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Residual Receipts  

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Section 3




Residual Receipts funds may be used for a variety of acceptable purposes subject to MHDCs approval.  Among the acceptable purposes are:

bullet Reduction of operating deficits when cash flow deficits exist
bullet Making mortgage payments when default is actual or imminent
bullet Making repairs to the property for items not covered by the Reserve for Replacement
bullet Making enhancements to the property or providing additional project amenities
bullet Making payments on approved Residual Receipts Notes; or paying unpaid earned distributions in years that have insufficient surplus cash available