Common use of SURPLUS CASH Clause in Contracts

SURPLUS CASH. Without limiting any provision of the Commercial Tenant Regulatory Agreement, 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 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 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 cost of oversight by tax credit agencies, including asset management fee, 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 Parties (i) of each party’s undertakings and obligations under 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 Commercial Tenant Amended Regulatory Agreement, Commercial Tenant 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 Commercial Tenant 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 cost costs of oversight by tax credit agencies, including any asset management feefees, 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 Parties Parities (i) of each party’s undertakings and obligations under theirtheir 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 Commercial Residential Tenant Regulatory Agreement, Commercial 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 Commercial 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 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 cost of oversight by tax credit agencies, including asset management fee, 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 Parties (i) of each party’s undertakings and obligations under theirtheir 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.