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R editions are obsolete Replaces form hM.A92466 (11/02) dd. "Reserve for Replacement" is defined in Section 10. 201302300 aa. "Public Body Borrower" means a federal instrumentality, a state or political subdivision thereof, or an instrumentality of a state or a political subdivision thereof, that certifies that it is not receiving financial assistance from the United States exclusively pursuant to the United States Housing Act of 1937 (with the exception of projects assisted or to be assisted pursuant to Section 8 of such Act) and that is acceptable to HUD. bb. "Reasonable Operating Expenses" means expenses that arise from the operation, maintenance and routine repair of the Project and that primarily benefit the Project (as opposed to Borrower) or as otherwise permitted by Program Obligations. cc. "Rents" means all rents (whether from residential or non - residential space), revenues, issues, profits (including carrying charges, maintenance fees, and other cooperative revenues, and fees received from leasing space on the Mortgaged Property), other income of the Land or the Improvements, gross receipts, receivables, parking fees, laundry and vending machine income and fees and charges for food and other services provided at the Mortgaged Property, whether now due, past due, or to become due, Residual Receipts, and escrow accounts, however and whenever funded and wherever held. ee. "Residual Receipts" is a term that applies to certain funds held by Non - Profit, Public Body and Limited Dividend Borrowers whose Notes are insured or held by HUD pursuant to Section 220, Section 221(d)(3) and 231 of the National Housing Act, as amended. Residual Receipts are calculated by determining an amount of Surplus Cash (defined below). After the calculation of Surplus Cash, as described below, Borrower may make any Distributions permitted by this Agreement. "Residual Receipts" shall be the restrictive cash held by Section 220, Section 221(d)(3) and 231 Non - Profit, Public Body, and Limited Dividend Borrowers remaining after any allowable Distributions. The use of these Residual Receipts is restricted under this Agreement. ff. "Security Instrument" means the Multifamily (Mortgage, Deed of Trust, or other designation as appropriate by Property Jurisdiction), Assignment of Leases and Rents and Security Agreement (HUD- 94000M), and any other security for the Indebtedness between Borrower and Lender, and shall be deemed to be the "mortgage" as defined by Program Obligations. gg. "Surplus Cash" means any cash plus amounts received under Section 8 project -based subsidy payments (earned in the applicable fiscal period) remaining after: (1) The payment of: (i) all sums immediately due or currently required to be paid under the terms of the Note, the Security Instrument and this Agreement on the first day of the month following the end of the fiscal period; including without limitation, all amounts required to be deposited in the Reserve for Replacement or other reserves as may be required by HUD; and (ii) all other obligations of the pR-Regulatory Agreement I 92466M (Ray. 4/11) Page 7 FRB O-I VLLAGE