Common use of Operating Obligations Clause in Contracts

Operating Obligations. (a) From the date the first apartment unit in the Apartment Housing is available for its intended use (for properties being rehabilitated with the tenants in residence, the period commences with the signing of this Agreement) until three consecutive months of Breakeven Operations (for properties being rehabilitated, the Operating Deficit Guarantee Period ends following three consecutive months of Breakeven Operations after completion of all rehabilitation as approved in the Plans and Specifications or scope of work), the General Partner will immediately provide to the Partnership the necessary funds to pay Operating Deficits, which funds shall not be repayable, shall not change the Interest of any Partner and shall be considered a guaranteed payment to the Partnership for cost overruns. For the balance of the Operating Deficit Guarantee Period the General Partner will immediately provide Operating Loans to pay any Operating Deficits. The aggregate maximum amount of the Operating Loan(s) the General Partner will be obligated to lend will be $108,108 which is equal to one year's operating expenses (including debt and reserves) as agreed to by the General Partner and the Special Limited Partner. Each Operating Loan shall be nonrecourse to the Partners, and shall be repayable out of 50% of the available Net Operating Income or Sale or Refinancing Proceeds in accordance with Article XI of this Agreement. (b) The Partnership shall pay the amount of the Development Fee set forth in Exhibit B to the Development Fee Agreement entered into as of even date herewith on an annual basis (the "Scheduled Amount"). In the event the Net Operating Income of the Partnership is insufficient to pay such annual amount, the General Partner shall contribute to the Partnership the amount by which Net Operating Income distributable for payment of the Development Fee pursuant to Section 11.1 is less than the Scheduled Amount, and such amount shall be includable in the General Partner's Capital Account.

Operating Obligations. (a) From the date the first apartment unit in the Apartment Housing is available for its intended use (for properties being rehabilitated with the tenants in residence, the period commences with the signing of this Agreement) until three 3 consecutive months of Breakeven Operations (for properties being rehabilitated, the Operating Deficit Guarantee Period ends following three consecutive months of Breakeven Operations after completion of all rehabilitation as approved in the Plans and Specifications or scope of work)Operations, the General Partner will immediately provide to the Partnership the necessary funds to pay Operating Deficits, which funds shall not be repayable, shall not change the Interest of any Partner and shall be considered a guaranteed payment to the Partnership for cost overruns. For the balance of the Operating Deficit Guarantee Period Period, the General Partner will immediately provide Operating Loans to pay any Operating Deficits. The Beginning in the sixth year of the Operating Deficit Guarantee Period, provided the General Partner has delivered to the Special Limited Partner audited financial statements evidencing the Partnership's achievement of a Debt Service Coverage 1.15 for the preceding three calendar years, the aggregate maximum amount of the Operating Loan(s) the General Partner will be obligated to lend will be $108,108 which is equal 2,105,000 (the "Operating Deficit Cap"). The Operating Deficit Cap shall not apply to one yearlimit General Partner's operating expenses obligation to make Operating Loans: (including debt and reservesi) as agreed to by during the first five years of the Operating Deficit Guarantee Period, or (ii) in any subsequent year of the Operating Deficit Guarantee Period, until the General Partner and has delivered the Special Limited audited financial statements evidencing Debt Service Coverage of 1.15 for the preceding three calendar years. The amount of any Operating Deficit that arises prior to the year in which the Operating Deficit Cap becomes effective shall not be counted toward the Operating Deficit Cap. Notwithstanding the foregoing, the Operating Deficit Cap shall not apply to limit the General Partner. 's obligation to make Operating Loans if the HAP Contract is terminated due to any action or omission of the General Partner in violation of the HAP Contract or Section 8 program requirements, other than a termination due to reasons beyond the reasonable control of the General Partner. (b) Each Operating Loan shall be nonrecourse to the Partners, and shall be repayable out of 50% of the available Net Operating Income or Sale or Refinancing Proceeds in accordance with Article XI of this Agreement. (bc) The Partnership shall pay the amount Development Fee in accordance with the terms of the Development Fee set forth in Exhibit B to the Amended and Restated Development Fee Agreement entered into as of even date herewith on an annual basis (the "Scheduled Amount"). In the event the Net Operating Income of the Partnership is insufficient to pay such annual amount, the General Partner shall contribute to the Partnership the amount by which Net Operating Income distributable for payment of the Development Fee pursuant to and Section 11.1 is less than the Scheduled Amount, and such amount shall be includable in the General Partner's Capital Accountof this Agreement.

Operating Obligations. (a) From the date the first apartment unit in the Apartment Housing is available for its intended use (for properties being rehabilitated with the tenants in residence, the period commences with the signing of this Agreement) until three 3 consecutive months of Breakeven Operations (for properties being rehabilitated, the Operating Deficit Guarantee Period ends following three consecutive months of Breakeven Operations after completion of all rehabilitation as approved in the Plans and Specifications or scope of work)Operations, the General Partner will immediately provide to the Partnership the necessary funds to pay Operating Deficits, which funds shall not be repayable, shall not change the Interest of any Partner and shall be considered a guaranteed payment to the Partnership for cost overruns. For the balance of the Operating Deficit Guarantee Period Period, the General Partner will immediately provide Operating Loans to pay any Operating Deficits. The Beginning in the sixth year of the Operating Deficit Guarantee Period, provided the General Partner has delivered to the Special Limited Partner audited financial statements evidencing the Partnership's achievement of a Debt Service Coverage 1.15 for the preceding three calendar years, the aggregate maximum amount of the Operating Loan(s) the General Partner will be obligated to lend will be $108,108 which is equal 1,905,800 (the "Operating Deficit Cap"). The Operating Deficit Cap shall not apply to one yearlimit General Partner's operating expenses obligation to make Operating Loans: (including debt and reservesi) as agreed to by during the first five years of the Operating Deficit Guarantee Period, or (ii) in any subsequent year of the Operating Deficit Guarantee Period, until the General Partner and has delivered the Special Limited audited financial statements evidencing Debt Service Coverage of 1.15 for the preceding three calendar years. The amount of any Operating Deficit that arises prior to the year in which the Operating Deficit Cap becomes effective shall not be counted toward the Operating Deficit Cap. Notwithstanding the foregoing, the Operating Deficit Cap shall not apply to limit the General Partner. 's obligation to make Operating Loans if the HAP Contract is terminated due to any action or omission of the General Partner in violation of the HAP Contract or Section 8 program requirements, other than a termination due to reasons beyond the reasonable control of the General Partner. (b) Each Operating Loan shall be nonrecourse to the Partners, and shall be repayable out of 50% of the available Net Operating Income or Sale or Refinancing Proceeds in accordance with Article XI of this Agreement. (bc) The Partnership shall pay the amount Development Fee in accordance with the terms of the Development Fee set forth in Exhibit B to the Amended and Restated Development Fee Agreement entered into as of even date herewith on an annual basis (the "Scheduled Amount"). In the event the Net Operating Income of the Partnership is insufficient to pay such annual amount, the General Partner shall contribute to the Partnership the amount by which Net Operating Income distributable for payment of the Development Fee pursuant to and Section 11.1 is less than the Scheduled Amount, and such amount shall be includable in the General Partner's Capital Accountof this Agreement.

Operating Obligations. (a) From the date the first apartment unit in the Apartment Housing is available for its intended use (for properties being rehabilitated with the tenants in residence, the period commences with the signing of this Agreement) until three consecutive months of Breakeven Operations (for properties being rehabilitated, the Operating Deficit Guarantee Period ends following three consecutive months of Breakeven Operations after completion of all rehabilitation as approved in the Plans and Specifications or scope of work), the General Partner will immediately provide to the Partnership the necessary funds to pay Operating Deficits, which funds shall not be repayable, shall not change the Interest of any Partner and shall be considered a guaranteed payment to the Partnership for cost overruns. For the balance of the Operating Deficit Guarantee Period the General Partner will immediately provide Operating Loans to pay any Operating Deficits. The aggregate maximum amount of the Operating Loan(s) the General Partner will be obligated to lend will be $108,108 231,404 which is equal to one year's operating expenses (including debt and reserves) as agreed to by the General Partner and the Special Limited Partner. Each Operating Loan shall be nonrecourse to the Partners, and shall be repayable out of 50% of the available Net Operating Income or Sale or Refinancing Proceeds in accordance with Article XI of this Agreement. (b) The Partnership shall pay the amount of the Development Fee set forth in Exhibit B to the Development Fee Agreement entered into as of even date herewith on an annual basis (the "Scheduled Amount"). In the event the Net Operating Income of the Partnership is insufficient to pay such annual amount, the General Partner shall contribute to the Partnership the amount by which Net Operating Income distributable for payment of the Development Fee pursuant to Section 11.1 is less than the Scheduled Amount, and such amount shall be includable in the General Partner's Capital Account.