Total Expenses

Total Expenses. Means, for the applicable period, the normal and customary operating and non-operating costs of the Property or Properties, as the context may require, paid by or for the account of Borrower, all as determined in accordance with the modified accrual basis method of accounting. Total Expenses shall include, among other things, refunds of tenant deposits, costs incurred or reimbursable by Borrower in connection with the Mortgages to the extent that no Event of Default exists under the Second... Amended Note or the other Loan Documents at the time such costs are incurred or become reimbursable by Borrower, bona fide management fees not in excess of the amount permitted pursuant to the terms of the Mortgages and the other Loan Documents, all or part of which may be paid to an Affiliated Entity, and the amount of capital reserves, not to exceed one percent (1%) of Revenues, actually deposited by Borrower pursuant to the Escrow Agreement during the applicable period. Total Expenses shall not include (i) any principal, interest or other amounts paid under any notes, mortgages or deeds of trust relating to the Properties, including but not limited to the Second Amended Note, (ii) income taxes, and (iii) non-cash items such as depreciation. For the purpose of computing Total Expenses, no Related Party Payments shall constitute Total Expenses. View More

Total Expenses. Means the sum of the following: (i) the Prorata Share of the total payroll expenses for both the Phase I Property and the Phase II Property; (ii) Prorata Share of the total repair and maintenance expenses for both the Phase I Property and the Phase II Property; (iii) the Prorata Share of the total advertising, leasing and marketing expenses for both the Phase I Property and the Phase II Property; (iv) the Prorata Share of the total administrative expense for both the Phase I Property and the... Phase II Property; (v) the Prorata Share of the total turnover expenses for both the Phase I Property and the Phase II Property; (vi) the Prorata Share of the total landscaping expenses for both the Phase I Property and the Phase II Property; (vii) the Prorata Share of the total utility expenses for both the Phase I Property and the Phase II Property; (viii) the actual insurance expenses for the Phase II Property; (ix) the actual management fee for the Phase II Property calculated to be four percent (4%) of collected Total Revenues; (x) actual real estate property taxes and personal property taxes for the Phase II Property, adjusted to reflect stabilized value (if necessary); and (xi) an allowance for a capital replacement reserve equal to $200 per apartment unit in the Phase II Property per year. View More