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<br /> <br /> 2 <br /> "City Regulatory Agreement" means the Regulatory Agreement and Declaration of <br />Restrictive Covenants entered into by the Parties. <br /> <br /> "Effective Date" means the Initial Occupancy Date. <br /> <br /> "Fiscal Year" shall mean each period of twelve (12) calendar months commencing on <br />July 1 and ending on June 30 during all or any portion of which this Agreement is in effect. <br /> <br /> “Grant Amount” is defined in Section 4.1. <br /> <br /> "Grant Funds" shall mean any and all funds allocated or disbursed to Operator under <br />this Agreement. <br /> <br /> “Ground Lease” is defined in Recital A. <br /> <br /> "HCD" means the State of California Housing and Community Development <br />Department. <br /> <br /> "Homekey" means the HCD Project Homekey Program. <br /> <br /> “Homekey Agreement” means the Standard Agreement that City and Operator have <br />entered into, or will enter into, with HCD which sets forth the requirements imposed in <br />connection with the Homekey Grant. <br /> <br /> "Initial Occupancy Date" shall be the date when the first Assisted Unit is occupied by <br />a Resident. <br /> <br /> "Operating Costs" means the following costs: (a) all charges incurred in the operation <br />of the Project for utilities, real estate taxes and assessments and premiums for insurance <br />required under this Agreement, the Ground Lease, the Regulatory Agreement and the Homekey <br />Agreement; (b) salaries, wages and any other compensation due and payable to the employees <br />or agents of Operator employed in connection with the Project, including all related <br />withholding taxes, insurance premiums, Social Security payments and other payroll taxes or <br />payments; (c) the asset management fees; (d) all other expenses actually incurred to cover the <br />operation of the Project to the standards required under this Agreement, the Ground Lease, the <br />Regulatory Agreement and the Homekey Agreement, including maintenance and repairs, and <br />property management fees and supportive services costs and fees; (e) required deposits to the <br />Replacement Reserve Account, Operating Reserve Account, and any other required reserve <br />account, and (f) any extraordinary expenses arising from the ownership or operation of the <br />Project approved in advance and in writing by City. <br /> <br /> "Operating Reserve Account" means the interest-bearing operating reserve depository <br />account. <br /> <br /> "Project" is defined in Recital B. <br /> DRAFT