Common use of Construction Obligations Clause in Contracts

Construction Obligations. (a) The General Partner hereby guarantees a lien free completion of construction of the Apartment Housing on or before August 1, 2005 ("Completion Date"), at a total development cost of not more than $2,398,257 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, the other Project Documents and the Plans and Specifications. If the Development Budget exceeds the sum of the Capital Contributions, the Mortgage amount as specified herein and the Development Fee then the General Partner shall be responsible for and shall be obligated to pay the difference thereof. Any advances by the General Partner pursuant to the previous sentence 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. If the Special Limited Partner, in good faith, ascertains that the cost of completing the Improvements in substantial accordance with the Plans and Specifications is greater than the sum of (1) the then remaining undisbursed portion of the Capital Contributions; (2) the then remaining undisbursed portion of the Mortgage amount as specified herein; and (3) the then remaining undisbursed portion of the Development Fee; then the Special Limited Partner may request the General Partner to advance funds into a construction account in an amount required to complete the Improvements.

Construction Obligations. (a) The General Partner hereby guarantees a lien free completion Completion of construction Construction of the Apartment Housing on or before August June 1, 2005 2002 ("Completion Date"), ) at a total development cost of not more than $2,398,257 1,006,035 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, the other Project Documents and the Plans and Specifications. If the Development Budget exceeds the sum of the Capital Contributions, the Mortgage amount as specified herein and the Development Fee then the General Partner shall be responsible for and shall be obligated to pay the difference thereof. Any advances by the General Partner pursuant to the previous sentence 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. If the Special Limited Partner, in good faith, ascertains that the cost of completing the Improvements in substantial accordance with the Plans and Specifications is greater than the sum of (1) the then remaining undisbursed portion of the Capital Contributions; (2) the then remaining undisbursed portion of the Mortgage amount as specified herein; and (3) the then remaining undisbursed portion of the Development Fee; then the Special Limited Partner may request the General Partner to advance funds into a construction account in an amount required to complete the ImprovementsImprovements and retire the Construction Loan.

Construction Obligations. (a) The General Partner hereby guarantees a lien free completion of construction of the Apartment Housing on or before August November 1, 2005 2004 ("Completion Date"), at a total development cost of not more than $2,398,257 2,534,158 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, the other Project Documents and the Plans and Specifications. If the Development Budget exceeds the sum of the Capital Contributions, the Mortgage amount as specified herein and the Development Fee then the General Partner shall be responsible for and shall be obligated to pay the difference thereof. Any advances by the General Partner pursuant to the previous sentence 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. If the Special Limited Partner, in good faith, ascertains that the cost of completing the Improvements in substantial accordance with the Plans and Specifications is greater than the sum of (1) the then remaining undisbursed portion of the Capital Contributions; (2) the then remaining undisbursed portion of the Mortgage amount as specified herein; and (3) the then remaining undisbursed portion of the Development Fee; then the Special Limited Partner may request the General Partner to advance funds into a construction account in an amount required to complete the ImprovementsImprovements and retire the Construction Loan.

Construction Obligations. (a) The General Partner hereby guarantees a lien free completion of construction of the Apartment Housing on or before August December 1, 2005 2006 ("Completion Date"), at a total development cost of not more than $2,398,257 2,199,678 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, the other Project Documents and the Plans and Specifications. If the Development Budget exceeds the sum of the Capital Contributions, the Mortgage amount as specified herein and the Development Fee Fee, then the General Partner shall be responsible for and shall be obligated to pay the difference thereof. Any advances by the General Partner pursuant to the previous sentence 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. If the Special Limited Partner, in good faith, ascertains that the cost of completing the Improvements in substantial accordance with the Plans and Specifications is greater than the sum of (1) the then remaining undisbursed portion of the Capital Contributions; (2) the then remaining undisbursed portion of the Mortgage amount as specified herein; and (3) the then remaining undisbursed portion of the Development Fee; then the Special Limited Partner may request the General Partner to advance funds into a construction account in an amount required to complete the Improvements.

Construction Obligations. (a) The General Partner hereby guarantees a lien free completion of construction of the Apartment Housing on or before August January 1, 2005 2007 ("Completion Date"), at a total development cost of not more than $2,398,257 1,477,034 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, the other Project Documents and the Plans and Specifications. If the Development Budget exceeds the sum of the Capital Contributions, the Mortgage amount as specified herein and the Development Fee Fee, then the General Partner shall be responsible for and shall be obligated to pay the difference thereof. Any advances by the General Partner pursuant to the previous sentence 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. If the Special Limited Partner, in good faith, ascertains that the cost of completing the Improvements in substantial accordance with the Plans and Specifications is greater than the sum of (1) the then remaining undisbursed portion of the Capital Contributions; (2) the then remaining undisbursed portion of the Mortgage amount as specified herein; and (3) the then remaining undisbursed portion of the Development Fee; then the Special Limited Partner may request the General Partner to advance funds into a construction account in an amount required to complete the Improvements.

Construction Obligations. (a) The General Partner hereby guarantees a lien free completion Completion of construction Construction of the Apartment Housing on or before August 1October 31, 2005 2000 ("Completion Date"), ) at a total development cost of not more than $2,398,257 1,228,050 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, the other Project Documents and the Plans and Specifications. If the Development Budget exceeds the sum of the Capital Contributions, the Mortgage amount as specified herein and the Development Fee then the General Partner shall be responsible for and shall be obligated to pay the difference thereof. Any advances by the General Partner pursuant to the previous sentence 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. If the Special Limited Partner, in good faith, ascertains that the cost of completing the Improvements in substantial accordance with the Plans and Specifications is greater than the sum of (1) the then remaining undisbursed portion of the Capital Contributions; (2) the then remaining undisbursed portion of the Mortgage amount as specified herein; and (3) the then remaining undisbursed portion of the Development Fee; then the Special Limited Partner may request the General Partner to advance funds into a construction account in an amount required to complete the ImprovementsImprovements and retire the Construction Loan.

Construction Obligations. (a) The General Partner hereby guarantees a lien free completion Completion of construction Construction of the Apartment Housing on or before August October 1, 2005 2000 ("Completion Date"), ) at a total development cost of not more than $2,398,257 1,021,610 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, the other Project Documents and the Plans and Specifications. If the Development Budget exceeds the sum of the Capital Contributions, the Mortgage amount as specified herein and the Development Fee then the General Partner shall be responsible for and shall be obligated to pay the difference thereof. Any advances by the General Partner pursuant to the previous sentence 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. If the Special Limited Partner, in good faith, ascertains that the cost of completing the Improvements in substantial accordance with the Plans and Specifications is greater than the sum of (1) the then remaining undisbursed portion of the Capital Contributions; (2) the then remaining undisbursed portion of the Mortgage amount as specified herein; and (3) the then remaining undisbursed portion of the Development Fee; then the Special Limited Partner may request the General Partner to advance funds into a construction account in an amount required to complete the ImprovementsImprovements and retire the Construction Loan.

Construction Obligations. (a) The General Partner hereby guarantees a lien free completion of construction of the Apartment Housing on or before August November 1, 2005 2004 ("Completion Date"), at a total development cost of not more than $2,398,257 1,832,483 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, the other Project Documents and the Plans and Specifications. If the Development Budget exceeds the sum of the Capital Contributions, the Mortgage amount as specified herein and the Development Fee then the General Partner shall be responsible for and shall be obligated to pay the difference thereof. Any advances by the General Partner pursuant to the previous sentence 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. If the Special Limited Partner, in good faith, ascertains that the cost of completing the Improvements in substantial accordance with the Plans and Specifications is greater than the sum of (1) the then remaining undisbursed portion of the Capital Contributions; (2) the then remaining undisbursed portion of the Mortgage amount as specified herein; and (3) the then remaining undisbursed portion of the Development Fee; then the Special Limited Partner may request the General Partner to advance funds into a construction account in an amount required to complete the Improvements.

Construction Obligations. (a) The General Partner hereby guarantees a lien free completion of construction of the Apartment Housing on or before August November 1, 2005 2004 ("Completion Date"), at a total development cost of not more than $2,398,257 1,798,167 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, the other Project Documents and the Plans and Specifications. If the Development Budget exceeds the sum of the Capital Contributions, the Mortgage amount as specified herein and the Development Fee then the General Partner shall be responsible for and shall be obligated to pay the difference thereof. Any advances by the General Partner pursuant to the previous sentence 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. If the Special Limited Partner, in good faith, ascertains that the cost of completing the Improvements in substantial accordance with the Plans and Specifications is greater than the sum of (1) the then remaining undisbursed portion of the Capital Contributions; (2) the then remaining undisbursed portion of the Mortgage amount as specified herein; and (3) the then remaining undisbursed portion of the Development Fee; then the Special Limited Partner may request the General Partner to advance funds into a construction account in an amount required to complete the Improvements.

Construction Obligations. (a) The General Partner hereby guarantees a lien free completion of construction of the Apartment Housing on or before August November 1, 2005 2004 ("Completion Date"), at a total development cost of not more than $2,398,257 2,475,747 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, the other Project Documents and the Plans and Specifications. If the Development Budget exceeds the sum of the Capital Contributions, the Mortgage amount as specified herein and the Development Fee then the General Partner shall be responsible for and shall be obligated to pay the difference thereof. Any advances by the General Partner pursuant to the previous sentence 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. If the Special Limited Partner, in good faith, ascertains that the cost of completing the Improvements in substantial accordance with the Plans and Specifications is greater than the sum of (1) the then remaining undisbursed portion of the Capital Contributions; (2) the then remaining undisbursed portion of the Mortgage amount as specified herein; and (3) the then remaining undisbursed portion of the Development Fee; then the Special Limited Partner may request the General Partner to advance funds into a construction account in an amount required to complete the Improvements.

Construction Obligations. (a) The General Partner hereby guarantees a lien free completion of construction of the Apartment Housing on or before August November 1, 2005 2004 ("Completion Date"), at a total development cost of not more than $2,398,257 2,554,585 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, the other Project Documents and the Plans and Specifications. If the Development Budget exceeds the sum of the Capital Contributions, the Mortgage amount as specified herein and the Development Fee then the General Partner shall be responsible for and shall be obligated to pay the difference thereof. Any advances by the General Partner pursuant to the previous sentence 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. If the Special Limited Partner, in good faith, ascertains that the cost of completing the Improvements in substantial accordance with the Plans and Specifications is greater than the sum of (1) the then remaining undisbursed portion of the Capital Contributions; (2) the then remaining undisbursed portion of the Mortgage amount as specified herein; and (3) the then remaining undisbursed portion of the Development Fee; then the Special Limited Partner may request the General Partner to advance funds into a construction account in an amount required to complete the Improvements.