Reso 16403 - Laserfiche WebLink

Browse Search

ATTY/RESO.0020/CC RESO APPROVING AMENDMENTS TO HPP GUIDELINES – EXHIBIT B REV: 05-04-26 LF Page 7 of 86 NOW, THEREFORE, City and Borrower hereby agree as follows: AGREEMENT 100. DEFINITIONS 101. Terms. The following terms, as used in this Agreement, shall have the meaning ascribed them in this Section: a. “Additional Borrower Financing” has the meaning set forth in Section 401. b. “Affiliate” means any other Person Controlling or Controlled by or under common Control with a specified Person. c. “Agreement” means this Loan Agreement. d. “Annual City Loan Payment” has the meaning set forth in Section 202.3. e. “Annual Operating Expenses” means for each calendar year, the following costs reasonably and actually incurred for operation and maintenance of the Development: (i) Property taxes and assessments imposed on the Development; (ii) debt service currently due on a non-optional basis (excluding debt service due from residual receipts or surplus cash of the Development) on the Additional Borrower Financing; (iii) on-site service provider fees for tenant social services, provided the City has approved, in writing, the plan and budget for such services before such services begin; (iv) property management fees and reimbursements, on–site property management office expenses, and salaries of property management and maintenance personnel, not to exceed amounts that are standard in the industry and which are pursuant to a management contract approved by the City; (v) an asset management fee payable to Borrower’s general partner/managing member, not to exceed $25,000, subject to annual increases of 3.5%; (vi) premiums for insurance required for the Property or the improvements thereon to satisfy the requirements of any lender of Approved Financing; (vii) utility services not paid for directly by tenants, including water, sewer, and trash collection; (viii) maintenance and repair expenses and services; (ix) any annual license or certificate of occupancy fees required for operation of the Development; (x) security services; (xi) advertising and marketing; (xii) cash deposited into the replacement reserve account or operating reserve account as required by the City pursuant to this Agreement along with such further replacement or operating reserves as approved by the City, which approval shall not be unreasonably withheld, conditioned or delayed; (xiii) extraordinary operating costs specifically approved in writing by the City; (xiv) the City of Redwood City Monitoring Fee as required pursuant to this Agreement; (xv) 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, and other ordinary and reasonable operating expenses approved in writing by the City and not listed above; (xvi) annual payment towards Borrower’s deferred developer fee as permitted pursuant to this Agreement (xvii) in and other ordinary and reasonable operating expenses approved in writing by the City and not listed above. Annual Operating Expenses do not include the following: depreciation, amortization, depletion or other non-cash expenses, initial deposits to capitalize a