Common use of SURPLUS CASH Clause in Contracts

SURPLUS CASH. Without limiting any provision of the Amended Regulatory Agreement, Master Xxxxxx specifically acknowledges and agrees to conform to and be bound by the limitations and controls with respect to Distribution(s) and Surplus Cash, as defined and contained in the Amended Regulatory Agreement. Surplus Cash will be determined as if the Mortgaged Property is owned and operated by one single purpose entity, by consolidating all income derived from the Mortgaged Property by the Owner, Master Tenant, Commercial Tenant and the Residential Tenant (collectively, “All Parties”), (a) and, then determining and excluding therefrom the reasonable expenses incident to the operation and maintenance of the Mortgaged Property, the expenditure and accounting of which shall be governed by HUD regulations, handbooks, guides, directives and the FASS-MF system guides. The costs of oversight by tax credit agencies, including any asset management fees, are entity expenses and may not be deemed to be an expense of the Mortgaged Property. (b) Distributions of Surplus Cash are permitted subject to the full compliance by All Parities (i) of each party’s undertakings and obligations under their respective Regulatory Agreement, as amended, and (ii) with all other applicable statutory and regulatory provisions, and obligations to and/or contracts with HUD, including applicable HUD directives. (c) When available as a Distribution, Surplus Cash may be shared among All Parties in the amounts and manner determined by such parties.

SURPLUS CASH. Without limiting any provision of the Amended Commercial Tenant Regulatory Agreement, Master Xxxxxx Commercial Tenant specifically acknowledges and agrees to conform to and be bound by the limitations and controls with respect to Distribution(s) and Surplus Cash, as defined and contained in the Amended Commercial Tenant Regulatory Agreement. Surplus Cash will be determined as if the Mortgaged Property is owned and operated by one single purpose entity, by consolidating all income derived from the Mortgaged Property by the Owner, Master Tenant, Commercial Tenant and the Residential Tenant (collectively, “All Parties”), (a) and, then determining and excluding therefrom the reasonable expenses incident to the operation and maintenance of the Mortgaged Property, the expenditure and accounting of which shall be governed by HUD regulations, handbooks, guides, directives and the FASS-MF system guides. The costs cost of oversight by tax credit agencies, including any asset management feesfee, are entity expenses and may not be deemed to be an expense of the Mortgaged Property. (b) Distributions of Surplus Cash are permitted subject to the full compliance by All Parities Parties (i) of each party’s undertakings and obligations under their respective Regulatory Agreement, as amended, and (ii) with all other applicable statutory and regulatory provisions, and obligations to and/or contracts with HUD, including applicable HUD directives.their (c) When available as a Distribution, Surplus Cash may be shared among All Parties in the amounts and manner determined by such parties.

SURPLUS CASH. Without limiting any provision of the Amended Residential Tenant Regulatory Agreement, Master Xxxxxx Residential Tenant specifically acknowledges and agrees to conform to and be bound by the limitations and controls with respect to Distribution(s) and Surplus Cash, as defined and contained in the Amended Residential Tenant Regulatory Agreement. Surplus Cash will be determined as if the Mortgaged Property is owned and operated by one single purpose entity, by consolidating all income derived from the Mortgaged Property by the Owner, Master Tenant, Commercial Tenant and the Residential Tenant (collectively, “All Parties”), (a) and, then determining and excluding therefrom the reasonable expenses incident to the operation and maintenance of the Mortgaged Property, the expenditure and accounting of which shall be governed by HUD regulations, handbooks, guides, directives and the FASS-MF system guides. The costs cost of oversight by tax credit agencies, including any asset management feesfee, are entity expenses and may not be deemed to be an expense of the Mortgaged Property. (b) Distributions of Surplus Cash are permitted subject to the full compliance by All Parities Parties (i) of each party’s undertakings and obligations under their respective Regulatory Agreement, as amended, amended and (ii) with all other applicable statutory and regulatory provisions, provisions and obligations to and/or contracts with HUD, including applicable HUD directives. (c) When available as a Distribution, Surplus Cash may be shared among All Parties in the amounts and manner determined by such parties.