Common use of Second Tier Distributions Clause in Contracts

Second Tier Distributions. To the extent of any Net Cash Receipts remaining after payment of First Tier Distributions, the General Partner shall, upon the closing of each completed residence constructed on the Property distribute to the Limited Partner a sum equal to (i) the Limited Partner’s total capital contributions divided by (ii) the number of units to be developed on the Property and established by the Partnership (“Second Tier Distributions”) for each such residence to reduce, until completely repaid, the Limited Partner’s capital contribution not yet repaid. If and to the extent Net Cash Receipts after payment of First Tier Distributions are insufficient to pay such Second Tier Distributions at each such closing, such Second Tier Distribution shall not be waived and shall be paid as soon as Net Cash Receipts are sufficient after payment of First Tier Distributions.

Second Tier Distributions. To the extent of any Net Cash Receipts remaining after payment of First Tier Distributions, the General Partner shall, upon the closing of each completed residence constructed on the Property distribute to the Limited Partner a sum equal to (i) the Limited Partner’s total capital contributions divided by (ii) the number of units to be developed shown on the Property and established by the Partnership attached Exhibit A (“Second Tier Distributions”) for each such residence to reduce, until completely repaid, the Limited Partner’s capital contribution not yet repaid. If and to the extent Net Cash Receipts after payment of First Tier Distributions are insufficient to pay such Second Tier Distributions at each such closing, such Second Tier Distribution shall not be waived and shall be paid as soon as Net Cash Receipts are sufficient after payment of First Tier Distributions.

Second Tier Distributions. To the extent of any Net Cash Receipts remaining after payment of First Tier Distributions, the General Partner shall, upon the closing of each completed residence constructed on the Property distribute to the Limited Partner a sum equal to (i) the Limited Partner’s original total capital contributions contribution of $4,000,000.00 divided by (ii) the number of units to be developed shown on the Property and established by the Partnership attached Exhibit A (“Second Tier DistributionsDist ributions”) for each such residence to reduce, until completely repaid, the Limited Partner’s capital contribution not yet repaid. If and to the extent Net Cash Receipts after payment of First Tier Distributions are insufficient to pay such Second Tier Distributions at each such closing, such Second Tier Distribution shall not be waived and shall be paid as soon as Net Cash Receipts are sufficient after payment of First Tier Distributions.

Second Tier Distributions. To the extent of any Net Cash Receipts remaining after payment of First Tier Distributions, the General Partner shall, upon the closing of the sale of each completed residence constructed lot on the Property distribute to the Limited Partner a sum equal to (i) the Limited Partner’s original total capital contributions contribution of $10,000 divided by (ii) the number of units to be developed shown on the Property and established by the Partnership attached Exhibit A (“Second Tier Distributions”) for each such residence lot to reduce, until completely repaid, the Limited Partner’s capital contribution not yet repaid. If and to the extent Net Cash Receipts after payment of First Tier Distributions are insufficient to pay such Second Tier Distributions at each such closing, such Second Tier Distribution shall not be waived and shall be paid as soon as Net Cash Receipts are sufficient after payment of First Tier Distributions.

Second Tier Distributions. To the extent of any Net Cash Receipts remaining after payment of First Tier Distributions, the General Partner shall, upon the closing of each completed residence constructed on the Property distribute to the Limited Partner a sum equal to (i) the Limited Partner’s original total capital contributions contribution of $3,000,000.00 divided by (ii) the number of units to be developed shown on the Property and established by the Partnership attached Exhibit A (“Second Tier Distributions”) for each such residence to reduce, until completely repaid, the Limited Partner’s capital contribution not yet repaid. If and to the extent Net Cash Receipts after payment of First Tier Distributions are insufficient to pay such Second Tier Distributions at each such closing, such Second Tier Distribution shall not be waived and shall be paid as soon as Net Cash Receipts are sufficient after payment of First Tier Distributions.

Second Tier Distributions. To the extent of any Net Cash Receipts remaining after payment of First Tier Distributions, the General Partner shall, upon the closing of each completed residence constructed on the Property distribute to the Limited Partner a sum equal to (i) the Limited Partner’s original total capital contributions contribution divided by (ii) the number of units to be developed shown on the Property and established by the Partnership attached Exhibit A (“Second Tier Distributions”) for each such residence to reduce, until completely repaid, the Limited Partner’s capital contribution not yet repaid. If and to the extent Net Cash Receipts after payment of First Tier Distributions are insufficient to pay such Second Tier Distributions at each such closing, such Second Tier Distribution shall not be waived and shall be paid as soon as Net Cash Receipts are sufficient after payment of First Tier Distributions.

Second Tier Distributions. To the extent of any Net Cash Receipts remaining after payment of First Tier Distributions, the General Partner shall, upon the closing of each completed residence constructed on the Property distribute to the Limited Partner a sum equal to (i) the Limited Partner’s total capital contributions contribution of divided by (ii) the number of units shown on attached Exhibit A, to be developed on the Property and established by the Partnership (“Second Tier Distributions”) for each such residence to reduce, until completely repaid, the Limited Partner’s capital contribution not yet repaid. If and to the extent Net Cash Receipts after payment of First Tier Distributions are insufficient to pay such Second Tier Distributions at each such closing, such Second Tier Distribution shall not be waived and shall be paid as soon as Net Cash Receipts are sufficient after payment of First Tier Distributions.

Second Tier Distributions. To the extent of any Net Cash Receipts remaining after payment of First Tier Distributions, the General Partner shall, shall upon the closing of each completed residence constructed on the Property distribute to the Limited Partner a sum equal to (i) the Limited Partner’s total capital contributions divided by (ii) the number of units to be developed on the Property and established by the Partnership (“Second Tier Distributions”) for each such residence to reduce, until completely repaid, the Limited Partner’s capital contribution not yet repaid. If and to the extent Net Cash Receipts after payment of First Tier Distributions are insufficient to pay such Second Tier Distributions at each such closing, such Second Tier Distribution shall not be waived and shall be paid as soon as Net Cash Receipts are sufficient after payment of First Tier Distributions.

Second Tier Distributions. To the extent of any Net Cash Receipts remaining after payment of First Tier Distributions, the General Partner shall, upon the closing of each completed residence constructed on the Property distribute to the Limited Partner Partners a sum equal to (i) the Limited Partner’s original total capital contributions contribution of $5,000,000.00 divided by (ii) the number of units to be developed shown on the Property and established by the Partnership attached Exhibit A (“Second Tier Distributions”) for each such residence to reduce, until completely repaid, the Limited Partner’s capital contribution not yet repaid. If and to the extent Net Cash Receipts after payment of First Tier Distributions are insufficient to pay such Second Tier Distributions at each such closing, such Second Tier Distribution shall not be waived and shall be paid as soon as Net Cash Receipts are sufficient after payment of First Tier Distributions.

Second Tier Distributions. To the extent of any Net Cash Receipts remaining after payment of First Tier Distributions, the General Partner shall, upon the closing of the sale of each completed residence constructed lot on the Property distribute to the Limited Partner a sum equal to (i) the Limited Partner’s total aggregate capital contributions outstanding from time-to-time divided by (ii) the number of units to be developed shown on the Property and established by the Partnership attached Exhibit A (“Second Tier Distributions”) for each such residence lot to reduce, until completely repaid, the Limited Partner’s capital contribution not yet repaid. If and to the extent Net Cash Receipts after payment of First Tier Distributions are insufficient to pay such Second Tier Distributions at each such closing, such Second Tier Distribution shall not be waived and shall be paid as soon as Net Cash Receipts are sufficient after payment of First Tier Distributions.