RANCHO VALUE definition
RANCHO VALUE means $28,000,000.00 plus the Rancho Premium, if any, but not in excess of $30,900,000, minus 16.88% of the Estimated Ewin▇ ▇▇▇enses. For the purposes of this definition "RANCHO PREMIUM" means the quotient obtained by dividing (a) the Rancho Net Operating Income for the Measuring Period times 12 minus $2,400,000 by (b) .085. In addition, for the purpose of this definition (a) "MEASURING PERIOD" means the last full calendar month prior to the calendar month in which Ewin▇ ▇▇▇es the Rancho Issue Election, and (b) "RANCHO NET OPERATING INCOME" shall mean the net operating income of the Apartment Project known as "Rancho Las Palmas" determined on the same basis as net operating income was determined for the other Apartment Projects for the month of April, 1998 pursuant to the First Quarter Operating Statements except that in determining Rancho Net Operating Income for the Measuring Period, expenses shall be deemed to be $1,793,458.00.