Operation and Maintenance Account. Not later than the 15th of each month sufficient amounts from the General Fund Account shall be transferred to the Operation and Maintenance Account to enable Borrower to pay from the Operation and Maintenance Account the actual, reasonable, and necessary current expenses, for the current montli and the ensuing month, of operating and maintaining the housing not otherwise provided for. Current expenses may include, in addition to expenses occurring or becoming due monthly, monthly accumulations o I'proportionate amounts for the payment of items which may become due either annually or at irregular intervals, such as taxes, insurance, and normal repair and replacement of furnishings and equipment reasonably necessary for operation of the housing. Current expenses may also include initial purchase and installation of such furnishings and equipment with any funds deposited in and transferred from the General Fund Account which are not proceeds of the loan or income or revenue from the housing.
Appears in 5 contracts
Samples: Loan Agreement, Loan Agreement, Loan Agreement
