Common use of CLOSING AND DISBURSEMENT OF FUNDS Clause in Contracts

CLOSING AND DISBURSEMENT OF FUNDS. The Fund intends to make the offering on the condition that a minimum of 250,000 BACs ($2,500,000) shall have been accepted by the General Partner by the applicable Termination Date. Until subscriptions for at least 250,000 BACs in any series are received, no Subscriber will be recognized as a BAC Holder and subscriptions will be deposited with the Escrow Agent. New Mexico Subscriber's subscriptions shall not be released until subscriptions for at least 700,000 BACs in any series are received. The underwriter or an officer, director, or affiliate of the issuer may purchase BACs in order to meet the minimum investment requirement, and those persons shall purchase BACs on the same terms as unaffiliated public investors. Any such purchase shall not be included in the calculation of promotional shares subject to escrow. If $2,500,000 (250,000 BACs) of Subscription Payments have not been collected and are not then held in cleared funds in the possession of the Escrow Agent on the applicable Termination Date, and upon written notice from, and instructions by, the General Partner, the Escrow Agent shall return to the Subscribers the Subscription Payments with interest on the fifth business day after the later of the applicable Termination Date or receipt of the instructions from the General Partner. If at least $2,500,000 of Subscription Payments have been collected and are then held in cleared funds in the possession of the Escrow Agent by the applicable Termination Date, then upon written notice from, and instruction by, the General Partner, the Escrow Agent shall pay to the Fund all funds then held in the Series Escrow Account including interest earned thereon prior to the Termination Date without deduction for expenses, including fees of the Escrow Agent. The Fund shall determine the amount of interest due to each Subscriber and within 75 days after the end of the fiscal quarter following a Closing Date shall itself pay such interest to Subscribers. Subsequent to but not including such Termination Date, any interest earned will be paid to the Fund. A subscriber will be entitled to the amount of interest earned on his subscription proceeds starting from the day after such proceeds were deposited in the Series Escrow Account until but not including the Closing Date. The Escrow Agent shall notify directors of state securities divisions, as directed by the General Partner, upon the release from escrow of the Subscription Payments. Subscriptions for BACs will be accepted or rejected by the General Partner within 30 days of receipt, but the issuance of BACs to a Subscriber shall be subject to acceptance of subscriptions for a number of BACs sufficient to effectuate a closing. If the Subscription Payments allocated to such rejected or cancelled subscription ("Rejected Funds") have been delivered to Escrow Agent, the General Partner will inform Escrow Agent of the rejection or cancellation, and Escrow Agent, upon receiving such notice, will refund to the Subscriber the Rejected Funds within 10 days of such notice, without interest.

CLOSING AND DISBURSEMENT OF FUNDS. The Fund intends to make the offering on the condition that a minimum of 250,000 BACs ($2,500,000) shall have been accepted by the General Partner by the applicable Termination Date. Until subscriptions for at least 250,000 BACs in any series are received, no Subscriber will be recognized as a BAC Holder and subscriptions will be deposited with the Escrow Agent. New Mexico Subscriber's subscriptions shall not be released until subscriptions for at least 700,000 BACs in any series are received. The underwriter or an officer, director, or affiliate of the issuer may purchase BACs in order to meet the minimum investment requirement, and those persons shall purchase BACs on the same terms as unaffiliated public investors. Any such purchase shall not be included in the calculation of promotional shares subject to escrow. If $2,500,000 (250,000 BACs) of Subscription Payments have not been collected and are not then held in cleared funds in the possession of the Escrow Agent on the applicable Termination Date, and upon written notice from, and instructions by, the General Partner, the Escrow Agent shall return to the Subscribers the Subscription Payments with interest on the fifth business day after the later of the applicable Termination Date or receipt of the instructions from the General Partner. If at least $2,500,000 of Subscription Payments have been collected and are then held in cleared funds in the possession of the Escrow Agent by the applicable Termination Date, then upon written notice from, and instruction by, the General Partner, the Escrow Agent shall pay to the Fund all funds then held in the Series Escrow Account including interest earned thereon prior to the Termination Date without deduction for expensesDate, including fees of and less reimbursement to the Escrow AgentAgent for fees and expenses payable hereunder, if any. The Fund shall determine the amount of interest due to each Subscriber and within 75 days after the end of the fiscal quarter following a Closing Date shall itself pay such interest to Subscribers. Subsequent to but not including such Termination Date, any interest earned will be paid to the Fund. A subscriber will be entitled to the amount of interest earned on his subscription proceeds starting from the day after such proceeds were deposited in the Series Escrow Account until but not including the Closing Date. The Escrow Agent shall notify directors of state securities divisions, as directed by the General Partner, upon the release from escrow of the Subscription Payments. Subscriptions for BACs will be accepted or rejected by the General Partner within 30 days of receipt, but the issuance of BACs to a Subscriber shall be subject to acceptance of subscriptions for a number of BACs sufficient to effectuate a closing. If the Subscription Payments allocated to such rejected or cancelled subscription ("Rejected Funds") have been delivered to Escrow Agent, the General Partner will inform Escrow Agent of the rejection or cancellation, and Escrow Agent, upon receiving such notice, will refund to the Subscriber the Rejected Funds within 10 days of such notice, without interest.

CLOSING AND DISBURSEMENT OF FUNDS. The Fund intends to make the offering on the condition that a minimum of 250,000 BACs ($2,500,000) shall have been accepted by the General Partner by the applicable Termination Date. Until subscriptions for at least 250,000 BACs in any series are received, no Subscriber will be recognized as a BAC Holder and subscriptions will be deposited with the Escrow Agent. New Mexico Subscriber's subscriptions shall not be released until subscriptions for at least 700,000 850,000 BACs in any series are received. The underwriter or an officer, director, or affiliate of the issuer may purchase BACs in order to meet the minimum investment requirement, and those persons shall purchase BACs on the same terms as unaffiliated public investors. Any such purchase shall not be included in the calculation of promotional shares subject to escrow. If $2,500,000 (250,000 BACs) of Subscription Payments have not been collected and are not then held in cleared funds in the possession of the Escrow Agent on the applicable Termination Date, and upon written notice from, and instructions by, the General Partner, the Escrow Agent shall return to the Subscribers the Subscription Payments with interest on the fifth business day after the later of the applicable Termination Date or receipt of the instructions from the General Partner. If at least $2,500,000 of Subscription Payments have been collected and are then held in cleared funds in the possession of the Escrow Agent by the applicable Termination Date, then upon written notice from, and instruction by, the General Partner, the Escrow Agent shall pay to the Fund all funds then held in the Series Escrow Account including interest earned thereon prior to the Termination Date without deduction for expenses, including fees of the Escrow Agent. The Fund shall determine the amount of interest due to each Subscriber and within 75 days after the end of the fiscal quarter following a Closing Date shall itself pay such interest to Subscribers. Subsequent to but not including such Termination Date, any interest earned will be paid to the Fund. A subscriber will be entitled to the amount of interest earned on his subscription proceeds starting from the day after such proceeds were deposited in the Series Escrow Account until but not including the Closing Date. The Escrow Agent shall notify directors of state securities divisions, as directed by the General Partner, upon the release from escrow of the Subscription Payments. Subscriptions for BACs will be accepted or rejected by the General Partner within 30 days of receipt, but the issuance of BACs to a Subscriber shall be subject to acceptance of subscriptions for a number of BACs sufficient to effectuate a closing. If the Subscription Payments allocated to such rejected or cancelled subscription ("Rejected Funds") have been delivered to Escrow Agent, the General Partner will inform Escrow Agent of the rejection or cancellation, and Escrow Agent, upon receiving such notice, will refund to the Subscriber the Rejected Funds within 10 days of such notice, without interest.

CLOSING AND DISBURSEMENT OF FUNDS. The Fund REIT intends to make the offering on the condition that a minimum of 250,000 BACs 3,000,000 shares ($2,500,00030,000,000) shall have been accepted by the General Partner Advisor by the applicable Termination Date. Until subscriptions for at least 250,000 BACs in any series 3,000,000 shares are received, no Subscriber will be recognized as a BAC Holder an investor and subscriptions will be deposited with the Escrow Agent. New Mexico Subscriber's subscriptions shall not be released until subscriptions for at least 700,000 BACs in any series 3,150,000 shares are received. The underwriter or an officer, director, or affiliate of the issuer may purchase BACs in order to meet the minimum investment requirement, and those persons shall purchase BACs on the same terms as unaffiliated public investors. Any such purchase shall not be included in the calculation of promotional shares subject to escrow. If $2,500,000 30,000,000 (250,000 BACs3,000,000 shares) of Subscription Payments have not been collected and are not then held in cleared funds in the possession of the Escrow Agent on the applicable Termination Date, and upon written notice from, and instructions by, the General PartnerAdvisor, the Escrow Agent shall return to the Subscribers the Subscription Payments with interest interest, earned at prevailing market rates, on the fifth business day after the later of the applicable Termination Date or receipt of the instructions from the General PartnerAdvisor. If at least $2,500,000 30,000,000 of Subscription Payments have been collected and are then held in cleared funds in the possession of the Escrow Agent by the applicable Termination Date, then upon written notice from, and instruction by, the General PartnerAdvisor, the Escrow Agent shall pay to the Fund REIT all funds then held in the Series Escrow Account including interest earned at prevailing market rates thereon prior to the Termination Date without deduction for expenses, including fees of the Escrow Agent. The Fund REIT shall determine the amount of interest due to each Subscriber and within 75 days after the end of the fiscal quarter following a Closing Date shall itself pay such interest to Subscribers. Subsequent to to, but not including including, such Termination Date, any interest earned will be paid to the FundREIT. A subscriber Subscriber will be entitled to the amount of interest earned on his subscription proceeds starting from the day after such proceeds were deposited in the Series Escrow Account until until, but not including including, the Closing Date. The Escrow Agent shall notify directors of state securities divisions, as directed by the General PartnerAdvisor, upon the release from escrow of the Subscription Payments. Subscriptions for BACs shares will be accepted or rejected by the General Partner Advisor, in its sole discretion, within 30 days of receipt, but the issuance of BACs shares to a Subscriber shall be subject to acceptance of subscriptions for a number of BACs shares sufficient to effectuate a closing. If the Subscription Payments allocated to such rejected or cancelled subscription ("Rejected Funds") have been delivered to Escrow Agent, the General Partner Advisor will inform Escrow Agent of the rejection or cancellation, and Escrow Agent, upon receiving such notice, will refund to the Subscriber the Rejected Funds within 10 days of such notice, without interest.

CLOSING AND DISBURSEMENT OF FUNDS. The Fund intends to make the offering on the condition that a minimum of 250,000 BACs ($2,500,000) shall have been accepted by the General Partner by the applicable Termination Date. Until subscriptions for at least 250,000 BACs in any series are received, no Subscriber will be recognized as a BAC Holder and subscriptions will be deposited with the Escrow Agent. New Mexico Subscriber's subscriptions shall not be released until subscriptions for at least 700,000 BACs in any series are received. The underwriter or an officer, director, or affiliate of the issuer may purchase BACs in order to meet the minimum investment requirement, and those persons shall purchase BACs on the same terms as unaffiliated public investors. Any such purchase shall not be included in the calculation of promotional shares subject to escrow. If $2,500,000 (250,000 BACs) of Subscription Payments have not been collected and are not then held in cleared funds in the possession of the Escrow Agent on the applicable Termination Date, and upon written notice from, and instructions by, the General Partner, the Escrow Agent shall return to the Subscribers the Subscription Payments with interest on the fifth business day after the later of the applicable Termination Date or receipt of the instructions from the General Partner. If at least $2,500,000 of Subscription Payments have been collected and are then held in cleared funds in the possession of the Escrow Agent by the applicable Termination Date, then upon written notice from, and instruction by, the General Partner, the Escrow Agent shall pay to the Fund all funds then held in the Series Escrow Account including interest earned thereon prior to the Termination Date without deduction for expensesDate, including fees of and less reimbursement to the Escrow AgentAgent for fees and expenses payable hereunder, if any. The Fund shall determine the amount of interest due to each Subscriber and within 75 days after the end of the fiscal quarter following a Closing Date shall itself pay such interest to Subscribers. Subsequent to but not including such Termination Date, any interest earned will be paid to the Fund. A subscriber will be entitled to the amount of interest earned on his subscription proceeds starting from the day after such proceeds were deposited in the Series Escrow Account until but not including the Closing Date. The Escrow Agent shall notify directors of state securities divisions, as directed by the General Partner, upon the release from escrow of the Subscription Payments. Subscriptions for BACs BACS will be accepted or rejected by the General Partner within 30 days of receipt, but the issuance of BACs to a Subscriber shall be subject to acceptance of subscriptions for a number of BACs sufficient to effectuate a closing. If the Subscription Payments allocated to such rejected or cancelled subscription ("Rejected Funds") have been delivered to Escrow Agent, the General Partner will inform Escrow Agent of the rejection or cancellation, and Escrow Agent, upon receiving such notice, will refund to the Subscriber the Rejected Funds within 10 days of such notice, without interest.