Common use of Draw Requests Clause in Contracts

Draw Requests. (a) AHF has designated AHP as its agent for the purpose of reviewing copies of requests for draws under the Project Loans and Capital Contributions to pay costs of rehabilitating the Apartment Complex ("Draws"). AHF has the right, exercisable from time to time as hereinafter provided, to appoint another person or entity as its agent for such purpose by delivering to the Partnership written notice of the appointment of a successor agent. The agent at any time serving as the agent of AHF hereunder shall hereinafter be called the "Agent." (b) Draws shall be requested as follows: (i) Not more than once a month and not less than 5 Business Days before the date on which the Partnership desires a Draw to be made, the Partnership shall deliver to the Agent the following documents (together, the "Draw Documents"): (A) an original Contractor's requisition for payment (the "Contractor's Requisition") in a form reasonably satisfactory to the Agent (American Institute of Architects standard form G-722 or G-702/G-703 shall be deemed satisfactory) certified by the architect for actual improvements in place and for materials securely stored on site through the date of that requisition; (B) an original Schedule of Values showing costs incurred in the various construction and soft cost categories, summarized in a format provided by the Agent, together with copies of invoices or other appropriate backup information required by AHF or the Agent; (C) a certification from the General Partner that as of the date of the Draw request neither the Partnership nor the General Partner are in default of any of their obligations under this Agreement or any Project Document, and the representations, warranties and covenants of the General Partner in this Agreement (including without limitation, in Article 4 and Section 6.18 of this Agreement) continue to be true and accurate; (D) a copy of an Owner's and ▇▇▇▇▇▇▇▇▇▇'s Affidavit acceptable to ▇▇▇ ▇▇▇▇ executed and acknowledged on behalf of the Contractor and the Partnership; (E) copies of the partial waiver of liens (subject to retainages) for current invoices and the unconditional waiver of liens for past invoices, of each subcontractor and material supplier, as to all work performed and materials purchased for which the immediately preceding Draw, if any, had been made, in form acceptable to the Title Company, and an accounting prepared by the Contractor of all payments made under the immediately preceding Draw; and (F) a copy of the project schedule, updated monthly, showing the progress of the work. (ii) The Agent shall have 5 Business Days after receiving the Draw Documents in which it has the right to object to the Draw on the basis that the Draw Documents are incomplete or inaccurate, or do not otherwise comply with the Project Documents or this Agreement. As soon as practical after receipt of such notice, the Partnership shall complete the Draw Documents, correct all inaccuracies and resubmit the Draw Documents for approval. If the Agent does not object to the Draw Documents within such five-day period, the Draw Documents shall be deemed approved. (iii) Upon approval of the Draw Documents, the Partnership shall have the examination of title to the Apartment Complex updated through the date of the Draw and have the Title Company deliver to the Partnership, with a copy to the Agent, endorsements issued by the Title Company to the Owner's Title Policy which (1) increase the coverage thereunder by the amount of the Draw, (2) update the date thereof through the date of the Draw and (3) report no exceptions for filed mechanics or materialmen's liens (or if such liens are reported, affirmatively insures the insured thereunder against loss or damage caused by such liens). Within five Business Days after the Agent receives copies of such endorsements, AHF shall authorize funding of the Draw by wire transfer to the Partnership.

Draw Requests. (a) AHF has designated AHP For each disbursement, Borrower shall submit to Bank a written request signed by Borrower and the Contractor, together with such documentation and information as its agent for the purpose of reviewing copies of requests for draws under the Project Loans and Capital Contributions to pay costs of rehabilitating the Apartment Complex Bank may reasonably require ("Draws"collectively, a “Draw Request”). AHF has For disbursements concerning line items other than Construction Costs, Borrower shall submit a written request signed by the rightBorrower. Each Draw Request shall be acceptable in form and substance to Bank in the exercise of its reasonable judgment, exercisable from time and shall include such items of information and documentation, including invoices, canceled checks, lien waivers and other evidence as Bank may require to time show that Borrower is in compliance with the Loan Documents. If Bank so requires, any given Draw Request shall also include written certification by the Architect and the Contractor that the Improvements as hereinafter provided, constructed to appoint another person or entity as its agent for such purpose by delivering date conform to the Partnership written notice of the appointment of a successor agent. The agent at any time serving as the agent of AHF hereunder shall hereinafter be called the "AgentPlans and Specifications." (b) Draws In each Draw Request, Borrower shall be requested as follows: request disbursement for one or more specified line items of the cost breakdown. Borrower may submit a Draw Request projected to month end to Bank on or about the twenty-fifth (i25th) Not day of each month, unless Bank agrees to make disbursements more frequently than once a month and not less than 5 Business Days before the date on which the Partnership desires a agrees to complete its review of such Draw to be made, the Partnership shall deliver to the Agent the following documents (together, the "Draw Documents"): (A) an original Contractor's requisition for payment (the "Contractor's Requisition") in a form reasonably satisfactory to the Agent (American Institute of Architects standard form G-722 or G-702/G-703 shall be deemed satisfactory) certified by the architect for actual improvements in place and for materials securely stored on site through the date of that requisition; (B) an original Schedule of Values showing costs incurred in the various construction and soft cost categories, summarized in a format provided by the Agent, together with copies of invoices or other appropriate backup information required by AHF or the Agent; (C) a certification from the General Partner that as of the date of the Draw request neither the Partnership nor the General Partner are in default of any of their obligations under this Agreement or any Project DocumentRequest, and the representationsmake payment on approved Draw Requests, warranties and covenants of the General Partner in this Agreement within seven (including without limitation7) business days, in Article 4 and Section 6.18 of this Agreement) continue to be true and accurate; (D) a copy of an Owner's and ▇▇▇▇▇▇▇▇▇▇'s Affidavit acceptable to ▇▇▇ ▇▇▇▇ executed and acknowledged on behalf of the Contractor and the Partnership; (E) copies of the partial waiver of liens (subject to retainages) Force Majeure Events. Borrower shall use all Loan funds strictly for current invoices and the unconditional waiver of liens for past invoices, of each subcontractor and material supplier, as to all work performed and materials purchased purposes for which the immediately preceding Draw, if any, had been made, in form acceptable to the Title Company, and an accounting prepared they were disbursed by the Contractor of all payments made under the immediately preceding Draw; and (F) a copy of the project schedule, updated monthly, showing the progress of the workBank. (c) Unless Borrower has notified Bank in writing to the contrary, each Draw Request shall constitute Borrower’s representation and warranty to Bank that (i) the Loan is “in balance,” (ii) The Agent shall have 5 Business Days after receiving the Draw Documents all prior disbursements, as well as that currently being requested, were and will be used in which it has the right to object to the Draw on the basis that the Draw Documents are incomplete or inaccurate, or do not otherwise comply strict compliance with the Project Documents or this Agreement. As soon as practical after receipt of such noticecosts breakdown, the Partnership shall complete the Draw Documents, correct all inaccuracies and resubmit the Draw Documents for approval. If the Agent does not object to the Draw Documents within such five-day period, the Draw Documents shall be deemed approved. (iii) Upon approval no Event of the Draw Documents, the Partnership shall have the examination of title to the Apartment Complex updated through the date of the Draw and have the Title Company deliver to the Partnership, with a copy to the Agent, endorsements issued by the Title Company to the Owner's Title Policy which (1) increase the coverage thereunder by the amount of the Draw, (2) update the date thereof through the date of the Draw and (3) report no exceptions for filed mechanics or materialmen's liens (or if such liens are reported, affirmatively insures the insured thereunder against loss or damage caused by such liens). Within five Business Days after the Agent receives copies of such endorsements, AHF shall authorize funding of the Draw by wire transfer to the PartnershipDefault has occurred.

Draw Requests. (a) AHF has designated AHP as its agent for Borrower shall deliver to Lender, no more often than weekly, the purpose Draw Request, along with evidence of reviewing the Project costs funded during the preceding month (whether from Loan proceeds or otherwise), copies of requests for draws under the Project Loans all invoices included in such disbursement, together with all other supplemental and Capital Contributions to pay costs of rehabilitating the Apartment Complex ("Draws"). AHF has the right, exercisable from time to time as hereinafter provided, to appoint another person or entity as its agent for such purpose related documents required by delivering to the Partnership written notice of the appointment of a successor agent. The agent at any time serving as the agent of AHF hereunder shall hereinafter be called the "AgentLender." (b) Draws As a condition precedent to the first Advance and each subsequent Advance of the Loan proceeds, Borrower shall furnish or cause to be requested furnished to Lender the following documents covering each draw request, as followsapplicable, in form and substance satisfactory to Lender: (i) Not more than once a month and not less than 5 Business Days before the date on which the Partnership desires a A fully executed Borrower’s Draw to be madeRequest, the Partnership shall deliver to the Agent the following documents (together, the "Draw Documents"): (A) an original Contractor's requisition for payment (the "Contractor's Requisition") in a form reasonably satisfactory to the Agent (American Institute of Architects standard form G-722 or G-702/G-703 shall be deemed satisfactory) certified by the architect for actual improvements in place and for materials securely stored on site through the date of that requisition; (B) an original Schedule of Values showing costs incurred in the various construction forms attached hereto as Exhibits A and soft cost categories, summarized in a format provided by the Agent, B-1 together with copies of invoices or other appropriate backup information required by AHF or the Agent; (C) a certification from the General Partner that as of the date of the Draw request neither the Partnership nor the General Partner are in default of any of their obligations under this Agreement or any Project Document, and the representations, warranties and covenants of the General Partner in this Agreement (including without limitation, in Article 4 and Section 6.18 of this Agreement) continue to be true and accurate; (D) a copy of an Owner's and ▇▇▇▇▇▇▇▇▇▇'s Affidavit acceptable to ▇▇▇ ▇▇▇▇ executed and acknowledged on behalf Borrower’s letter of request in the Contractor and the Partnership; (E) copies of the partial waiver of liens (subject to retainages) for current invoices and the unconditional waiver of liens for past invoices, of each subcontractor and material supplier, form attached as to all work performed and materials purchased for which the immediately preceding Draw, if any, had been made, in form acceptable to the Title CompanyExhibit B-2, and an accounting prepared by the Contractor itemized summary of all payments made under the immediately preceding Draw; and (F) a copy of the project schedule, updated monthly, showing the progress of the work.costs included in such Draw Request; (ii) The Agent shall have 5 Business Days after receiving Copy of the previous Draw Documents in which it has Request and attachments together with a cash disbursement summary noting the right to object to the Draw on the basis that the Draw Documents are incomplete invoice, payment date, check number or inaccurate, or do not otherwise comply with the Project Documents or this Agreement. As soon as practical after receipt wire identification number and a reconciliation of such notice, the Partnership shall complete the Draw Documents, correct all inaccuracies and resubmit the Draw Documents for approval. If the Agent does not object to the Draw Documents within such five-day period, the Draw Documents shall be deemed approved.funds disbursed; (iii) Upon approval Copies of the Draw Documentsany change orders, the Partnership shall whether proposed or executed, which have the examination of title not been previously furnished to the Apartment Complex updated through the date of the Draw and have the Title Company deliver to the Partnership, with a copy to the Agent, endorsements issued Lender; (iv) Such other documentation as may be required by the Title Company to issue an endorsement to and continuation of the Owner's Title Policy which (1) increase the coverage thereunder by covering the amount of the Drawrequested Advance, (2) update the date thereof through and all Advances made to date, reflecting that there have been no mechanics’ or materialmen’s liens filed since the date of the Draw and (3) report no exceptions for filed mechanics or materialmen's liens (or if such liens are reported, affirmatively insures the insured thereunder against loss or damage caused by such liens). Within five Business Days after the Agent receives copies of such endorsements, AHF shall authorize funding issuance of the Draw by wire transfer Title Policy, and updating the effective date of the Title Policy to the Partnershiprelevant Advance date, which endorsement shall be provided at Borrower’s expense. Upon demand of Lender, Borrower shall immediately cause any liens or other matters to be satisfied; (v) Copies of all material licenses and permits not previously delivered by Borrower to Lender that are required in connection with the work giving rise to the Project costs intended to be paid with such proceeds and all subcontracts relating to such work; and (vi) Such other information as Lender may reasonably require to verify the substance of a Draw Request.

Draw Requests. (a) AHF So long as no Default shall exist and subject to all other terms, covenants, conditions and agreements of this Agreement, Lender shall make Advances for Improvements pursuant to the Budget, to the extent that funds are available for those purposes and so long as Borrower has designated AHP as its agent paid for any and all costs in excess of the amount to be funded pursuant to Advances of the Loan in accordance with the Budget, subject to the other terms, covenants, conditions and agreements of this Agreement. Advances for Improvements shall be made not more frequently than monthly based on draw requests signed by an Authorized Signer in the form of Schedule 3 or in another form approved by Lender. If required by Lender, a draw request for Improvements shall be set forth on AIA Forms G702 and G703 or another form approved by Lender, and shall be accompanied by (i) evidence satisfactory to Lender that the Improvements or such portion of them for which Loan proceeds are being requested have been completed in a good and workmanlike manner (including, if required by Lender, site access to Lender and a Construction Consultant specified by Lender for the purpose of reviewing copies of requests making a property), (ii) invoices, receipts or other evidence satisfactory to Lender verifying the costs for draws under which Loan proceeds are being requested, (iii) if required by Lender, affidavits, and/or releases from all parties who furnished materials and/or services in connection with the Project Loans and Capital Contributions to pay costs of rehabilitating the Apartment Complex ("Draws"). AHF has the right, exercisable from time to time as hereinafter provided, to appoint another person or entity as its agent for such purpose by delivering to the Partnership written notice of the appointment of a successor agent. The agent at any time serving as the agent of AHF hereunder shall hereinafter be called the "Agentrequested payment." (b) Draws Each draw request and each receipt of the funds requested thereby shall be requested as follows: constitute an affirmation that (i) Not more than once a month and not less than 5 Business Days before the date on which the Partnership desires a Draw work completed to be made, the Partnership shall deliver to the Agent the following documents (together, the "Draw Documents"): (A) an original Contractor's requisition for payment (the "Contractor's Requisition") in a form reasonably satisfactory to the Agent (American Institute of Architects standard form G-722 or G-702/G-703 shall be deemed satisfactory) certified by the architect for actual improvements in place and for materials securely stored on site through the date of that requisition; (B) an original Schedule of Values showing costs incurred in the various construction and soft cost categories, summarized in a format provided by the Agent, together with copies of invoices or other appropriate backup information required by AHF or the Agent; (C) a certification from the General Partner that as of the date of the Draw draw request neither is of quality and in all other respects consistent with the Partnership nor the General Partner are in default of any of their obligations under this Agreement or any Project Documenttenant improvement plans and specifications, and the representations, warranties and covenants of the General Partner in this Agreement (including without limitation, in Article 4 and Section 6.18 of this Agreement) continue to be true and accurate; (D) a copy of an Owner's and ▇▇▇▇▇▇▇▇▇▇'s Affidavit acceptable to ▇▇▇ ▇▇▇▇ executed and acknowledged on behalf of the Contractor and the Partnership; (E) copies of the partial waiver of liens (subject to retainages) for current invoices and the unconditional waiver of liens for past invoices, of each subcontractor and material supplier, as to all work performed and materials purchased for which the immediately preceding Draw, if any, had been made, in form acceptable to the Title Company, and an accounting prepared by the Contractor of all payments made under the immediately preceding Draw; and (F) a copy of the project schedule, updated monthly, showing the progress of the work. (ii) The Agent shall have 5 Business Days after receiving if applicable, construction of the Draw Documents Improvements is proceeding in which it has the right to object to the Draw on the basis that the Draw Documents are incomplete or inaccurate, or do not otherwise comply accordance with the Budget and Project Documents or this Agreement. As soon as practical after receipt of such notice, the Partnership shall complete the Draw Documents, correct all inaccuracies and resubmit the Draw Documents for approval. If the Agent does not object to the Draw Documents within such five-day period, the Draw Documents shall be deemed approvedSchedule. (iii) Upon approval of the Draw Documents, the Partnership shall have the examination of title to the Apartment Complex updated through the date of the Draw and have the Title Company deliver to the Partnership, with a copy to the Agent, endorsements issued by the Title Company to the Owner's Title Policy which (1) increase the coverage thereunder by the amount of the Draw, (2) update the date thereof through the date of the Draw and (3) report no exceptions for filed mechanics or materialmen's liens (or if such liens are reported, affirmatively insures the insured thereunder against loss or damage caused by such liens). Within five Business Days after the Agent receives copies of such endorsements, AHF shall authorize funding of the Draw by wire transfer to the Partnership.

Draw Requests. At least five (5) business days prior to each Loan disbursement by the Lender, the Borrower must submit to the Lender a Draw Request, which shall include: (a) AHF has designated AHP A completed and properly executed request for disbursement in form reasonably acceptable to the Lender setting forth the amount of Loan proceeds desired, together with such certifications and additional information as its agent the Lender may reasonably require, signed by an authorized representative of the Borrower reasonably acceptable to the Lender certified to the Lender in writing to be an authorized representative for the purpose of reviewing copies of requests for draws under the Project Loans and Capital Contributions to pay costs of rehabilitating the Apartment Complex ("Draws"). AHF has the right, exercisable from time to time as hereinafter provided, to appoint another person or entity as its agent for such purpose by delivering to the Partnership written notice of the appointment of a successor agent. The agent at any time serving as the agent of AHF hereunder shall hereinafter be called the "Agent."submitting Draw Requests; (b) Draws shall be requested as follows: (i) Not more than once a month and not less than 5 Business Days before If the date on which the Partnership desires a Draw Request includes an application for payment for amounts to be made, the Partnership shall deliver paid to the Agent General Contractor, a written memorandum of advance, originals of AIA Document G702 and AIA Document G703 (or equivalents approved by the following documents (together, Lender) together with a report on the "Draw Documents"): (A) an original Contractor's requisition status of any stored materials in a format reasonably acceptable to the Lender and copies of the supplier invoices as to such stored materials; the application for payment (the "Contractor's Requisition") in shall contain a form breakdown by trade and/or other categories reasonably satisfactory acceptable to the Agent (American Institute Lender, completed to the reasonable satisfaction of Architects standard form G-722 or G-702/G-703 shall be deemed satisfactory) certified the Lender and executed by the architect for actual improvements in place General Contractor and for materials securely stored on site through Construction Inspector, accompanied by invoices relating to items covered thereby when requested by the date of that requisitionLender; (Bc) an original Schedule of Values showing costs incurred If the Draw Request includes a request for amounts for non-construction items previously approved by the Lender or as provided in the various construction and soft cost categoriesPlans, summarized in a format provided by the Agent, together with copies of invoices or other appropriate backup information required by AHF or the Agent; (C) a certification from the General Partner that as of the date of the Draw request neither the Partnership nor the General Partner are in default of any of their obligations under this Agreement or any Project Document, and the representations, warranties and covenants of the General Partner in this Agreement (including without limitation, in Article 4 and Section 6.18 of this Agreement) continue to be true and accurate; (D) a copy of an Owner's and ▇▇▇▇▇▇▇▇▇▇'s Affidavit acceptable to ▇▇▇ ▇▇▇▇ executed and acknowledged on behalf of the Contractor and the Partnership; (E) copies of the partial waiver of liens (subject to retainages) for current invoices and the unconditional waiver of liens for past invoices, of each subcontractor and material supplier, as to all work performed and materials purchased for which the immediately preceding Draw, if any, had been made, in form acceptable to the Title Company, and an accounting prepared by the Contractor of all payments made under the immediately preceding Drawsuch items; and (Fd) a copy of In each instance, certification in proper form and substance from the project scheduleConstruction Inspector, updated monthly, showing the progress of the work. (ii) The Agent shall have 5 Business Days after receiving the Draw Documents in which it has the right to object to the Draw on the basis that the Draw Documents are incomplete or inaccurate, or do not otherwise comply together with the Project Documents or this Agreement. As soon such other items as practical after receipt of such notice, the Partnership shall complete the Draw Documents, correct all inaccuracies and resubmit the Draw Documents for approval. If the Agent does not object to the Draw Documents within such five-day period, the Draw Documents shall may be deemed approved. (iii) Upon approval of the Draw Documents, the Partnership shall have the examination of title to the Apartment Complex updated through the date of the Draw and have the Title Company deliver to the Partnership, with a copy to the Agent, endorsements issued reasonably required by the Title Company to the Owner's Title Policy which (1) increase the coverage thereunder by the amount of the Draw, (2) update the date thereof through the date of the Draw and (3) report no exceptions for filed mechanics or materialmen's liens (or if such liens are reported, affirmatively insures the insured thereunder against loss or damage caused by such liens). Within five Business Days after the Agent receives copies of such endorsements, AHF shall authorize funding of the Draw by wire transfer to the PartnershipLender.

Draw Requests. (a) AHF has designated AHP as its agent for the purpose of reviewing copies of requests for draws under the Project Loans and Capital Contributions to pay costs of rehabilitating the Apartment Complex ("Draws"). AHF has the right, exercisable from time to time as hereinafter provided, to appoint another person or entity as its agent for such purpose by delivering to the Partnership written notice of the appointment of a successor agent. The agent at any time serving as the agent of AHF hereunder shall hereinafter be called the "Agent." (b) Draws shall be requested as follows: (i) Not more than once a month and not less than 5 Business Days before the date on which the Partnership desires a Draw to be made, the Partnership shall deliver to the Agent the following documents (together, the "Draw Documents"): (A) an original Contractor's requisition for payment (the "Contractor's Requisition") in a form reasonably satisfactory to the Agent (American Institute of Architects standard form G-722 or G-702/G-703 shall be deemed satisfactory) certified by the architect for actual improvements in place and for materials securely stored on site through the date of that requisition; (B) an original Schedule of Values showing costs incurred in the various construction and soft cost categories, summarized in a format provided by the Agent, together with copies of invoices or other appropriate backup information required by AHF or the Agent; (C) a certification from the General Partner that as of the date of the Draw request neither the Partnership nor the General Partner are in default of any of their obligations under this Agreement or any Project Document, and the representations, warranties and covenants of the General Partner in this Agreement (including without limitation, in Article 4 and Section 6.18 of this Agreement) continue to be true and accurate; (D) a copy of an Owner's and ▇▇▇▇▇▇▇▇, through an Authorized Lender Portal User, may make periodic requests for Draws under the Loan through ▇▇'s Affidavit acceptable to ▇▇▇ ▇▇’s online portal at such frequency as Lender, in its sole discretion, may allow (provided, however, that, at Borrower’s request, ▇▇▇▇▇▇ executed shall make requested Draws once a month if all conditions of such Draws are satisfied), by providing Lender with all necessary Draw Affidavits, accompanied by all information, authorizations, and acknowledged documents as Lender may reasonably request. Lender will disburse the requested Draw directly to Borrower, unless Lender and Borrower have mutually agreed upon some other disbursement method or Lender’s title insurance provider requires otherwise as a condition to providing mechanics’ and materialmen’s lien or similar coverage, once Lender is reasonably satisfied, based on behalf its own inspections and other reliable information, that (i) the development of the Contractor Project is progressing satisfactorily and the Partnership; (E) copies of the partial waiver of liens (subject to retainages) for current invoices in conformance with all applicable Laws and the unconditional waiver of liens for past invoices, of each subcontractor and material supplier, as to all work performed and materials purchased for which the immediately preceding Draw, if any, had been made, in form acceptable to the Title Company, and an accounting prepared by the Contractor of all payments made under the immediately preceding Drawother requirements; and (F) a copy of the project schedule, updated monthly, showing the progress of the work. (ii) The Agent shall all other conditions to Draws set forth in this Agreement have 5 Business Days after receiving been satisfied, including each of the Draw Documents in which it has conditions set forth the right to object to the Draw on the basis that the Draw Documents are incomplete or inaccurate, or do not otherwise comply with the Project Documents or this Agreement. As soon as practical after receipt of such notice, the Partnership shall complete the Draw Documents, correct all inaccuracies and resubmit the Draw Documents for approval. If the Agent does not object to the Draw Documents within such five-day period, the Draw Documents shall be deemed approved. preceding section; (iii) Upon approval all funds that are to be contributed or obtained from parties other than Lender and Borrower have been funded as is provided for in the Budget; (iv) all representations and warranties contained herein or in any of the Draw Documents, the Partnership shall have the examination of title to the Apartment Complex updated through the date of the Draw other applicable Loan Documents remain true and have the Title Company deliver to the Partnership, with a copy to the Agent, endorsements issued by the Title Company to the Owner's Title Policy which (1) increase the coverage thereunder by the amount of the Draw, (2) update the date thereof through the date of the Draw and (3) report no exceptions for filed mechanics or materialmen's liens (or if such liens are reported, affirmatively insures the insured thereunder against loss or damage caused by such liens). Within five Business Days after the Agent receives copies of such endorsements, AHF shall authorize funding of the Draw by wire transfer to the Partnership.correct;

Draw Requests. Subject to satisfaction of the conditions set forth in Section 1.1 and Schedule 5, an initial advance of the Loan (athe “Closing Disbursement”) AHF has designated AHP as its agent for shall be made by Lender to Borrower on the purpose of reviewing copies of requests for draws under the Project Loans and Capital Contributions Closing Disbursement Date in an amount equal to pay costs of rehabilitating the Apartment Complex ("Draws"). AHF has the right$2,000,000, exercisable from time to time as hereinafter provided, to appoint another person or entity as its agent for such purpose by delivering which amount shall be applied to the Partnership written notice of the appointment of a successor agent. The agent at any time serving as the agent of AHF hereunder shall hereinafter be called the "Agent." (b) Draws shall be requested as follows:payment of (i) Not more than once a month the closing costs, including legal fees and not less than 5 Business Days before the date on which the Partnership desires a Draw to be madeexpenses, the Partnership shall deliver to the Agent the following documents (together, the "Draw Documents"): (A) an original Contractor's requisition for payment (the "Contractor's Requisition") in a form reasonably satisfactory to the Agent (American Institute of Architects standard form G-722 or G-702/G-703 shall be deemed satisfactory) certified incurred by the architect for actual improvements in place and for materials securely stored on site through the date of that requisition; (B) an original Schedule of Values showing costs incurred in the various construction and soft cost categories, summarized in a format provided by the Agent, together with copies of invoices or other appropriate backup information required by AHF or the Agent; (C) a certification from the General Partner that as of the date of the Draw request neither the Partnership nor the General Partner are in default of any of their obligations under this Agreement or any Project Document, and the representations, warranties and covenants of the General Partner in this Agreement (including without limitation, in Article 4 and Section 6.18 of this Agreement) continue to be true and accurate; (D) a copy of an Owner's and ▇▇▇▇▇▇, (ii) Borrower’s closing costs, (iii) hard and soft costs in accordance with the Budget and as approved by Lender, and (iv) other items to be agreed to between Borrower and Lender. Unless otherwise agreed by ▇▇▇▇'s Affidavit acceptable to ▇▇▇ , additional advances shall be made not more frequently than monthly based on draw requests signed by an Authorized Signer in the form attached hereto as Schedule 2 or in another form approved by ▇▇▇▇ executed ▇▇▇. Each draw request for hard costs shall be set forth on AIA Forms G702 and acknowledged on behalf G703 or another form approved by ▇▇▇▇▇▇, and shall be reviewed by the Construction Consultant, signed by the General Contractor and approved by the Architect. Draw requests for hard costs shall show the percentage of completion of construction and shall set forth in trade breakdown form and in such detail as may be required by Lender the amounts expended and/or costs incurred for work done and materials incorporated in the Improvements. Retainage will be withheld and released in accordance with the terms of Schedule 5. Each draw request shall be supported by such information and documentation (such as paid receipts, invoices, statements of accounts, lien releases, etc.) as Lender may reasonably require to assure that amounts requested are to be used to reimburse Borrower for costs previously paid by Borrower or to pay costs incurred by Borrower that are to be paid from proceeds of the Contractor and the Partnership; (E) copies of the partial waiver of liens (subject to retainages) for current invoices and the unconditional waiver of liens for past invoices, of each subcontractor and material supplierLoan, as to all work performed and materials purchased for which set forth in the immediately preceding Draw, if any, had been made, in form acceptable to the Title Company, and an accounting prepared by the Contractor of all payments made under the immediately preceding Draw; and (F) a copy of the project schedule, updated monthly, showing the progress of the workBudget. (ii) The Agent shall have 5 Business Days after receiving the Draw Documents in which it has the right to object to the Draw on the basis that the Draw Documents are incomplete or inaccurate, or do not otherwise comply with the Project Documents or this Agreement. As soon as practical after receipt of such notice, the Partnership shall complete the Draw Documents, correct all inaccuracies and resubmit the Draw Documents for approval. If the Agent does not object to the Draw Documents within such five-day period, the Draw Documents shall be deemed approved. (iii) Upon approval of the Draw Documents, the Partnership shall have the examination of title to the Apartment Complex updated through the date of the Draw and have the Title Company deliver to the Partnership, with a copy to the Agent, endorsements issued by the Title Company to the Owner's Title Policy which (1) increase the coverage thereunder by the amount of the Draw, (2) update the date thereof through the date of the Draw and (3) report no exceptions for filed mechanics or materialmen's liens (or if such liens are reported, affirmatively insures the insured thereunder against loss or damage caused by such liens). Within five Business Days after the Agent receives copies of such endorsements, AHF shall authorize funding of the Draw by wire transfer to the Partnership.

Draw Requests. Borrower shall deliver a Draw Request to Lender on a monthly basis (a) AHF has designated AHP as its agent for the purpose of reviewing copies of requests for draws under the Project Loans and Capital Contributions to pay costs of rehabilitating the Apartment Complex ("Draws"). AHF has the right, exercisable from time to time as hereinafter provided, to appoint another person or entity as its agent for such purpose by delivering to the Partnership written notice of the appointment of a successor agent. The agent at any time serving as the agent of AHF hereunder shall hereinafter be called the "Agent." (b) Draws shall be requested as follows: (i) Not no more than once a per month) together with evidence of the Project Costs funded during the preceding month and not less than 5 (whether from proceeds of the Loan or otherwise). Draw Requests must be submitted at least ten (10) Business Days before the date on which the Partnership desires a Draw prior to be made, the Partnership shall deliver to the Agent the following documents (together, the "Draw Documents"): (A) an original Contractor's requisition for payment (the "Contractor's Requisition") in a form reasonably satisfactory to the Agent (American Institute of Architects standard form G-722 or G-702/G-703 shall be deemed satisfactory) certified by the architect for actual improvements in place and for materials securely stored on site through the date of that requisition; (B) an original Schedule of Values showing costs incurred in the various construction and soft cost categories, summarized in a format provided by the Agent, together with copies of invoices or other appropriate backup information required by AHF or the Agent; (C) a certification from the General Partner that as of the date of the Draw request neither the Partnership nor the General Partner are in default of any of their obligations under this Agreement or any Project Document, and the representations, warranties and covenants of the General Partner in this Agreement (including without limitation, in Article 4 and Section 6.18 of this Agreement) continue to be true and accurate; (D) requested Advance. Borrower shall also concurrently deliver a copy of an Owner's and the Draw Request directly to the Project Inspector. Each Draw Request shall include: (a) ▇▇▇▇▇▇▇▇’s signed Letter of Draw Request. (b) ▇▇'s Affidavit acceptable to ▇▇▇▇▇▇’s signed Draw Request Certification. (c) An updated Draw Request Spreadsheet. (d) Original AIA Forms G702/703 from the General Contractor and, if applicable, any subcontractors and any material suppliers, signed and notarized by the General Contractor, and any subcontractors and material suppliers, including a certification by the Architect. (e) An itemized payee list including a summary and copies of all invoices included in the Draw Request which shall not be more than 90 days old, together with any supplemental items required by Lender, including invoices for soft costs. (f) ▇▇▇▇ ▇▇▇▇▇▇▇ executed and acknowledged on behalf as required by Section 3.3. (g) Such other information as is required by Lender to support the Draw Request. Upon receipt of a Draw Request, Lender shall cause the Project Inspector to inspect the Improvements (if the inspection has not already been scheduled or completed prior to ▇▇▇▇▇▇’s receipt of the Contractor Draw Request) and the Partnership; (E) copies of the partial waiver of liens (subject to retainages) for current invoices and the unconditional waiver of liens for past invoices, of each subcontractor and material supplier, as to all work performed and materials purchased for which the immediately preceding Draw, if any, had been made, in form acceptable to the Title Company, and an accounting prepared by the Contractor of all payments made under the immediately preceding Draw; and (F) a copy of the project schedule, updated monthly, showing the confirm progress of the construction work with respect to the costs of the work. (ii) The Agent . If Lender determines that construction is proceeding on schedule in accordance with the Plans and otherwise in the manner required by this Agreement and that all conditions to the requested Disbursement shall have 5 been fulfilled, Lender shall make the Disbursement on the date requested by Borrower or as close to the requested date as is commercially reasonable (not to be less than ten (10) Business Days after receiving the Draw Documents in which it has the right from delivery to object to the Draw on the basis that the Draw Documents are incomplete or inaccurate, or do not otherwise comply with the Project Documents or this Agreement. As soon as practical after receipt of such notice, the Partnership shall complete the Draw Documents, correct all inaccuracies and resubmit the Draw Documents for approval. If the Agent does not object to the Draw Documents within such five-day period, the Draw Documents shall be deemed approved. (iii) Upon approval Lender of the Draw Documents, the Partnership shall have the examination of title Request and all items required pursuant to the Apartment Complex updated through the date of the Draw and have the Title Company deliver to the Partnership, with a copy to the Agent, endorsements issued by the Title Company to the Owner's Title Policy which (1) increase the coverage thereunder by the amount of the Draw, (2) update the date thereof through the date of the Draw and (3) report no exceptions for filed mechanics or materialmen's liens (or if such liens are reported, affirmatively insures the insured thereunder against loss or damage caused by such liensthis section). Within five Business Days after Lender may make any Disbursement by deposit into the Agent receives copies of Operating Account, by check payable to Borrower, or by check payable jointly to Borrower and any general contractor, subcontractor or other claimant, or directly to any such endorsementsclaimant, AHF shall authorize funding of the Draw or by wire transfer to the Partnershipany other means reasonably selected by ▇▇▇▇▇▇.

Draw Requests. (a) AHF has designated AHP as For each disbursement, Borrower shall submit to Bank a written request signed by Borrower or its agent for designated pursuant to Section 1.15 below and the purpose of reviewing copies of requests for draws under the Project Loans Contractor, together with such documentation and Capital Contributions to pay costs of rehabilitating the Apartment Complex information as Bank may require (collectively, a "DrawsDraw Request"). AHF has Each Draw Request shall be acceptable in form and substance to Bank in the rightexercise of its reasonable judgment, exercisable from time and shall include such items of information and documentation, including invoices, cancelled checks, lien waivers and other evidence as Bank may require to time show that Borrower is in compliance with the Loan Documents. If Bank so requires, any given Draw Request shall also include written certification by the Architect and the Contractor that the Improvements as hereinafter provided, constructed to appoint another person or entity as its agent for such purpose by delivering date conform to the Partnership written notice of Plans and Specifications. Borrower may submit a Draw Request to Bank twice each calendar month, unless Bank agrees to make disbursements more frequently than twice in a calendar month. Borrower shall use all Loan funds strictly for the appointment of a successor agent. The agent at any time serving as the agent of AHF hereunder shall hereinafter be called the "Agentpurposes for which they were disbursed by Bank." (b) Draws Unless Borrower has notified Bank in writing to the contrary, each Draw Request shall be requested as follows: constitute Borrower's representation and warranty to Bank that (i) Not more than once the Loan and all Allocations are "in balance," (as hereafter defined) (ii) all prior disbursements, as well as that currently being requested, were and will be used in strict compliance with the Cost Breakdown, and (iii) no Event of Default has occurred, and no event has occurred that with notice or the passage of time could become an Event of Default. (c) At least twice a month and not less than 5 Business Days before (usually in connection with a Draw Request) Bank may "True Up" the Loan by determining whether (1) the value of the Improvements completed to the date of such True Up (as determined by Bank) based on which the Partnership desires a percentage of completion of such Improvements (herein the "Work in Place") equals or exceeds (2) the outstanding principal balance of the Loan, after assuming any pending Draw Requests that have been submitted will be funded and adding such amount to be madethe outstanding balance for purposes of this calculation (herein the "proposed outstanding balance"). In the event the Work in Place equals or exceeds the proposed outstanding principal balance, the Partnership shall deliver to the Agent the following documents (together, the "Draw Documents"): (A) an original Contractor's requisition for payment (the "Contractor's Requisition") in a form reasonably satisfactory to the Agent (American Institute of Architects standard form G-722 or G-702/G-703 Loan shall be deemed satisfactory) certified by to have "Sufficient Work in Place". In the architect for actual improvements event the Work in place and for materials securely stored on site through Place is less than the date of that requisition; (B) an original Schedule of Values showing costs incurred in the various construction and soft cost categories, summarized in a format provided by the Agent, together with copies of invoices or other appropriate backup information required by AHF or the Agent; (C) a certification from the General Partner that as proposed outstanding principal balance of the date Loan, the Loan shall be deemed to have "Insufficient Work In Place". At any time that the Loan has "Insufficient Work In Place", Bank may make written demand on Borrower to repay the Loan out of Borrower's own funds in an amount sufficient to cause the Draw request neither Loan to have "Sufficient Work In Place". Borrower shall pay such funds within ten (10) days of Bank's demand. So long as the Partnership nor the General Partner are in default of any of their obligations under this Agreement or any Project DocumentLoan has "Insufficient Work In Place", and the representations, warranties and covenants of the General Partner in this Agreement (including without limitation, in Article 4 and Section 6.18 of this Agreement) continue to be true and accurate; (D) a copy of an Owner's and ▇▇▇▇▇▇▇▇▇▇'s Affidavit acceptable to ▇▇▇ ▇▇▇▇ executed and acknowledged on behalf of the Contractor and the Partnership; (E) copies of the partial waiver of liens (subject to retainages) for current invoices and the unconditional waiver of liens for past invoices, of each subcontractor and material supplier, as to all work performed and materials purchased for which the immediately preceding Draw, if any, had been made, in form acceptable to the Title Company, and an accounting prepared by the Contractor of all payments made under the immediately preceding Draw; and (F) a copy of the project schedule, updated monthly, showing the progress of the work. (ii) The Agent shall have 5 Business Days after receiving the Draw Documents in which it has Bank reserves the right to object to the Draw on the basis that the Draw Documents are incomplete or inaccurate, or do not otherwise comply with the Project Documents or this Agreement. As soon collect release prices as practical after receipt of such notice, the Partnership shall complete the Draw Documents, correct all inaccuracies provided in Section 3.6(iv)(B) as well as offset against current and resubmit the Draw Documents for approval. If the Agent does not object to the Draw Documents within such five-day period, the Draw Documents shall be deemed approved. (iii) Upon approval future draws of the Draw Documents, Borrower amounts sufficient to cause the Partnership shall have the examination of title Loan to the Apartment Complex updated through the date of the Draw and have the Title Company deliver to the Partnership, with a copy to the Agent, endorsements issued by the Title Company to the Owner's Title Policy which (1) increase the coverage thereunder by the amount of the Draw, (2) update the date thereof through the date of the Draw and (3) report no exceptions for filed mechanics or materialmen's liens (or if such liens are reported, affirmatively insures the insured thereunder against loss or damage caused by such liens). Within five Business Days after the Agent receives copies of such endorsements, AHF shall authorize funding of the Draw by wire transfer to the Partnershipbe In Construction Base Balance.

Draw Requests. Subject to satisfaction of the conditions set forth in Section 1.1 and Schedule 5, an initial advance of the Loan (athe “Closing Disbursement”) AHF has designated AHP as its agent for shall be made by Lender to Borrower on the purpose of reviewing copies of requests for draws under the Project Loans and Capital Contributions Closing Disbursement Date in an amount equal to pay costs of rehabilitating the Apartment Complex ("Draws"). AHF has the right$2,000,000, exercisable from time to time as hereinafter provided, to appoint another person or entity as its agent for such purpose by delivering which amount shall be applied to the Partnership written notice of the appointment of a successor agent. The agent at any time serving as the agent of AHF hereunder shall hereinafter be called the "Agent." (b) Draws shall be requested as follows:payment of (i) Not more than once a month the closing costs, including legal fees and not less than 5 Business Days before the date on which the Partnership desires a Draw to be madeexpenses, the Partnership shall deliver to the Agent the following documents (togetherincurred by Lender, the "Draw Documents"): (A) an original Contractor's requisition for payment (the "Contractor's Requisition") in a form reasonably satisfactory to the Agent (American Institute of Architects standard form G-722 or G-702/G-703 shall be deemed satisfactory) certified by the architect for actual improvements in place and for materials securely stored on site through the date of that requisition; (B) an original Schedule of Values showing costs incurred in the various construction and soft cost categories, summarized in a format provided by the Agent, together with copies of invoices or other appropriate backup information required by AHF or the Agent; (C) a certification from the General Partner that as of the date of the Draw request neither the Partnership nor the General Partner are in default of any of their obligations under this Agreement or any Project Document, and the representations, warranties and covenants of the General Partner in this Agreement (including without limitation, in Article 4 and Section 6.18 of this Agreement) continue to be true and accurate; (D) a copy of an Owner's and ▇▇▇▇▇▇▇▇▇▇'s Affidavit acceptable to ▇▇▇ ▇▇▇▇ executed and acknowledged on behalf of the Contractor and the Partnership; (E) copies of the partial waiver of liens (subject to retainages) for current invoices and the unconditional waiver of liens for past invoices, of each subcontractor and material supplier, as to all work performed and materials purchased for which the immediately preceding Draw, if any, had been made, in form acceptable to the Title Company, and an accounting prepared by the Contractor of all payments made under the immediately preceding Draw; and (F) a copy of the project schedule, updated monthly, showing the progress of the work. (ii) The Agent shall have 5 Business Days after receiving the Draw Documents in which it has the right to object to the Draw on the basis that the Draw Documents are incomplete or inaccurate, or do not otherwise comply with the Project Documents or this Agreement. As soon as practical after receipt of such notice, the Partnership shall complete the Draw Documents, correct all inaccuracies and resubmit the Draw Documents for approval. If the Agent does not object to the Draw Documents within such five-day period, the Draw Documents shall be deemed approved.Borrower’s closing costs, (iii) Upon approval hard and soft costs in accordance with the Budget and as approved by Lender, and (iv) other items to be agreed to between Borrower and Lender. Unless otherwise agreed by Lender, additional advances shall be made not more frequently than monthly based on draw requests signed by an Authorized Signer in the form attached hereto as Schedule 2 or in another form approved by Lender. Each draw request for hard costs shall be set forth on AIA Forms G702 and G703 or another form approved by Lender, and shall be reviewed by the Construction Consultant, signed by the General Contractor and approved by the Architect. Draw requests for hard costs shall show the percentage of completion of construction and shall set forth in trade breakdown form and in such detail as may be required by Lender the amounts expended and/or costs incurred for work done and materials incorporated in the Improvements. Retainage will be withheld and released in accordance with the terms of Schedule 5. Each draw request shall be supported by such information and documentation (such as paid receipts, invoices, statements of accounts, lien releases, etc.) as Lender may reasonably require to assure that amounts requested are to be used to reimburse Borrower for costs previously paid by Borrower or to pay costs incurred by Borrower that are to be paid from proceeds of the Draw DocumentsLoan, as set forth in the Partnership shall have the examination of title to the Apartment Complex updated through the date of the Draw and have the Title Company deliver to the Partnership, with a copy to the Agent, endorsements issued by the Title Company to the Owner's Title Policy which (1) increase the coverage thereunder by the amount of the Draw, (2) update the date thereof through the date of the Draw and (3) report no exceptions for filed mechanics or materialmen's liens (or if such liens are reported, affirmatively insures the insured thereunder against loss or damage caused by such liens). Within five Business Days after the Agent receives copies of such endorsements, AHF shall authorize funding of the Draw by wire transfer to the PartnershipBudget.

Draw Requests. (a) AHF has designated AHP Advances shall be made not more frequently than monthly based on draw requests signed by an Authorized Signers in the form attached hereto as its agent Schedule 2 and submitted to Bank of America, N.A. for funding to Lender's disbursement account. Each draw request for hard costs shall be set forth on AIA Forms G702 and G703, and shall be reviewed by the purpose of reviewing copies of Construction Consultant, signed by the General Contractor and, if requested by Lender, approved by the Architect. Draw requests for draws under hard costs shall show the Project Loans percentage of completion of construction and Capital Contributions shall set forth in trade breakdown form and in such detail as may be required by Lender the amounts expended and/or costs incurred for work done and materials incorporated in the Improvements. Retainage will be withheld and released in accordance with the terms of Schedule 5. Each draw request shall be supported by such information and documentation (such as paid receipts, invoices, statements of accounts, lien releases, etc.) as Lender may require to assure that amounts requested are to be used to reimburse Borrower for costs previously paid by Borrower or to pay costs incurred by Borrower that are to be paid from proceeds of rehabilitating the Apartment Complex ("Draws")Loan, as set forth in the Budget. AHF has the rightUnless reasonably requested by Lender in any instance, exercisable from time Borrower will not be required to time as hereinafter provide any individual invoice for an amount less than or equal to $5,000.00 in support of a draw request; provided, to appoint another person Borrower shall provide or entity as its agent for such purpose by delivering to the Partnership written notice of the appointment of a successor agent. The agent at any time serving as the agent of AHF hereunder shall hereinafter be called the "Agent." (b) Draws shall be requested as follows: (i) Not more than once a month and not less than 5 Business Days before the date on which the Partnership desires a Draw cause to be made, provided with each draw request a complete listing of all payees and the Partnership shall deliver to the Agent the following documents (together, the "Draw Documents"): (A) an original Contractor's requisition amounts requested for payment (the "Contractor's Requisition") in a form reasonably satisfactory to the Agent (American Institute of Architects standard form G-722 or G-702/G-703 shall be deemed satisfactory) certified by the architect for actual improvements in place and for materials securely stored on site through the date of that requisition; (B) an original Schedule of Values showing costs incurred in the various construction and soft cost categories, summarized in a format provided by the Agent, together with copies of invoices or other appropriate backup information required by AHF or the Agent; (C) a certification from the General Partner that as of the date of the Draw request neither the Partnership nor the General Partner are in default of any of their obligations under this Agreement or any Project Document, and the representations, warranties and covenants of the General Partner in this Agreement (including without limitation, in Article 4 and Section 6.18 of this Agreement) continue to be true and accurate; (D) a copy of an Owner's and ▇▇▇▇▇▇▇▇▇▇'s Affidavit acceptable to ▇▇▇ ▇▇▇▇ executed and acknowledged on behalf of the Contractor and the Partnership; (E) copies of the partial waiver of liens (subject to retainages) for current invoices and the unconditional waiver of liens for past invoices, of each subcontractor and material supplier, as to all work performed and materials purchased for which the immediately preceding Draw, if any, had been made, in form acceptable to the Title Company, and an accounting prepared by the Contractor of all payments made under the immediately preceding Draw; and (F) a copy of the project schedule, updated monthly, showing the progress of the workeach. (ii) The Agent shall have 5 Business Days after receiving the Draw Documents in which it has the right to object to the Draw on the basis that the Draw Documents are incomplete or inaccurate, or do not otherwise comply with the Project Documents or this Agreement. As soon as practical after receipt of such notice, the Partnership shall complete the Draw Documents, correct all inaccuracies and resubmit the Draw Documents for approval. If the Agent does not object to the Draw Documents within such five-day period, the Draw Documents shall be deemed approved. (iii) Upon approval of the Draw Documents, the Partnership shall have the examination of title to the Apartment Complex updated through the date of the Draw and have the Title Company deliver to the Partnership, with a copy to the Agent, endorsements issued by the Title Company to the Owner's Title Policy which (1) increase the coverage thereunder by the amount of the Draw, (2) update the date thereof through the date of the Draw and (3) report no exceptions for filed mechanics or materialmen's liens (or if such liens are reported, affirmatively insures the insured thereunder against loss or damage caused by such liens). Within five Business Days after the Agent receives copies of such endorsements, AHF shall authorize funding of the Draw by wire transfer to the Partnership.

Draw Requests. Prior to making any payment to the Contractor or to any other third party manufacturer, vendor, supplier, or governmental authority or utility retained by Landlord, for any other amount to be incurred by Landlord in connection with the construction of the Tenant Improvements (each, a "Progress Payment"), (a) AHF has designated AHP as its agent for the purpose of reviewing Tenant's Representative shall have received complete copies of requests all of the fully-executed subcontracts and material supplier contracts that are not included in the Construction Contract, as previously approved by Tenant in accordance with Section 4.3.2 of this Tenant Work Letter, for draws under all of the Project Loans and Capital Contributions to pay costs of rehabilitating the Apartment Complex Landlord's Agents ("Draws"). AHF has the right, exercisable from time to time as hereinafter provideddefined) included as payees in the applicable Draw Request (as hereinafter defined), each of which shall be in the form approved by Tenant in advance in accordance with this Tenant Work Letter, and copies of all fully-executed Tenant Change Orders (as hereinafter defined) associated therewith, if any (which shall cover all work for which Landlord seeks to appoint another person or entity as its agent for such purpose by delivering make payment pursuant to the Partnership written notice of the appointment of a successor agent. The agent at any time serving as the agent of AHF hereunder shall hereinafter applicable Draw Request, provided that each contract and Change Order need be called the "Agent." submitted only once for each such payee), and (b) Draws Tenant’s Representative shall be requested as follows: have received and approved the Landlord's written request for approval of the proposed Progress Payment amount (each, a “Draw Request”), which Draw Request shall include the following items: (i) Not more than once a month and not less than 5 Business Days before the date on which the Partnership desires a Draw to be made, the Partnership shall deliver to the Agent the following documents (together, the "Draw Documents"): (A) an original Contractor's requisition request for payment (of the "Contractor's Requisition") Contractor in a form reasonably satisfactory similar to the Agent (American Institute AIA G702 payment application request, showing the schedule, by trade, of Architects standard form G-722 or G-702/G-703 shall be deemed satisfactory) certified by percentage of completion of the architect for actual improvements in place Tenant Improvements, and for materials securely stored on site through detailing the date portion of that requisition; (B) an original Schedule of Values showing costs incurred in Tenant Improvements completed and the various construction and soft cost categories, summarized in a format provided by the Agent, together with copies of invoices or other appropriate backup information required by AHF or the Agent; (C) a certification from the General Partner that portion not completed as of the date of the such Draw request neither the Partnership nor the General Partner are in default of any of their obligations under this Agreement or any Project Document, and the representations, warranties and covenants of the General Partner in this Agreement (including without limitation, in Article 4 and Section 6.18 of this Agreement) continue to be true and accurate; (D) a copy of an Owner's and ▇▇▇▇▇▇▇▇▇▇'s Affidavit acceptable to ▇▇▇ ▇▇▇▇ executed and acknowledged on behalf of the Contractor and the Partnership; (E) copies of the partial waiver of liens (subject to retainages) for current invoices and the unconditional waiver of liens for past invoices, of each subcontractor and material supplier, as to all work performed and materials purchased for which the immediately preceding Draw, if any, had been made, in form acceptable to the Title Company, and an accounting prepared by the Contractor of all payments made under the immediately preceding DrawRequest; and (F) a copy of the project schedule, updated monthly, showing the progress of the work. (ii) The invoices from all other "Landlord's Agents" as defined below, for labor rendered and materials delivered to the Premises; (iii) executed mechanic's lien releases from all of Landlord's Agents which shall comply with the appropriate provisions, as reasonably determined by Landlord, of California Civil Code Sections 8132, 8134, 8136 and 8138 (with unconditional lien waivers from all of the Landlord's Agents for whom payments were requested pursuant to the previous Draw Request in the amounts reasonably approved by Tenant for payment to such Landlord's Agents pursuant thereto, as such amount may be reduced by a retention not to exceed ten percent (10%) of the amount reasonably approved by Tenant for payment); and (iv) a certificate from the Architect certifying the requisite percentage of completion of such work has been completed. Notwithstanding the foregoing, if Landlord has paid any portion of the Tenant Improvement Allowance to any of the Landlord's Agents, but pursuant to any unresolved dispute between Landlord and such Landlord's Agent, such Landlord's Agent shall have 5 Business Days after receiving fail to deliver an unconditional lien waiver, then as long as Landlord provides reasonably satisfactory evidence to Tenant's Representative that the amount included in such unconditional lien waiver has been paid to such Landlord's Agent, then Tenant's Representative shall not withhold approval of any ensuing Draw Documents in which it has the right to object to the Draw Request on the basis of such missing unconditional lien waiver otherwise satisfying the foregoing requirements; provided, however, that the Draw Documents are incomplete or inaccurate, or do foregoing shall not otherwise comply make Tenant liable for any disputed amount in excess of the amount approved by Tenant for payment in accordance with the Project Documents or this AgreementDraw Request submitted by landlord in connection with such disputed amount. As soon as practical after receipt of such noticeThe Contractor and all subcontractors and, the Partnership shall complete the Draw Documents, correct all inaccuracies and resubmit the Draw Documents for approval. If the Agent does not object to the Draw Documents within such five-day period, the Draw Documents laborers used by Landlord in connection with Tenant Improvements shall be deemed approvedknown collectively as "Landlord's Agents. " All contracts entered into by Landlord with Landlord's Agents (iii"Landlord Agent Contracts") Upon shall be subject to Tenant's reasonable approval, provided, however, unless an approval of process is otherwise expressly set forth in the Draw DocumentsTenant Work Letter, Tenant shall respond to any request for Tenant approval to any Landlord Agent Contract in a timely manner so as not to delay the Partnership shall have the examination of title to the Apartment Complex updated through the date of the Draw and have the Title Company deliver to the Partnership, with a copy to the Agent, endorsements issued by the Title Company to the Owner's Title Policy which (1) increase the coverage thereunder by the amount of the Draw, (2) update the date thereof through the date of the Draw and (3) report no exceptions for filed mechanics or materialmen's liens (or if such liens are reported, affirmatively insures the insured thereunder against loss or damage caused by such liens). Within five Business Days after the Agent receives copies of such endorsements, AHF shall authorize funding of the Draw by wire transfer to the PartnershipProject Schedule.