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Show first rented and shall continue until sixty days subseun to the termination of the project (or any portion them! in connection with which the cha incurred t 12 Section 3.01. . rge was ) puma" 0 If the actual allowable operating costs increase or decrease by reason of an increase or decrease in the costs of 1313913 "Wicca, or material in the locality of the project, then in, such event, the Estimated Allowable Operating Costs shall be adjusted, upon the request of either party, at the end 01‘ _the fiscal year during which such increase or decrease occurs, by _an amount which reasonably approximates said increase or decrease. Such adjustment shall be "effective from the, first day" of the ensuing fiscal. year. It the actual allowable Operating costs are less than the Estimated Allowable Operating Costs for any fiscal year, then in such event the local body, on the last day of any each fiscal. year, shall set aside from available project income. the'difference between the actual allowable operating costs and the Estimated Allowable Operating Costs as areserve for deficits. Such reserve shall be available for disbursement by the local body to meet any deficits in Operation ‘ or management. Upon the termination or the project pursuant to Section 3.01 herein and approval of final statement of deconnt'pursuant to Section 3.02 herein, the local body may retain all unexpended or uncommitted balances remaining in said reserve. a ' It is understood and agreed that the Estimated Allowable Operating Costs are based on-the actual number of dwelling accommodations in the project, and that no amunt may be charged against project income for an dwelling accommodation sixty days subsequent to its tennination pursuant to Section 3.01, nor immediately upon its total destruction. The term "total destruction" as used in this contract shall mean any damage or" destruction to a dwelling which cannot be repaired by the expenditure of an amount less than the estimated net income which may be derived from the duelling during the period of its remaining use mder this contract. In addition to the Estimated Allowable Operating Costs, the local "body may charge to, and pay from, project income such taxes 5 special assessments, licenses, and other fees, or. payments in lieu thereof [(escept as provided in Section 1002 (c) herein)? which normally would be assessed against the project if it were privately owned, and which are attri- butable (on a pro rata basis) to the period for which a site is used for purposes or this contract, commencing with the first day of the" month. during which the first project rental Delete in amend. 2 Applicable to FPHA Form M81 only. and 11,314. 11.814. ing contracts prepared on FPHA Fame 1 . |
