Agmt21 ROEM Project at 353 Main - Laserfiche WebLink

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(1) Property taxes and assessments imposed on the Development, as applicable; (2) Debt service currently due on a non -optional basis (excluding debt service due from residual receipts) on loans associated with the construction and operation of the Development and approved by the City in the approved Financing Plan pursuant to Section 2.4; (3) Property management fees and reimbursements, not to exceed fees and reimbursements which are standard in the industry, and pursuant to a management contract approved by the City pursuant to the terms of Sections 2.8 and 6.7 of this Agreement; (4) Premiums for property damage and liability insurance; (5) Any annual license or certificate of occupancy fees required for operation of the Development; (6) Security services; (7) Advertising and marketing costs; (8) Cash deposited into reserves for capital replacements of the Development in an amount of Two Hundred Fifty Dollars per Unit per Year ($250.00), increasing by 3% per annum, or such other amount approved by the City as part of the approved Financing Plan; (9) Cash deposited into the "Operating Reserve" to replenish the Operating Reserve (initially capitalized by the Developer in the approximate amount of Six Hundred Forty Four Thousand Two Hundred Seventy -Seven Dollars ($644,277), the total sum on deposit in the Operating Reserve at any one time shall be capped at three (3) months of gross rent from the Development, as such rent may vary from time to time; or such other amount approved by the City as part of the approved Financing Plan and annual operating budgets); (10) Asset management fee and, through the expiration of the tax credit compliance period for the initial tax credit investment, including the limited partner partnership management fee in the amount of Seven Thousand Five Dollars ($7,500) per year which amount may increase annually by up to three percent (3%) and for the entire Term a general partner partnership management fee in the amount of Fifteen Thousand Dollars ($15,000) per year which amount may increase annually by up to three percent (3%) (which may be split by the co -general partners); (11) Utility services not paid for directly by tenants, including without limitation, water, sewer, and trash collection; (12) maintenance and repair, including pest control, landscaping, grounds maintenance, painting and decorating, cleaning, common systems repair, janitorial supplies and services, REV: 06-17-2020 PR 1199\09\2727850.8 ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 8 of 143)