Common use of Construction Obligations Clause in Contracts

Construction Obligations. The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before the Completion Date ("Completion Date"). The General Partner further guarantees that the development of the Apartment Housing and Improvements will not exceed a total development cost of $1,125,720 ("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. 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 advance the money to the Partnership to pay the additional costs. 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 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, the difference thereof for payment to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time 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 Lender or this Agreement, the General Partner shall advance and deposit into the Construction Lender's construction account, or similar disbursement account, 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. 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 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. The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before the Completion Date December 31, 2004 ("Completion Date"). The General Partner further guarantees that the development of the Apartment Housing and Improvements will not exceed a total development cost of $1,125,720 1,726,000 ("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. 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 advance the money to the Partnership to pay the additional costs. 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 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, the difference thereof for payment to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time 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 Lender or this Agreement, the General Partner shall advance and deposit into the Construction Lender's construction account, or similar disbursement account, 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. 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 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. The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before the Completion Date ("Completion Date"). The General Partner further guarantees that the development of the Apartment Housing and Improvements will not exceed a total development cost of $1,125,720 1,273,920 ("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. 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 advance the money to the Partnership to pay the additional costs. 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 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, the difference thereof for payment to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time 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 Lender or this Agreement, the General Partner shall advance and deposit into the Construction Lender's construction account, or similar disbursement account, 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. 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 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. The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing Project on or before the Completion Date ("Completion Date"). The General Partner further guarantees that the development of the Apartment Housing Project and Improvements will not exceed a total development cost of $1,125,720 5,158,590 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing Project 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 Project and Improvements exceed the Development Budget then the General Partner shall advance the money to the Partnership to pay the additional costs. 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 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, the difference thereof for payment to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time 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 Lender or this Agreement, the General Partner shall advance and deposit into the Construction Lender's construction account, or similar disbursement account, 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. 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 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. The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before the Completion Date May 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 $1,125,720 4,750,000 ("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. 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 advance the money to the Partnership to pay the additional costs. 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 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, the difference thereof for payment to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time 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 Lender or this Agreement, the General Partner shall advance and deposit into the Construction Lender's construction account, or similar disbursement account, 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. 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 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. The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing Project on or before the Completion Date ("Completion Date"). The General Partner further guarantees that the development of the Apartment Housing Project and Improvements will not exceed a total development cost of $1,125,720 11,281,560 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing Project 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 Project and Improvements exceed the Development Budget then the General Partner shall advance the money to the Partnership to pay the additional costs. 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 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, the difference thereof for payment to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time 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 Lender or this Agreement, the General Partner shall advance and deposit into the Construction Lender's construction account, or similar disbursement account, 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. 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 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.