.9 and (ii) the Revenue Account pursuant to Section 3.10; provided, that at the beginning of each month, the Operating and Maintenance Account shall contain an amount at least sufficient to pay one-month's non-fuel Operating and Maintenance Costs.
Operating and Maintenance Account. The General Partner, on behalf of the Partnership, shall establish an Operating and Maintenance Account and shall deposit thereinto an amount equal to $21,472 or such greater amount as may be required by RD in connection with the Mortgage Loan. Said amount shall be disbursed in accordance with applicable RD regulations. Withdrawals from such account shall be made only with the consent of RD. To the extent that the Partnership has achieved financial stability between the operational years of two and five, as such financial stability is defined under the RD regulations, and there is a balance equal to or great than $21,472, then the amount of $21,472 shall be allocated and distributed to the General Partner.
Operating and Maintenance Account. The Managing Member, on behalf of the Company, shall establish an operating and maintenance account and shall deposit thereinto, or provide a letter of credit, in an amount required by the FmHA, to be used for initial operating capital as permitted or required by applicable FmHA regulations. Said amount shall be reimbursed, without interest, out of Apartment Housing funds as shall be authorized in accordance with applicable FmHA regulations, and if not so reimbursed within five years of the deposit, any amount remaining unreimbursed shall be forgiven and shall constitute an ordinary and necessary business expense of the Managing Member as part consideration for the payment of the Development Fee.
Operating and Maintenance Account. 22 SECTION 3.12 DEBT SERVICE RESERVE ACCOUNT.....................................................................22 SECTION 3.13 MAJOR MAINTENANCE RESERVE ACCOUNT................................................................25 SECTION 3.14
