Common use of Use of Income from Operations Clause in Contracts

Use of Income from Operations. a. The Borrower, or Xxxxxxxx's management agent, shall promptly deposit all Operating Income in a segregated account established in the Borrower's name exclusively for the Development and insured by an agency of the federal government or other comparable federal insurance program. b. Withdrawals from the account shall be made only in accordance with the provisions of this Agreement, and the approved annual operating budget, and shall be disbursed, applied, or reserved and set aside for payment when due, in the following priority, to the extent available: (1) salaries, wages, and any other compensation due and payable to the employees or agents of the Borrower employed on site in connection with the maintenance, administration or operation of the Development, along with all withholding taxes, insurance premiums, Social Security payments and other payroll taxes or payments required in connection with such employees; (2) all charges incurred in the operation of the Development in connection with utilities, real estate taxes and assessments, and liability, fire and other hazard insurance premiums; (3) regularly scheduled non-contingent payments of interest, principal, impounds, fees and charges, if any, required on loans, including the Loan, which are secured by liens on the Property, which have been approved by the Department, payments on which are to be made prior to the determination of Net Cash Flow, as specified in Exhibit C, hereto; (4) all other incurred Operating Expenses, including the fee of the managing agent and any extraordinary expenses, in accordance with the approved annual operating budget of the Development or as otherwise approved in advance by the Department; (5) deposits to required reserve accounts; deferred Developer Fee; asset management, partnership management and similar fees, to the extent such fees are specified under the terms of financing from a local public entity and approved by the Department, or if there is no local public entity financing, asset management, partnership management and similar fees, in an amount not to exceed $12,000 per year and any amount not paid in one year may not be carried over into future years.

Use of Income from Operations. a. The Borrower, or Xxxxxxxx's management agent, shall promptly deposit all Operating Income in a segregated account established in the Borrower's name exclusively for the Development and insured by an agency of the federal government or other comparable federal insurance program. b. Withdrawals from the account shall be made only in accordance with the provisions of this Agreement, and the approved annual operating budget, and shall be disbursed, applied, or reserved and set aside for payment when due, in the following priority, to the extent available: (1) salaries, wages, and any other compensation due and payable to the employees or agents of the Borrower employed on site in connection with the maintenance, administration or operation of the Development, along with all withholding taxes, insurance premiums, Social Security payments and other payroll taxes or payments required in connection with such employees; (2) all charges incurred in the operation of the Development in connection with utilities, real estate taxes and assessments, and liability, fire and other hazard insurance premiums; (3) regularly scheduled non-contingent payments of interest, principal, impounds, fees and charges, if any, required on loans, including the Loan, which are secured by liens on the Property, which have been approved by the Department, payments on which are to be made prior to the determination of Net Cash Flow, as specified in Exhibit C, hereto; (4) all other incurred Operating Expenses, including the fee of the managing agent and any extraordinary expenses, in accordance with the approved annual operating budget of the Development or as otherwise approved in advance by the Department; (5) deposits to required reserve accounts; deferred Developer Fee; asset management, partnership management and similar fees, including fees paid to investors in an amount not to exceed per year the extent such fees are specified under sum of: $30,000 for 2016 and increased at the terms rate of financing from a local public entity and approved by the Department3.5% for each subsequent year, or if there is no local public entity financing, plus Unpaid asset management, partnership management and similar fees, in an amount fees accrued for a period not to exceed $12,000 per three project fiscal years following the year during which they are earned, up to the difference between the limit for the year and any the amount not paid in one year may not for that year; and Supportive Services Costs that these regulations would allow to be carried over into future yearspaid as operating costs, but that other funding sources do not.

Use of Income from Operations. a. The Borrower, or XxxxxxxxBorrower's management agent, shall promptly deposit all Operating Income in a segregated account established in the Borrower's name exclusively for the Development and insured by an agency of the federal government or other comparable federal insurance program. b. Withdrawals from the account shall be made only in accordance with the provisions of this Agreement, and the approved annual operating budget, and shall be disbursed, applied, or reserved and set aside for payment when due, in the following priority, to the extent available: (1) salaries, wages, and any other compensation due and payable to the employees or agents of the Borrower employed on site in connection with the maintenance, administration or operation of the Development, along with all withholding taxes, insurance premiums, Social Security payments and other payroll taxes or payments required in connection with such employees; (2) all charges incurred in the operation of the Development in connection with utilities, real estate taxes and assessments, and liability, fire and other hazard insurance premiums; (3) regularly scheduled non-contingent payments of interest, principal, impounds, fees and charges, if any, required on loans, including the Loan, which are secured by liens on the Property, which have been approved by the Department, payments on which are to be made prior to the determination of Net Cash Flow, as specified in Exhibit C, hereto; (4) all other incurred Operating Expenses, including the fee of the managing agent and any extraordinary expenses, in accordance with the approved annual operating budget of the Development or as otherwise approved in advance by the Department; (5) deposits to required reserve accounts; deferred Developer Fee; asset management; (6) Distributions, partnership management and similar fees, to in accordance with paragraph 21 of this Agreement. The Borrower may depart from the extent such fees are specified under foregoing priorities of payment only upon the terms express written approval of financing from a local public entity and approved by the Department, or if there is no local public entity financing, asset management, partnership management and similar fees, . Net Cash Flow shall be distributed in an amount not to exceed $12,000 per year and any amount not paid in one year may not be carried over into future yearsaccordance with paragraph 22 hereto.

Use of Income from Operations. a. The Borrower, or Xxxxxxxx's management agent, shall promptly deposit all Operating Income in a segregated account established in the Borrower's name exclusively for the Development and insured by an agency of the federal government or other comparable federal insurance program. b. Withdrawals from the account shall be made only in accordance with the provisions of this Agreement, Agreement and the approved annual operating budget, and Operating Income shall be disbursed, applied, or reserved and set aside aside, to the extent available, for payment when duedue of the following costs and expenses, in the following priority, to the extent available: (1) salaries, wages, and any other compensation due and payable to the employees or agents of the Borrower employed on site in connection with the maintenance, administration or operation of the DevelopmentDevelopment to the extent properly and fairly allocable to the Assisted Unit residential portion thereof assisted by the Loan, along with the allocable share of all withholding taxes, insurance premiums, Social Security payments and other payroll taxes or payments required in connection with such employees; (2) all charges incurred in the operation of the Development in connection with utilities, real estate taxes and assessments, and liability, fire and other hazard insurance premiums, all to the extent properly and fairly allocable to the Assisted Unit residential portion of the Development and Property assisted by the Loan; (3) regularly scheduled non-contingent payments of interest, principal, impounds, fees and charges, if any, required on loans, including the Loan, which are secured by liens on the Property, which have been approved by the Department, payments on which are to be made prior to the determination of Net Cash Flow, as specified in Exhibit C, hereto; (4) all other incurred Operating Expenses, including the fee of the managing agent and any extraordinary expenses, in accordance with the approved annual operating budget of the Development or as otherwise approved in advance by the Department, all to the extent properly and fairly allocable to the Assisted Unit residential portion of the Development and Property assisted by the Loan; (5) deposits to required reserve accounts; deferred Developer Fee; asset management, partnership management and similar fees, to the extent such fees are specified under the terms of financing from a local public entity and approved by the Department, or if there is no local public entity financing, asset management, partnership management and similar fees, in an amount not to exceed $12,000 20,000 per year for 2015, as the same may be annually adjusted pursuant to Section 107(c) of the Guidelines, and any amount not paid in one year may not be carried over into future years.. Supportive Services Costs that other public agency lenders do not allow to be paid as operating costs, up to the limits set forth in Section 8314(e) and (f) of the UMRs and as identified in Exhibit C.

Use of Income from Operations. a. The Borrower, or Xxxxxxxx's management agent, shall promptly deposit all Operating Income in a segregated account established in the Borrower's name exclusively for the Development and insured by an agency of the federal government or other comparable federal insurance program. b. Withdrawals from the account shall be made only in accordance with the provisions of this Agreement, Agreement and the approved annual operating budget, and Operating Income shall be disbursed, applied, or reserved and set aside aside, to the extent available, for payment when duedue of the following costs and expenses, in the following priority, to the extent available: (1) salaries, wages, and any other compensation due and payable to the employees or agents of the Borrower employed on site in connection with the maintenance, administration or operation of the DevelopmentDevelopment to the extent properly and fairly allocable to the Assisted Unit residential portion thereof assisted by the Loan, along with the allocable share of all withholding taxes, insurance premiums, Social Security payments and other payroll taxes or payments required in connection with such employees; (2) all charges incurred in the operation of the Development in connection with utilities, real estate taxes and assessments, and liability, fire and other hazard insurance premiums, all to the extent properly and fairly allocable to the Assisted Unit residential portion of the Development and Property assisted by the Loan; (3) regularly scheduled non-contingent payments of interest, principal, impounds, fees and charges, if any, required on loans, including the Loan, which are secured by liens on the Property, which have been approved by the Department, payments on which are to be made prior to the determination of Net Cash Flow, as specified in Exhibit C, hereto; (4) all other incurred Operating Expenses, including the fee of the managing agent and any extraordinary expenses, in accordance with the approved annual operating budget of the Development or as otherwise approved in advance by the Department, all to the extent properly and fairly allocable to the Assisted Unit residential portion of the Development and Property assisted by the Loan; (5) deposits to required reserve accounts; deferred Developer Fee; asset management, partnership management and similar fees, to the extent such fees are specified under the terms of financing from a local public entity and approved by the Department, or if there is no local public entity financing, asset management, partnership management and similar fees, in an amount not to exceed $12,000 20,000 per year for 2015, as the same may be annually adjusted pursuant to Section 107(c) of the Guidelines, and any amount not paid in one year may not be carried over into future years.

Use of Income from Operations. a. The Borrower, or XxxxxxxxBorrower's management agent, shall promptly deposit all Operating Income operating income in a segregated account established in the Borrower's name exclusively for the Development and insured by an agency of the federal government or other comparable federal insurance program. b. Withdrawals from the account shall be made only in accordance with the provisions of this Agreement, and the approved annual operating budget, and shall be disbursed, applied, or reserved and set aside for payment when due, in the following priority, to the extent available: (1) salariesSalaries, wages, and any other compensation due and payable to the employees or agents of the Borrower employed on site in connection with the maintenance, administration or operation of the Development, along with all withholding taxes, insurance premiums, Social Security payments and other payroll taxes or payments required in connection with such employees; (2) all All charges incurred in the operation of the Development in connection with utilities, real estate taxes and assessments, and liability, fire and other hazard insurance premiumsinsurance; (3) regularly Regularly scheduled non-contingent payments of interest, principal, impounds, fees and charges, if any, required on loans, loans including the Loan, Loan which are secured by liens on the Property, which Property that have been approved by the Department, payments on which are to be made prior to the determination of Net Cash Flow, as specified in Exhibit C, hereto; (4) all All other expenses incurred Operating Expensesto cover operating costs, including the fee of the managing agent and any extraordinary expenses, in accordance with the approved annual operating budget of the Development or as otherwise approved in advance by the Department; (5) deposits Deposits to required reserve accounts; deferred Developer Fee; asset management; (6) Distributions, partnership management and similar fees, to in accordance with paragraph 22 of this Agreement. Net Cash Flow shall be distributed in accordance with paragraph 23 hereto. The Borrower may depart from the extent such fees are specified under foregoing priorities of payment only upon the terms express written approval of financing from a local public entity and approved by the Department, or if there is no local public entity financing, asset management, partnership management and similar fees, in an amount not to exceed $12,000 per year and any amount not paid in one year may not be carried over into future years.

Use of Income from Operations. a. The Borrower, or XxxxxxxxBorrower's management agent, shall promptly deposit all Operating Income in a segregated account established in the Borrower's name exclusively for the Development and insured by an agency of the federal government or other comparable federal insurance program. b. Withdrawals from the account shall be made only in accordance with the provisions of this Agreement, and the approved annual operating budget, and shall be disbursed, applied, or reserved and set aside for payment when due, in the following priority, to the extent available: (1) salaries, wages, and any other compensation due and payable to the employees or agents of the Borrower employed on site in connection with the maintenance, administration or operation of the Development, along with all withholding taxes, insurance premiums, Social Security payments and other payroll taxes or payments required in connection with such employees; (2) all charges incurred in the operation of the Development in connection with utilities, real estate taxes and assessments, and liability, fire and other hazard insurance premiums; (3) regularly scheduled non-contingent payments of interest, principal, impounds, fees and charges, including Monitoring Fee, if any, required on loans, including the Loan, which are secured by liens on the Property, which have been approved by the Department, payments on which are to be made prior to the determination of Net Cash Flow, as specified in Exhibit C, hereto; (4) all other incurred Operating Expenses, including the fee of the managing agent and any extraordinary expenses, in accordance with the approved annual operating budget of the Development or as otherwise approved in advance by the Department; (5) deposits to required reserve accounts; ; (6) deferred Developer Fee; ; (7) asset management, partnership management and similar fees, including fees paid to investors in an amount not to exceed per year the extent such fees are specified under sum of: a. $30,000 for 2016 and increased at the terms rate of financing from a local public entity and approved by the Department3.5% for each subsequent year, or if there is no local public entity financing, plus b. Unpaid asset management, partnership management and similar fees, in an amount fees accrued for a period not to exceed $12,000 per three project fiscal years following the year during which they are earned, up to the difference between the limit for the year and any the amount not paid for that year; (8) Supportive Services Costs that the Regulations would allow to be paid as operating costs, but that other funding sources do not; and (9) Distributions, in one year accordance with paragraph 21 of this Agreement. The withdrawals permitted under subparagraph 20 (b) (6), (7), (8) and (9) shall also be subject to the restrictions of paragraph 18 (b) above. The Borrower may not depart from the foregoing priorities of payment only upon the express written approval of the Department. Net Cash Flow shall be carried over into future yearsdistributed in accordance with paragraph 22 hereto.

Use of Income from Operations. a. The Borrower, or XxxxxxxxBorrower's management agent, shall promptly deposit all Operating Income in a segregated account established in the Borrower's name exclusively for the Development and insured by an agency of the federal government or other comparable federal insurance program. b. Withdrawals from the account shall be made only in accordance with the provisions of this Agreement, and the approved annual operating budget, and shall be disbursed, applied, or reserved and set aside for payment when due, in the following priority, to the extent available: (1) salaries, wages, and any other compensation due and payable to the employees or agents of the Borrower employed on site in connection with the maintenance, administration or operation of the Development, along with all withholding taxes, insurance premiums, Social Security payments and other payroll taxes or payments required in connection with such employees; (2) all charges incurred in the operation of the Development in connection with utilities, real estate taxes and assessments, and liability, fire and other hazard insurance premiums; (3) regularly scheduled non-contingent payments of interest, principal, impounds, fees and charges, including Monitoring Fee, if any, required on loans, including the Loan, which are secured by liens on the Property, which have been approved by the Department, payments on which are to be made prior to the determination of Net Cash Flow, as specified in Exhibit C, hereto; (4) all other incurred Operating Expenses, including the fee of the managing agent and any extraordinary expenses, in accordance with the approved annual operating budget of the Development or as otherwise approved in advance by the Department; (5) deposits to required reserve accounts; ; (6) deferred Developer Fee; ; (7) asset management, partnership management and similar fees, to the extent such fees are specified under the terms of financing from a local public entity and approved by the Department, or if there is no local public entity financing, asset management, partnership management and similar fees, in an amount not to exceed $12,000 per year and any amount not paid in one year may not be carried over into future years. (8) Distributions, in accordance with paragraph 21 of this Agreement. The withdrawals permitted under subparagraph 20 (b) (6), (7) and (8) shall also be subject to the restrictions of paragraph 18 (b) above. The Borrower may depart from the foregoing priorities of payment only upon the express written approval of the Department. Net Cash Flow shall be distributed in accordance with paragraph 22 hereto.

Use of Income from Operations. a. The Borrower, or Xxxxxxxx's management agent, shall promptly deposit all Operating Income in a segregated account established in the Borrower's name exclusively for the Development and insured by an agency of the federal government or other comparable federal insurance program. b. Withdrawals from the account shall be made only in accordance with the provisions of this Agreement, Agreement and the approved annual operating budget, and Operating Income shall be disbursed, applied, or reserved and set aside aside, to the extent available, for payment when duedue of the following costs and expenses, in the following priority, to the extent available: (1) salaries, wages, and any other compensation due and payable to the employees or agents of the Borrower employed on site in connection with the maintenance, administration or operation of the residential portion of the Development, along with all withholding taxes, insurance premiums, Social Security payments and other payroll taxes or payments required in connection with such employees; (2) all charges incurred in the operation of the Development in connection with utilities, real estate taxes and assessments, and liability, fire and other hazard insurance premiums, all to the extent properly and fairly allocable to the residential portion of the Development and Property; (3) regularly scheduled non-contingent payments of interest, principal, impounds, fees and charges, if any, required on loans, including the Loan, which are secured by liens on the Property, which have been approved by the Department, payments on which are to be made prior to the determination of Net Cash Flow, as specified in Exhibit C, hereto; (4) all other incurred Operating Expenses, including the fee of the managing agent and any extraordinary expenses, in accordance with the approved annual operating budget of the Development or as otherwise approved in advance by the Department, all to the extent properly and fairly allocable to the residential portion of the Development and Property; (5) deposits to required reserve accounts; ; (6) deferred Developer Fee; ; (7) asset management, partnership management and similar fees, to the extent such fees are specified under the terms of financing from a local public entity and approved by the Department, or if there is no local public entity financing, asset management, partnership management and similar fees, in an amount not to exceed $12,000 per year and any amount not paid in one year may not be carried over into future years. (8) Distributions, in accordance with paragraph 21 of this Agreement. The withdrawals permitted under subparagraph 20 (b) (6), (7) and (8) shall also be subject to the restrictions and obligations of paragraph 18 (b) above. The Borrower may depart from the foregoing priorities of payment only upon the express written approval of the Department. Net Cash Flow shall be distributed in accordance with paragraph 22 hereto.

Use of Income from Operations. a. The Borrower, or XxxxxxxxBorrower's management agent, shall promptly deposit all Operating Income in a segregated account established in the Borrower's name exclusively for the Development and insured by an agency of the federal government or other comparable federal insurance program. b. Withdrawals from the account shall be made only in accordance with the provisions of this Agreement, and the approved annual operating budget, and shall be disbursed, applied, or reserved and set aside for payment when due, in the following priority, to the extent available: (1) salaries, wages, and any other compensation due and payable to the employees or agents of the Borrower employed on site in connection with the maintenance, administration or operation of the Development, along with all withholding taxes, insurance premiums, Social Security payments and other payroll taxes or payments required in connection with such employees; (2) all charges incurred in the operation of the Development in connection with utilities, real estate taxes and assessments, and liability, fire and other hazard insurance premiums; (3) regularly scheduled non-contingent payments of interest, principal, impounds, fees and charges, if any, required on loans, including the Loan, which are secured by liens on the Property, Property which have been approved by the Department, payments on which are to be made prior to the determination of Net Cash Flow, as specified in Exhibit C, hereto; (4) all other incurred Operating Expenses, including the fee of the managing agent and any extraordinary expenses, in accordance with the approved annual operating budget of the Development or as otherwise approved in advance by the Department; (5) deposits to required reserve accounts; deferred Developer Fee; asset management; (6) Distributions, partnership management and similar fees, to in accordance with Paragraph 21 of this Agreement. Net Cash Flow shall be distributed in accordance with Paragraph 22 hereto. The Borrower may depart from the extent such fees are specified under foregoing priorities of payment only upon the terms express written approval of financing from a local public entity and approved by the Department, or if there is no local public entity financing, asset management, partnership management and similar fees, in an amount not to exceed $12,000 per year and any amount not paid in one year may not be carried over into future years.

Use of Income from Operations. a. The Borrower, or Xxxxxxxx's management agent, shall promptly deposit all Operating Income in a segregated account established in the Borrower's name exclusively for the Development and insured by an agency of the federal government or other comparable federal insurance program. b. Withdrawals from the account shall be made only in accordance with the provisions of this Agreement, and the approved annual operating budget, and shall be disbursed, applied, or reserved and set aside for payment when due, in the following priority, to the extent available: (1) salaries, wages, and any other compensation due and payable to the employees or agents of the Borrower employed on site in connection with the maintenance, administration or operation of the Development, along with all withholding taxes, insurance premiums, Social Security payments and other payroll taxes or payments required in connection with such employees; (2) all charges incurred in the operation of the Development in connection with utilities, real estate taxes and assessments, and liability, fire and other hazard insurance premiums; (3) regularly scheduled non-contingent payments of interest, principal, impounds, fees and charges, if any, required on loans, including the Loan, which are secured by liens on the Property, which have been approved by the Department, payments on which are to be made prior to the determination of Net Cash Flow, as specified in Exhibit C, hereto; (4) all other incurred Operating Expenses, including the fee of the managing agent and any extraordinary expenses, in accordance with the approved annual operating budget of the Development or as otherwise approved in advance by the Department; (5) deposits to required reserve accounts; deferred Developer Fee; asset management; (6) Distributions, partnership management and similar fees, to in accordance with paragraph 21 of this Agreement. The Borrower may depart from the extent such fees are specified under foregoing priorities of payment only upon the terms express written approval of financing from a local public entity and approved by the Department, or if there is no local public entity financing, asset management, partnership management and similar fees, . Net Cash Flow shall be distributed in an amount not to exceed $12,000 per year and any amount not paid in one year may not be carried over into future yearsaccordance with paragraph 22 hereto.