Agenda Packets - 1996/12/02 - Laserfiche WebLink

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paid or attributable to Guaranteed Rental Income shall first be applied to Bond Expenses and then to Operating Exnenses. Each parry to this Master Agreement (other than MASC) agrees to levy a direct general ad valorum property tax on all property within the Subdivision as needed to pay the Subdivision's share of the Operating Expenses to the extent Guaranteed Rental Income actually paid is for Joint Board Expenses and Operating Expenses. attributable to the Guaranteed Rental Income of the Subdivision. MASC pledges to apply any other revenues received pursuant to paragraph (b) above to the payment of its Guaranteed Hours. (d) All Guaranteed Rental Income and Off-Peak Rental Income and any proceeds of business interruption insurance (and to the extent of any shortfalls, any other revenues advanced by MASC pursuant to paragraph (b) shall be applied in the following order of priority: (1) monthly payment to the Trustee under the Bond Documents of 1/6 of the next interest payment and 1/12 for the next principal payment for debt service on the bonds; (2) monthly payment to the Trustee under the Bond Documents for restoration of the debt service reserve fund for the Bonds, if necessary; (3) monthly payment of$5,000 to the Trustee under the Bond Documents for deposit to the capital improvement reserve held by the Trustee until the amount on deposit is $250.000; . (4) the payment of Operating Costs of the Facility; (5) the accumulation of an operating costs reserve to be held by MASC in the amount of six twelve months of Operating Costs based upon the prior year's Annual Budget; (6) deposit to the redemption found under the Bond Documents payment to the Trustee under the Bond Documents on Mach March 1 of each year of any amounts not applied in accordance with subparagraphs (1) through (5) as of the end of previous Fiscal Year for accumulation in a bond redemption fund. Funds in the bond redemption fund may be used to cure deficiencies in subparagraph (2) and may be withdrawn with the concurrence of all parties to this Master Agreement for the purpose of making necessary capital repairs or replacements to the Facility, to the extent other reserve funds are insufficient, or the early redemption of Bonds, as directed by MASC. (e) Commencing on the date that no Bonds remain outstanding under the Bond Documents, all Guaranteed Rental Income, any amounts remaining under the Bond Documents after the Bonds are no longer outstanding, and any proceeds of business interruption insurance (and to extent of any shortfalls, any other revenues advanced by MASC pursuant to paragraph (b) shall be applied in the following order of priority: