Initial Operating Year definition
Examples of Initial Operating Year in a sentence
Such budget shall show all anticipated Operating Income, debt service, Operating Expenses and amount payable to reserves for the Initial Operating Year.
During the Initial Operating Year, Borrower shall submit to the Department such periodic reports as deemed necessary by the Department to monitor the Borrower's compliance with this Agreement.
After the Initial Operating Year, Rents for Assisted Units may be adjusted no more often than every twelve (12) months.
For the Initial Operating Year, Borrower shall charge Rents for the Assisted Units in the Development in accordance with Exhibit B hereto.
For the Initial Operating Year, Borrower shall operate the Development and expend Operating Income in accordance with the initial operating budget approved by and on file with the Department.
If, after the Initial Operating Year, the Department determines that such periodic reports continue to be necessary, the Department shall so notify the Borrower as part of the annual budget approval process.
For the Initial Operating Year, Borrower shall operate the Development in accordance with the initial operating budget and Schedule of Rental Income (SRI), which were approved by the Department prior to loan closing.
After the Initial Operating Year, Rents may be increased in accordance with paragraph 10 of this Agreement.
The Initial Operating Year ends at the end of the initial Fiscal Year, which is: _________________,200_.
The Borrower shall make monthly deposits from project income to the replacement reserve account in amounts [as specified in the approved Initial Operating Year budget and subsequent annual budgets] or [equal to $_______ per month].