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 the aggregate sum of $8,200.00 (“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 the aggregate sum of $8,200.00 25,000.00 (“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 the aggregate sum of $8,200.00 1,250.00 (“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.