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 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, 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 $ 250 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.