Agmt21 ROEM Project at 353 Main - Laserfiche WebLink

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(13) Social services fees and expenses up to Thirty -Six Thousand ($36,000) per year which amount may increase annually by up to three and one/half percent (3.5%); (14) Annual audit fees, inspection fees, or monitoring fees required in relation to any Approved Financing; (15) Extraordinary operating costs specifically approved by the City in its reasonable discretion; (16) Payments of deductibles in connection with casualty insurance claims not normally paid from reserves, the amount of uninsured losses actually replaced, repaired or restored, and not normally paid from reserves, (17) Reasonable accounting fees and legal fees; (18) Payments made toward the outstanding balance of the deferred Developer Fee, but only for up to the first fifteen (15) years of operation of the Development (measured from the date of issuance of a certificate of occupancy or equivalent document for the Development); and (19) Other ordinary and reasonable operating expenses approved by the City in its reasonable discretion and not listed above. (20) Annual Operating Expenses shall exclude the following: depreciation, amortization, depletion or other non-cash expenses, any amount expended from a reserve account. (c) "Approved Financing" means the loans, grants, and other financing to be secured by the Developer, and approved by the City for the purpose of financing the costs of the Development which shall be consistent with the approved Financing Plan, and is anticipated to include: (1) A construction and permanent loan from a bank reasonably approved by the City in the amount shown in the amount shown in the approved Financing Plan (the 'Bank Loan"); (2) Low Income Housing Tax Credit investor limited partner capital contribution in the approved Financing Plan (the "Tax Credit Investor Equity"); (3) A Housing Endowment and Regional Trust (HEART) loan from the County of San Mateo in the amount shown in the approved Financing Plan (the "County Loan"); and (4) A loan from the Housing Authority of the County of San Mateo in the amount shown in the approved Financing Plan (the "Housing Authority Loan"). (d) "Area Median Income" means the median gross yearly income, adjusted for household size, in the County of San Mateo, California, as determined by the California REV: 06-17-2020 PR 1199\09\2727850.8 ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 9 of 143)