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Section 3
MBE/WBE

 

Residual Receipts Definition
 

As stated in MHDCs Regulatory Agreement:
 

Any cash remaining after:
 

(a)    The payment of:
 

(i)  All sums due or required to be paid under the terms of the Basic Documents;
 

(ii)  All amounts required to be deposited to the reserve fund for replacements;
 

(iii) All obligations of the Project (other than the obligations of the Deed of Trust or Note held by MHDC), including but not by way of limitation, all the costs and expenses of maintenance and operation and all amounts paid for taxes, assessments, insurance premiums and other similar charges, unless funds for payment are set aside or deferment of payment has been approved by MHDC; and
 

(b)   The segregation of:
 

(i)  An amount equal to the aggregate of all special funds, if any, required to be maintained by the Project; and,
 

      (ii) All Tenant Security Deposits held.