Common use of Construction Obligations Clause in Contracts

Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before the Completion Date. At the time of Permanent Mortgage Commencement, if the actual hard costs and soft costs of developing and constructing the Apartment Housing and Improvements exceed the Development Budget, then the General Partner shall: first, pay such excess with Net Operating Income, if any, attributable to the period prior to the Completion Date and, second, advance the money to the Partnership to pay the difference between the aggregate of the actual hard and soft costs and the Development Budget. At the time of Permanent Mortgage Commencement, if the remaining sources of revenue from the Capital Contributions and the Mortgage are insufficient, as determined by the Accountant and the Special Limited Partner, to pay in full the Construction Loan and any outstanding hard and soft costs incident to the acquisition, development and construction of the Apartment Housing (other than Development Fee), then the General Partner prior to Permanent Mortgage Commencement shall advance the money to the Partnership to pay the additional costs. (b) At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner or the Construction Lender, in good faith, determines that the actual construction and development costs exceed the Development Budget (excluding the Development Fee) then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement agent's account, within ten days following notice by the Special Limited Partner or the Construction Lender, the difference thereof for payment to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time during construction and prior to Completion of Construction, if the Special Limited Partner or Construction Lender, in good faith, determines that there are insufficient funds to achieve Completion of Construction or the funds are not available in accordance with the funding requirements of the Construction Loan or this Agreement, then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement account, within ten days following notice by the Special Limited Partner or the Construction Lender, the amount requested by the Special Limited Partner or Construction Lender to pay a current construction draw or an amount necessary to achieve Completion of Construction. (c) Any advances by the General Partner pursuant to this Section 6.2 shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns.

Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before the December 31, 2004 ("Completion Date"). At The General Partner further guarantees that the time development of Permanent Mortgage Commencementthe Apartment Housing and Improvements will not exceed a total development cost of $1,726,000 ("Development Budget"), if which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Development Budget and the Project Documents. If the actual hard costs and soft costs of developing and constructing the Apartment Housing and Improvements exceed the Development Budget, Budget then the General Partner shall: first, pay such excess with Net Operating Income, if any, attributable to the period prior to the Completion Date and, second, advance the money to the Partnership to pay the difference between the aggregate of the actual hard and soft costs and the Development Budget. At the time of Permanent Mortgage Commencement, if the remaining sources of revenue from the Capital Contributions and the Mortgage are insufficient, as determined by the Accountant and the Special Limited Partner, to pay in full the Construction Loan and any outstanding hard and soft costs incident to the acquisition, development and construction of the Apartment Housing (other than Development Fee), then the General Partner prior to Permanent Mortgage Commencement shall advance the money to the Partnership to pay the additional costs. (b) At . Notwithstanding the foregoing, at any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner or the Construction Lender, in good faith, determines that the actual construction and development costs exceed the Development Budget line item costs (excluding the Development Fee) referenced in the Development, Construction and Operating Budget Agreement then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement agent's account, within ten days following notice by the Special Limited Partner or the Construction Lender, the difference thereof for payment to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time during construction and prior to Completion of Construction, if the Special Limited Partner or Construction Lender, in good faith, determines that there are insufficient funds to achieve Completion of Construction or the funds are not available in accordance with the funding requirements of the Construction Loan Lender or this Agreement, then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement account, within ten days following notice by the Special Limited Partner or the Construction Lender, the amount requested by the Special Limited Partner or Construction Lender to pay a current construction draw or an amount necessary to achieve Completion of Construction. (c) . Said advance shall be made and documented with an approved draw request within 30 days of receiving written notice from the Special Limited Partner. Any advances by the General Partner pursuant to this Section 6.2 shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns.

Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing Project on or before the Completion Date ("Completion Date"). At The General Partner further guarantees that the time development of Permanent Mortgage Commencement, if the actual hard costs and soft costs of developing and constructing the Apartment Housing Project and Improvements will not exceed the a total development cost of $11,281,560 ("Development Budget"), then the General Partner shall: first, pay such excess with Net Operating Income, if any, attributable to the period prior to the Completion Date and, second, advance the money to the Partnership to pay the difference between the aggregate of the actual hard and soft costs and the Development Budget. At the time of Permanent Mortgage Commencement, if the remaining sources of revenue from the Capital Contributions and the Mortgage are insufficient, as determined by the Accountant and the Special Limited Partner, to pay in full the Construction Loan and any outstanding which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing (other than Project in accordance with the Development Fee), Budget and the Project Documents. If the actual hard costs and soft costs of developing and constructing the Project and Improvements exceed the Development Budget then the General Partner prior to Permanent Mortgage Commencement shall advance the money to the Partnership to pay the additional costs. (b) At . Notwithstanding the foregoing, at any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner or the Construction Lender, in good faith, determines that the actual construction and development costs exceed the Development Budget line item costs (excluding the Development Fee) referenced in the Development, Construction and Operating Budget Agreement then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement agent's account, within ten days following notice by the Special Limited Partner or the Construction Lender, the difference thereof for payment to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time during construction and prior to Completion of Construction, if the Special Limited Partner or Construction Lender, in good faith, determines that there are insufficient funds to achieve Completion of Construction or the funds are not available in accordance with the funding requirements of the Construction Loan Lender or this Agreement, then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement account, within ten days following notice by the Special Limited Partner or the Construction Lender, the amount requested by the Special Limited Partner or Construction Lender to pay a current construction draw or an amount necessary to achieve Completion of Construction. (c) . Said advance shall be made and documented with an approved draw request within 30 days of receiving written notice from the Special Limited Partner. Any advances by the General Partner pursuant to this Section 6.2 shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment repayable to the Partnership for cost overrunsGeneral Partner as an interest free loan.

Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before the Completion Date, which date shall be extended by up to 3 months in the event of Force Majeure. At The General Partner further guarantees that the time development of Permanent Mortgage Commencementthe Apartment Housing and Improvements will not exceed a total development cost of $4,011,102 ("Development Budget"), if which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Development Budget and the Project Documents. If the actual hard costs and soft costs of developing and constructing the Apartment Housing and Improvements exceed the Development Budget, Budget then the General Partner shall: first, pay such excess with Net Operating Income, if any, attributable to the period prior to the Completion Date and, second, advance the money to the Partnership to pay the difference between the aggregate of the actual hard and soft costs and the Development Budget. At the time of Permanent Mortgage Commencement, if the remaining sources of revenue from the Capital Contributions and the Mortgage are insufficient, as determined by the Accountant and the Special Limited Partner, to pay in full the Construction Loan and any outstanding hard and soft costs incident to the acquisition, development and construction of the Apartment Housing (other than Development Fee), then the General Partner prior to Permanent Mortgage Commencement shall advance the money to the Partnership to pay the additional costs. (b) At . Notwithstanding the foregoing, at any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner or the Construction LenderPartner, in good faith, determines that the actual construction and development costs exceed the Development Budget aggregate line item costs (excluding the Development Fee) referenced in the Development, Construction and Operating Budget Agreement then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement agent's account, within ten days following notice by the Special Limited Partner or the Construction Lender, the difference thereof for payment to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time during construction and prior to Completion of Construction, if the Special Limited Partner or Construction LenderPartner, in good faith, determines that there are insufficient funds to achieve Completion of Construction or the funds are not available in accordance with the funding requirements of the Construction Loan or this Agreement, then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lenderdisbursement agent's construction account, or similar disbursement account, within ten days following notice by the Special Limited Partner or the Construction Lender, the amount requested by the Special Limited Partner or Construction Lender to pay a current construction draw or an amount necessary to achieve Completion of Construction. (c) . Said advance shall be made and documented with an approved draw request within 30 days of receiving written notice from the Special Limited Partner. Any advances by the General Partner pursuant to this Section 6.2 shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns.

Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before the December 1, 2005 ("Completion Date"). The General Partner further guarantees that the development of the Apartment Housing and Improvements will not exceed a total development cost of $2,703,888 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Development Budget and the Project Documents. At the time of Permanent Mortgage Commencement, if the actual hard costs and soft costs of developing and constructing the Apartment Housing and Improvements exceed the Development Budget, Budget then the General Partner shall: first, pay such excess with Net Operating Income, if any, attributable to the period prior to the Completion Date and, second, Permanent Mortgage Commencement shall advance the money to the Partnership to pay the difference between the aggregate of the aggregated actual hard and soft costs and the Development Budget. At the time of Permanent Mortgage Commencement, if the remaining sources of revenue from the Capital Contributions and the Mortgage are insufficient, as determined by the Accountant and the Special Limited Partner, to pay in full the Construction Loan and any outstanding hard and soft costs incident to the acquisition, development and construction of the Apartment Housing (other than Development Fee)Housing, then the General Partner prior to Permanent Mortgage Commencement shall advance the money to the Partnership to pay the additional costs. (b) At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner or the Construction LenderPartner, in good faith, determines determine that the actual construction and development costs exceed the Development Budget (excluding the Development Fee) then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement agent's account, account within ten days following notice by the Special Limited Partner or the Construction LenderPartner, the difference thereof for payment to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time during construction and prior to Completion of Construction, Construction if the Special Limited Partner or Construction LenderPartner, in good faith, determines that determine there are insufficient funds to achieve obtain Completion of Construction or the funds are not available in accordance with the funding requirements of the Construction Loan or this Agreement, then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement account, account within ten days following notice by the Special Limited Partner or the Construction LenderPartner, the amount requested by the Special Limited Partner or Construction Lender to pay a current construction draw or an amount necessary to achieve obtain Completion of Construction. (c) Any advances by the General Partner pursuant to this Section 6.2 shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns.

Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before the Completion Date ("Completion Date"). At The General Partner further guarantees that the time development of Permanent Mortgage Commencementthe Apartment Housing and Improvements will not exceed a total development cost of $1,273,920 ("Development Budget"), if which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Development Budget and the Project Documents. If the actual hard costs and soft costs of developing and constructing the Apartment Housing and Improvements exceed the Development Budget, Budget then the General Partner shall: first, pay such excess with Net Operating Income, if any, attributable to the period prior to the Completion Date and, second, advance the money to the Partnership to pay the difference between the aggregate of the actual hard and soft costs and the Development Budget. At the time of Permanent Mortgage Commencement, if the remaining sources of revenue from the Capital Contributions and the Mortgage are insufficient, as determined by the Accountant and the Special Limited Partner, to pay in full the Construction Loan and any outstanding hard and soft costs incident to the acquisition, development and construction of the Apartment Housing (other than Development Fee), then the General Partner prior to Permanent Mortgage Commencement shall advance the money to the Partnership to pay the additional costs. (b) At . Notwithstanding the foregoing, at any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner or the Construction Lender, in good faith, determines that the actual construction and development costs exceed the Development Budget line item costs (excluding the Development Fee) referenced in the Development, Construction and Operating Budget Agreement then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement agent's account, within ten days following notice by the Special Limited Partner or the Construction Lender, the difference thereof for payment to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time during construction and prior to Completion of Construction, if the Special Limited Partner or Construction Lender, in good faith, determines that there are insufficient funds to achieve Completion of Construction or the funds are not available in accordance with the funding requirements of the Construction Loan Lender or this Agreement, then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement account, within ten days following notice by the Special Limited Partner or the Construction Lender, the amount requested by the Special Limited Partner or Construction Lender to pay a current construction draw or an amount necessary to achieve Completion of Construction. (c) . Said advance shall be made and documented with an approved draw request within 30 days of receiving written notice from the Special Limited Partner. Any advances by the General Partner pursuant to this Section 6.2 shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns.

Construction Obligations. (a) The General Partner hereby guarantees lien liens free Completion of Construction of the Apartment Housing on or before the September 1, 2006 ("Completion Date"). The General Partner further guarantees that the development of the Apartment Housing and Improvements will not exceed a total development cost of $2,010,377 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Development Budget and the Project Documents. At the time of Permanent Mortgage Commencement, if the actual hard costs and soft costs of developing and constructing the Apartment Housing and Improvements exceed the Development Budget, Budget then the General Partner shall: first, pay such excess with Net Operating Income, if any, attributable to the period prior to the Completion Date and, second, Permanent Mortgage Commencement shall advance the money to the Partnership to pay the difference between the aggregate of the aggregated actual hard and soft costs and the Development Budget. At the time of Permanent Mortgage Commencement, if the remaining sources of revenue from the Capital Contributions and the Mortgage are insufficient, as determined by the Accountant and the Special Limited Partner, to pay in full the Construction Loan and any outstanding hard and soft costs incident to the acquisition, development and construction of the Apartment Housing (other than Development Fee)Housing, then the General Partner prior to Permanent Mortgage Commencement shall advance the money to the Partnership to pay the additional costs. (b) At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner or the Construction LenderPartner, in good faith, determines determine that the actual construction and development costs exceed the Development Budget (excluding the Development Fee) then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement agent's account, account within ten days following notice by the Special Limited Partner or the Construction LenderPartner, the difference thereof for payment to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time during construction and prior to Completion of Construction, Construction if the Special Limited Partner or Construction LenderPartner, in good faith, determines that determine there are insufficient funds to achieve obtain Completion of Construction or the funds are not available in accordance with the funding requirements of the Construction Loan or this Agreement, then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement account, account within ten days following notice by the Special Limited Partner or the Construction Lender, the amount requested by the Special Limited Partner or Construction Lender to pay a current construction draw or an amount necessary to achieve obtain Completion of Construction. (c) Any advances by the General Partner pursuant to this Section 6.2 shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns.

Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before the Completion Date ("Completion Date"). At The General Partner further guarantees that the time development of Permanent Mortgage Commencementthe Apartment Housing and Improvements will not exceed a total development cost of $1,125,720 ("Development Budget"), if which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Development Budget and the Project Documents. If the actual hard costs and soft costs of developing and constructing the Apartment Housing and Improvements exceed the Development Budget, Budget then the General Partner shall: first, pay such excess with Net Operating Income, if any, attributable to the period prior to the Completion Date and, second, advance the money to the Partnership to pay the difference between the aggregate of the actual hard and soft costs and the Development Budget. At the time of Permanent Mortgage Commencement, if the remaining sources of revenue from the Capital Contributions and the Mortgage are insufficient, as determined by the Accountant and the Special Limited Partner, to pay in full the Construction Loan and any outstanding hard and soft costs incident to the acquisition, development and construction of the Apartment Housing (other than Development Fee), then the General Partner prior to Permanent Mortgage Commencement shall advance the money to the Partnership to pay the additional costs. (b) At . Notwithstanding the foregoing, at any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner or the Construction Lender, in good faith, determines that the actual construction and development costs exceed the Development Budget line item costs (excluding the Development Fee) referenced in the Development, Construction and Operating Budget Agreement then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement agent's account, within ten days following notice by the Special Limited Partner or the Construction Lender, the difference thereof for payment to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time during construction and prior to Completion of Construction, if the Special Limited Partner or Construction Lender, in good faith, determines that there are insufficient funds to achieve Completion of Construction or the funds are not available in accordance with the funding requirements of the Construction Loan Lender or this Agreement, then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement account, within ten days following notice by the Special Limited Partner or the Construction Lender, the amount requested by the Special Limited Partner or Construction Lender to pay a current construction draw or an amount necessary to achieve Completion of Construction. (c) . Said advance shall be made and documented with an approved draw request within 30 days of receiving written notice from the Special Limited Partner. Any advances by the General Partner pursuant to this Section 6.2 shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns.

Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before the July 1, 2008 ("Completion Date"). At The General Partner further guarantees that the time development of Permanent Mortgage Commencementthe Apartment Housing and Improvements will not exceed a total development cost of $3,383,542 ("Development Budget"), if which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Development Budget and the Project Documents. If the actual hard costs and soft costs of developing and constructing the Apartment Housing and Improvements exceed the Development Budget, Budget then the General Partner shall: first, pay such excess with Net Operating Income, if any, attributable to the period prior to the Completion Date and, second, shall advance the money to the Partnership to pay the difference between the aggregate of the aggregated actual hard and soft costs and the Development Budget. At the time of Permanent Mortgage Commencement, if If the remaining sources of revenue from the Capital Contributions and the Mortgage are insufficient, as determined by the Accountant and the Special Limited Partner, to pay in full the Construction Loan and any outstanding hard and soft costs incident to the acquisition, development and construction of the Apartment Housing (other than Development Fee)Housing, then the General Partner prior to Permanent Mortgage Commencement shall advance the money to the Partnership to pay the additional costs. (b) At any time during construction and prior to Permanent Mortgage Commencement, if If the Special Limited Partner or the Construction LenderPartner, in good faith, determines that the actual construction and development costs exceed the Development Budget (excluding the Development Fee) then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement agent's account, within ten days following notice by the Special Limited Partner or the Construction Lenderpay, the difference thereof for payment to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time during construction and prior to Completion of Construction, Construction if the Special Limited Partner or Construction LenderPartner, in good faith, determines that determine there are insufficient funds to achieve obtain Completion of Construction or the funds are not available in accordance with the funding requirements of the Construction Loan or this Agreement, then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement account, account within ten days following notice by the Special Limited Partner or the Construction LenderPartner, the amount requested by the Special Limited Partner or Construction Lender to pay a current construction draw or an amount necessary to achieve obtain Completion of Construction. (c) Any advances by the General Partner pursuant to this Section 6.2 shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns.

Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before the May 1, 2005 ("Completion Date"). At The General Partner further guarantees that the time development of Permanent Mortgage Commencementthe Apartment Housing and Improvements will not exceed a total development cost of $4,750,000 ("Development Budget"), if which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Development Budget and the Project Documents. If the actual hard costs and soft costs of developing and constructing the Apartment Housing and Improvements exceed the Development Budget, Budget then the General Partner shall: first, pay such excess with Net Operating Income, if any, attributable to the period prior to the Completion Date and, second, advance the money to the Partnership to pay the difference between the aggregate of the actual hard and soft costs and the Development Budget. At the time of Permanent Mortgage Commencement, if the remaining sources of revenue from the Capital Contributions and the Mortgage are insufficient, as determined by the Accountant and the Special Limited Partner, to pay in full the Construction Loan and any outstanding hard and soft costs incident to the acquisition, development and construction of the Apartment Housing (other than Development Fee), then the General Partner prior to Permanent Mortgage Commencement shall advance the money to the Partnership to pay the additional costs. (b) At . Notwithstanding the foregoing, at any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner or the Construction Lender, in good faith, determines that the actual construction and development costs exceed the Development Budget line item costs (excluding the Development Fee) referenced in the Development, Construction and Operating Budget Agreement then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement agent's account, within ten days following notice by the Special Limited Partner or the Construction Lender, the difference thereof for payment to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time during construction and prior to Completion of Construction, if the Special Limited Partner or Construction Lender, in good faith, determines that there are insufficient funds to achieve Completion of Construction or the funds are not available in accordance with the funding requirements of the Construction Loan Lender or this Agreement, then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement account, within ten days following notice by the Special Limited Partner or the Construction Lender, the amount requested by the Special Limited Partner or Construction Lender to pay a current construction draw or an amount necessary to achieve Completion of Construction. (c) . Said advance shall be made and documented with an approved draw request within 30 days of receiving written notice from the Special Limited Partner. Any advances by the General Partner pursuant to this Section 6.2 shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns.

Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before the Completion Date. The General Partner further guarantees that the development of the Apartment Housing and Improvements will not exceed a total development cost of $2,951,877 which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Development Budget and the Project Documents. At the time of Permanent Mortgage Commencement, if the actual hard costs and soft costs of developing and constructing the Apartment Housing and Improvements exceed the Development Budget, then the General Partner shall: first, pay such excess with Net Operating Income, if any, attributable to the period prior to the Completion Date and, second, shall advance the money to the Partnership to pay the difference between the aggregate of the actual hard and soft costs and the Development Budget. At the time of Permanent Mortgage Commencement, if the remaining sources of revenue from the Capital Contributions and the Mortgage are insufficientinsufficent, as determined by the Accountant and the Special Limited Partner, to pay in full the Construction Loan and any outstanding hard and soft costs incident to the acquisition, development and construction of the Apartment Housing (other than Development Fee), then the General Partner prior to Permanent Mortgage Commencement shall advance the money to the Partnership to pay the additional costs. (b) At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner or the Construction Lender, in good faith, determines that the actual construction and development costs exceed the Development Budget (excluding the Development Fee) then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement agent's account, within ten days following notice by the Special Limited Partner or the Construction Lender, the difference thereof for payment to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time during construction and prior to Completion of Construction, if the Special Limited Partner or Construction Lender, in good faith, determines that there are insufficient funds to achieve Completion of Construction or the funds are not available in accordance with the funding requirements of the Construction Loan or this Agreement, then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement account, within ten days following notice by the Special Limited Partner or the Construction Lender, the amount requested by the Special Limited Partner or Construction Lender to pay a current construction draw or an amount necessary to achieve Completion of Construction. (c) Any advances by the General Partner pursuant to this Section 6.2 shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns.

Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before the Completion Date. The General Partner further guarantees that the development of the Apartment Housing and Improvements will not exceed a total development cost of $3,514,947 which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Development Budget and the Project Documents. At the time of Permanent Mortgage Commencement, if the actual hard costs and soft costs of developing and constructing the Apartment Housing and Improvements exceed the Development Budget, then the General Partner shall: first, pay such excess with Net Operating Income, if any, attributable to the period prior to the Completion Date and, second, shall advance the money to the Partnership to pay the difference between the aggregate of the actual hard and soft costs and the Development Budget. At the time of Permanent Mortgage Commencement, if the remaining sources of revenue from the Capital Contributions and the Mortgage are insufficientinsufficent, as determined by the Accountant and the Special Limited Partner, to pay in full the Construction Loan and any outstanding hard and soft costs incident to the acquisition, development and construction of the Apartment Housing (other than Development Fee), then the General Partner prior to Permanent Mortgage Commencement shall advance the money to the Partnership to pay the additional costs. (b) At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner or the Construction Lender, in good faith, determines that the actual construction and development costs exceed the Development Budget (excluding the Development Fee) then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement agent's account, within ten days following notice by the Special Limited Partner or the Construction Lender, the difference thereof for payment to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time during construction and prior to Completion of Construction, if the Special Limited Partner or Construction Lender, in good faith, determines that there are insufficient funds to achieve Completion of Construction or the funds are not available in accordance with the funding requirements of the Construction Loan or this Agreement, then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement account, within ten days following notice by the Special Limited Partner or the Construction Lender, the amount requested by the Special Limited Partner or Construction Lender to pay a current construction draw or an amount necessary to achieve Completion of Construction. (c) Any advances by the General Partner pursuant to this Section 6.2 shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns.

Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing Project on or before the Completion Date ("Completion Date"). At The General Partner further guarantees that the time development of Permanent Mortgage Commencement, if the actual hard costs and soft costs of developing and constructing the Apartment Housing Project and Improvements will not exceed the a total development cost of $5,158,590 ("Development Budget"), then the General Partner shall: first, pay such excess with Net Operating Income, if any, attributable to the period prior to the Completion Date and, second, advance the money to the Partnership to pay the difference between the aggregate of the actual hard and soft costs and the Development Budget. At the time of Permanent Mortgage Commencement, if the remaining sources of revenue from the Capital Contributions and the Mortgage are insufficient, as determined by the Accountant and the Special Limited Partner, to pay in full the Construction Loan and any outstanding which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing (other than Project in accordance with the Development Fee), Budget and the Project Documents. If the actual hard costs and soft costs of developing and constructing the Project and Improvements exceed the Development Budget then the General Partner prior to Permanent Mortgage Commencement shall advance the money to the Partnership to pay the additional costs. (b) At . Notwithstanding the foregoing, at any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner or the Construction Lender, in good faith, determines that the actual construction and development costs exceed the Development Budget line item costs (excluding the Development Fee) referenced in the Development, Construction and Operating Budget Agreement then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement agent's account, within ten days following notice by the Special Limited Partner or the Construction Lender, the difference thereof for payment to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time during construction and prior to Completion of Construction, if the Special Limited Partner or Construction Lender, in good faith, determines that there are insufficient funds to achieve Completion of Construction or the funds are not available in accordance with the funding requirements of the Construction Loan Lender or this Agreement, then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement account, within ten days following notice by the Special Limited Partner or the Construction Lender, the amount requested by the Special Limited Partner or Construction Lender to pay a current construction draw or an amount necessary to achieve Completion of Construction. (c) . Said advance shall be made and documented with an approved draw request within 30 days of receiving written notice from the Special Limited Partner. Any advances by the General Partner pursuant to this Section 6.2 shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment repayable to the Partnership for cost overrunsGeneral Partner as an interest free loan.

Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before the Completion Date. The General Partner further guarantees that the development of the Apartment Housing and Improvements will not exceed a total development cost of $3,489,701 which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Development Budget and the Project Documents. At the time of Permanent Mortgage Commencement, if the actual hard costs and soft costs of developing and constructing the Apartment Housing and Improvements exceed the Development Budget, then the General Partner shall: first, pay such excess with Net Operating Income, if any, attributable to the period prior to the Completion Date and, second, shall advance the money to the Partnership to pay the difference between the aggregate of the actual hard and soft costs and the Development Budget. At the time of Permanent Mortgage Commencement, if the remaining sources of revenue from the Capital Contributions and the Mortgage are insufficientinsufficent, as determined by the Accountant and the Special Limited Partner, to pay in full the Construction Loan and any outstanding hard and soft costs incident to the acquisition, development and construction of the Apartment Housing (other than Development Fee), then the General Partner prior to Permanent Mortgage Commencement shall advance the money to the Partnership to pay the additional costs. (b) At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner or the Construction Lender, in good faith, determines that the actual construction and development costs exceed the Development Budget (excluding the Development Fee) then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement agent's account, within ten days following notice by the Special Limited Partner or the Construction Lender, the difference thereof for payment to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time during construction and prior to Completion of Construction, if the Special Limited Partner or Construction Lender, in good faith, determines that there are insufficient funds to achieve Completion of Construction or the funds are not available in accordance with the funding requirements of the Construction Loan or this Agreement, then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement account, within ten days following notice by the Special Limited Partner or the Construction Lender, the amount requested by the Special Limited Partner or Construction Lender to pay a current construction draw or an amount necessary to achieve Completion of Construction. (c) Any advances by the General Partner pursuant to this Section 6.2 shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns.

Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before the July 1, 2008 ("Completion Date"). At The General Partner further guarantees that the time development of Permanent Mortgage Commencementthe Apartment Housing and Improvements will not exceed a total development cost of $2,556,650 ("Development Budget"), if which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Development Budget and the Project Documents. If the actual hard costs and soft costs of developing and constructing the Apartment Housing and Improvements exceed the Development Budget, Budget then the General Partner shall: first, pay such excess with Net Operating Income, if any, attributable to the period prior to the Completion Date and, second, shall advance the money to the Partnership to pay the difference between the aggregate of the aggregated actual hard and soft costs and the Development Budget. At the time of Permanent Mortgage Commencement, if If the remaining sources of revenue from the Capital Contributions and the Mortgage are insufficient, as determined by the Accountant and the Special Limited Partner, to pay in full the Construction Loan and any outstanding hard and soft costs incident to the acquisition, development and construction of the Apartment Housing (other than Development Fee)Housing, then the General Partner prior to Permanent Mortgage Commencement shall advance the money to the Partnership to pay the additional costs. (b) At any time during construction and prior to Permanent Mortgage Commencement, if If the Special Limited Partner or the Construction LenderPartner, in good faith, determines that the actual construction and development costs exceed the Development Budget (excluding the Development Fee) then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement agent's account, within ten days following notice by the Special Limited Partner or the Construction Lenderpay, the difference thereof for payment to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time during construction and prior to Completion of Construction, Construction if the Special Limited Partner or Construction LenderPartner, in good faith, determines that determine there are insufficient funds to achieve obtain Completion of Construction or the funds are not available in accordance with the funding requirements of the Construction Loan or this Agreement, then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement account, account within ten days following notice by the Special Limited Partner or the Construction LenderPartner, the amount requested by the Special Limited Partner or Construction Lender to pay a current construction draw or an amount necessary to achieve obtain Completion of Construction. (c) Any advances by the General Partner pursuant to this Section 6.2 shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns.