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20 110695� <br />The replacement reserve will be established by the Owner, and will be used to repair <br />or replacement items as set forth in Section 6. During the Development's 15-year <br />compliance period, $68,250 will be set-aside for the replacement reserve ($4,550 per <br />year). <br />9. The operating reserve will be established by the Owner, and will be used to fund any <br />operating and/or debt-service shortfalls during the Development's 15-year <br />compliance period. The amount of the required operating reserve for this <br />Development totals $75,100. This amount was taken from the Final Cost <br />Certification Documentation submitted to NIFA on June 8, 2011. <br />Ridgewood CROWN, LLC <br />Signed: <br />a ryn L. Mesner, Member of <br />Housing Plus, LLC — Managing Member <br />Date: September ,/.3"' , 2011. <br />