Common use of Operating and Maintenance Account Clause in Contracts

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 thereunto an annual amount equal to $200 250 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 GeneralGeneral Partners.