Common use of Construction Obligations Clause in Contracts

Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before March 1, 2003 ("Completion Date") at a total development cost of not more than $4,527,430 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, and the Project Documents. At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner ascertains that the Development Budget exceeds the sum of the Capital Contributions and the Mortgage amount then the General Partner shall be responsible for and shall be obligated to pay the difference thereof within thirty days of receiving written notice from the Special Limited Partner except as otherwise provided for in this Agreement. Any advances by the General Partner pursuant to the previous sentence shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns. Upon such notice from the Special Limited Partner, the General Partner shall advance the requested funds into the Construction Lender's construction account. (b) In addition, if (1) the Improvements are not completed on or before the Completion Date (which date may be extended in the events of Force Majeure, but in no event longer than three months from the Completion Date); (2) prior to completing the Improvements, the Construction Lender sends a notice of default under the Construction Loan; or (3) a foreclosure action is commenced against the Partnership, then at the Special Limited Partner's election, either the General Partner will be removed from the Partnership and the Special Limited Partner will be admitted as successor General Partner, all in accordance with Article XIII hereof, or the General Partner will repurchase the Interest of the Limited Partner and the Special Limited Partner for an amount equal to the amounts theretofore paid by the Limited Partner and the Special Limited Partner, and the Limited Partner and the Special Limited Partner shall have no further Interest in the Partnership. If the Special Limited Partner elects to have the General Partner repurchase such Interests then the repurchase shall occur within 60 days after the General Partner receives written demand from the Special Limited Partner. If the Special Limited Partner elects to remove the General Partner then the provisions of Article XIII apply.

Construction Obligations. (a) The General Partner hereby guarantees a lien free Completion completion of Construction construction of the Apartment Housing on or before March December 1, 2003 2004 ("Completion Date") at a total development cost of not more than $4,527,430 4,336,809 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, and the Project Documents. At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner ascertains that the Development Budget exceeds the sum of the Capital Contributions and the Mortgage amount then the General Partner shall be responsible for and shall be obligated to pay the difference thereof within thirty days of receiving written notice from the Special Limited Partner except as otherwise provided for in this Agreement. Any advances by the General Partner pursuant to the previous sentence shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns. Upon such notice from the Special Limited Partner, the General Partner shall advance the requested funds into the Construction Lender's construction accountfunds. (b) In addition, if (1) the Improvements are not completed on or before the Completion Date (which date may be extended in the events of Force Majeure, but in no event longer than three months from the Completion Date); or (2) prior to completing the Improvements, the Construction Lender sends a notice of default under the Construction Loan; or (3) a foreclosure action is commenced against the Partnership, then at the Special Limited Partner's election, either the General Partner will be removed from the Partnership and the Special Limited Partner will be admitted as successor General Partner, all in accordance with Article XIII hereof, or the General Partner will repurchase the Interest of the Limited Partner and the Special Limited Partner for an amount equal to the amounts theretofore paid by the Limited Partner and the Special Limited Partner, and the Limited Partner and the Special Limited Partner shall have no further Interest in the Partnership. If the Special Limited Partner elects to have the General Partner repurchase such Interests then the repurchase shall occur within 60 days after the General Partner receives written demand from the Special Limited Partner. If the Special Limited Partner elects to remove the General Partner then the provisions of Article XIII apply.

Construction Obligations. (a) The General Partner hereby guarantees a lien free Completion of Construction of the Apartment Housing on or before March August 1, 2003 ("Completion Date") at a total development cost of not more than $4,527,430 1,900,078 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, and the Project Documents. At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner ascertains that the Development Budget exceeds the sum of the Capital Contributions and the Mortgage amount then the General Partner shall be responsible for and shall be obligated to pay the difference thereof within thirty days of receiving written notice from the Special Limited Partner except as otherwise provided for in this Agreement. Upon such notice from the Special Limited Partner, the General Partner shall advance the requested funds into the Construction Lender's construction account. Any advances by the General Partner pursuant to the previous sentence this section shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns. Upon such notice from the Special Limited Partner, the General Partner shall advance the requested funds into the Construction Lender's construction account. (b) In addition, if (1) the Improvements are not completed on or before the Completion Date (which date may be extended in the events of Force Majeure, but in no event longer than three months from the Completion Date); (2) prior to completing the Improvements, the Construction Lender sends a notice of default under the Construction Loan; or (3) a foreclosure action is commenced against the Partnership, then at the Special Limited Partner's election, either the General Partner will be removed from the Partnership and the Special Limited Partner will be admitted as successor General Partner, all in accordance with Article XIII hereof, or the General Partner will repurchase the Interest of the Limited Partner and the Special Limited Partner for an amount equal to the amounts theretofore paid by the Limited Partner and the Special Limited Partner, and the Limited Partner and the Special Limited Partner shall have no further Interest in the Partnership. If the Special Limited Partner elects to have the General Partner repurchase such Interests then the repurchase shall occur within 60 days after the General Partner receives written demand from the Special Limited Partner. If the Special Limited Partner elects to remove the General Partner then the provisions of Article XIII apply.

Construction Obligations. (a) The General Partner hereby guarantees lien free shall cause Completion of Construction of in accordance with the Project Documents, pay all expenses and costs with respect to financing the Apartment Housing on through Completion of Construction, equip the Apartment Housing or before March 1cause the same to be equipped with all necessary and appropriate fixtures, 2003 ("Completion Date") at a total development cost equipment and articles of personal property, including but not more than $4,527,430 ("Development Budget")limited to, which includes refrigerators and ranges and pay all hard and soft other costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the through Completion of Construction. If costs and expenses necessary to effect Completion of Construction Budget, the Construction Contract, and the Project Documents. At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner ascertains that the Development Budget exceeds exceed the sum of the Capital Contributions Contributions, the proceeds of the Mortgage and the Mortgage amount Development Fee then the General Partner shall be responsible for and shall be obligated to pay the difference thereof within thirty days of receiving written notice from the Special Limited Partner except as otherwise provided for in this Agreementsuch construction financing shortfalls. Any such advances by the General Partner pursuant to the previous sentence shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns. Upon such notice from the Special Limited Partner, the General Partner shall advance the requested funds into the Construction Lender's construction accountoverrun and not be repayable. (b) In addition, if (1) the Improvements are not completed on or before the December 01, 2001 ("Completion Date Date") (which date may be extended in the events of Force Majeure, but in no event longer than three months from the Completion Date); (2) prior to completing the Improvements, the Construction Lender sends a notice of there is an uncured default under or termination of the Construction Loan, Mortgage Loan commitment, or other material documents; or (3) a foreclosure action is commenced against the Partnership, then at the Special Limited Partner's election, either the General Partner will be removed from the Partnership and the Special Limited Partner will be admitted as successor General Partner, all in accordance with Article XIII hereof, or the General Partner will repurchase the Interest of the Limited Partner and the Special Limited Partner for an amount equal to the amounts theretofore paid by the Limited Partner and the Special Limited Partner, and the Limited Partner and the Special Limited Partner shall have no further Interest in the Partnership. If the Special Limited Partner elects to have the General Partner repurchase such Interests the Interest of the Limited Partner then the repurchase shall occur within 60 days after the General Partner receives written demand from the Special Limited Partner. If the Special Limited Partner elects to remove the General Partner then the provisions of Article XIII apply.

Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before March July 1, 2003 2008 ("Completion Date") at ). The General Partner further guarantees that the development of the Apartment Housing and Improvements will not exceed a total development cost of not more than $4,527,430 2,556,650 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, Development Budget and the Project Documents. At If the actual hard costs and soft costs of developing and constructing the Apartment Housing and Improvements exceed the Development Budget then the General Partner shall advance the money to the Partnership to pay the difference between the aggregated actual hard and soft costs and the Development Budget. If the remaining sources of revenue from Capital Contributions are insufficient, as determined by the Accountant and Special Limited Partner, to pay in full any time during outstanding hard and soft costs incident to the acquisition, development and construction and prior of the Apartment Housing, then the General Partner shall advance the money to Permanent Mortgage Commencement, if the Partnership to pay the additional costs. (b) If the Special Limited Partner ascertains Partner, in good faith, determines that the actual construction and development costs exceed the Development Budget exceeds (excluding the sum of the Capital Contributions and the Mortgage amount Development Fee) then the General Partner shall be responsible for and shall be obligated to pay pay, the difference thereof to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time during construction and prior to Completion of Construction if the Special Limited Partner, in good faith, determine there are insufficient funds to obtain Completion of Construction or the funds are not available in accordance with the funding requirements of this Agreement, then the General Partner shall be responsible for and shall be obligated to advance and deposit into the disbursement account within thirty ten days of receiving written following notice from by the Special Limited Partner, the amount requested by the Special Limited Partner except as otherwise provided for in this Agreement. to pay a current construction draw or an amount necessary to obtain Completion of Construction. (c) Any advances by the General Partner pursuant to the previous sentence this Section 6.2 shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns. Upon such notice from the Special Limited Partner, the General Partner shall advance the requested funds into the Construction Lender's construction account. (b) In addition, if (1) the Improvements are not completed on or before the Completion Date (which date may be extended in the events of Force Majeure, but in no event longer than three months from the Completion Date); (2) prior to completing the Improvements, the Construction Lender sends a notice of default under the Construction Loan; or (3) a foreclosure action is commenced against the Partnership, then at the Special Limited Partner's election, either the General Partner will be removed from the Partnership and the Special Limited Partner will be admitted as successor General Partner, all in accordance with Article XIII hereof, or the General Partner will repurchase the Interest of the Limited Partner and the Special Limited Partner for an amount equal to the amounts theretofore paid by the Limited Partner and the Special Limited Partner, and the Limited Partner and the Special Limited Partner shall have no further Interest in the Partnership. If the Special Limited Partner elects to have the General Partner repurchase such Interests then the repurchase shall occur within 60 days after the General Partner receives written demand from the Special Limited Partner. If the Special Limited Partner elects to remove the General Partner then the provisions of Article XIII apply.

Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before March December 1, 2003 2002 ("Completion Date") at a total development cost of not more than $4,527,430 1,428,259 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development development, and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, and the Project Documents. At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner ascertains that the Development Budget exceeds the sum of the Capital Contributions and the Mortgage amount then the General Partner shall be responsible for and shall be obligated to pay the difference thereof within thirty days of receiving written notice from the Special Limited Partner except as otherwise provided for in this Agreement. Any advances by the General Partner pursuant to the previous sentence shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns. Upon such notice from the Special Limited Partner, the General Partner shall advance the requested funds into the Construction Lender's construction account. (b) In addition, if (1) the Improvements are not completed on or before the Completion Date (which date may be extended in the events of Force Majeure, but in no event longer than three months from the Completion Date); (2) prior to completing the Improvements, the Construction Lender sends a notice of default under the Construction Loan; or (3) a foreclosure action is commenced against the Partnership, then at the Special Limited Partner's election, either the General Partner will be removed from the Partnership and the Special Limited Partner will be admitted as successor General Partner, all in accordance with Article XIII hereof, or the General Partner will repurchase the Interest of the Limited Partner and the Special Limited Partner for an amount equal to the amounts theretofore paid by the Limited Partner and the Special Limited Partner, and the Limited Partner and the Special Limited Partner shall have no further Interest in the Partnership. If the Special Limited Partner elects to have the General Partner repurchase such Interests then the repurchase shall occur within 60 days after the General Partner receives written demand from the Special Limited Partner. If the Special Limited Partner elects to remove the General Partner then the provisions of Article XIII apply.

Construction Obligations. (a) The General Partner hereby guarantees a lien free Completion completion of Construction construction of the Apartment Housing on or before March September 1, 2003 ("Completion 2001("Completion Date") at a total development cost of not more than $4,527,430 ("Development 1,639,600("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, and the Project Documents. At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner ascertains that the Development Budget exceeds the sum of the Capital Contributions and the Mortgage amount then the General Partner shall be responsible for and shall be obligated to pay the difference thereof within thirty days of receiving written notice from the Special Limited Partner except as otherwise provided for in this Agreement. Any advances by the General Partner pursuant to the previous sentence shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns. Upon such notice from the Special Limited Partner, the General Partner shall advance the requested funds into the Construction Lender's construction account. (b) In addition, if (1) the Improvements are not completed on or before the Completion Date (which date may be extended in the events of Force Majeure, but in no event longer than three months from the Completion Date); (2) prior to completing the Improvements, the Construction Lender sends a notice of default under the Construction Loan; or (3) a foreclosure action is commenced against the Partnership, then at the Special Limited Partner's election, either the General Partner will be removed from the Partnership and the Special Limited Partner will be admitted as successor General Partner, all in accordance with Article XIII hereof, or the General Partner will repurchase the Interest of the Limited Partner and the Special Limited Partner for an amount equal to the amounts theretofore paid by the Limited Partner and the Special Limited Partner, and the Limited Partner and the Special Limited Partner shall have no further Interest in the Partnership. If the Special Limited Partner elects to have the General Partner repurchase such Interests then the repurchase shall occur within 60 days after the General Partner receives written demand from the Special Limited Partner. If the Special Limited Partner elects to remove the General Partner then the provisions of Article XIII apply.

Construction Obligations. (a) The General Partner hereby guarantees a lien free Completion completion of Construction construction of the Apartment Housing on or before March June 1, 2003 2001 ("Completion Date") at a total development cost of not more than $4,527,430 1,319,268 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, and the Project Documents. At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner ascertains that the Development Budget exceeds the sum of the Capital Contributions and the Mortgage amount then the General Partner shall be responsible for and shall be obligated to pay the difference thereof within thirty days of receiving written notice from the Special Limited Partner except as otherwise provided for in this Agreement. Any advances by the General Partner pursuant to the previous sentence shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns. Upon such notice from the Special Limited Partner, the General Partner shall advance the requested funds into the Construction Lender's construction account. (b) In addition, if (1) the Improvements are not completed on or before the Completion Date (which date may be extended in the events of Force Majeure, but in no event longer than three months from the Completion Date); (2) prior to completing the Improvements, the Construction Lender sends a notice of default under the Construction Loanthe; or (3) a foreclosure action is commenced against the Partnership, then at the Special Limited Partner's election, either the General Partner will be removed from the Partnership and the Special Limited Partner will be admitted as successor General Partner, all in accordance with Article XIII hereof, or the General Partner will repurchase the Interest of the Limited Partner and the Special Limited Partner for an amount equal to the amounts theretofore paid by the Limited Partner and the Special Limited Partner, and the Limited Partner and the Special Limited Partner shall have no further Interest in the Partnership. If the Special Limited Partner elects to have the General Partner repurchase such Interests then the repurchase shall occur within 60 days after the General Partner receives written demand from the Special Limited Partner. If the Special Limited Partner elects to remove the General Partner then the provisions of Article XIII apply.

Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before March September 1, 2003 2002 (the "Completion Date") at a total development cost of not more than $4,527,430 1,133,159 for Kingsfield Apartments, $2,421,869 for Xxxxxx Family Apartments, and $1,012,838 for Westridge Apartments (for each such project, the "Development Budget"), which includes all hard and soft costs incident to the acquisition, development development, and construction renovation of the Apartment Housing in accordance with the Construction Development Budget, the Construction Contract, and the Project Documents. At any time during construction and prior to Permanent Mortgage Commencementconstruction, if the Special Limited Partner ascertains that the Development Budget for Kingfield Apartments, Xxxxxx Family Apartments or Westridge Apartments, less the Development Fee for such project, exceeds the sum of the Capital Contributions and the Mortgage amount for such project, then the General Partner shall be responsible for and shall be obligated to pay the difference thereof within thirty days of receiving written notice from the Special Limited Partner. Upon such notice from the Special Limited Partner, the General Partner except as otherwise provided for in this Agreementshall advance the requested funds into the Construction Lender's construction account. Any advances by the General Partner pursuant to the previous sentence this Section shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns. Upon such notice from the Special Limited Partner, the General Partner shall advance the requested funds into the Construction Lender's construction account. (b) In addition, if (1) the Improvements are not completed on or before the Completion Date (which date may be extended in the events of Force Majeure, but in no event longer than three months from the Completion Date); (2) prior to completing the Improvements, the Construction Lender sends a notice of default under any of the Construction LoanLoans; or (3) a foreclosure action is commenced against the PartnershipPartnership with regard to any of its properties, then at the Special Limited Partner's election, either the General Partner will be removed from the Partnership and the Special Limited Partner will be admitted as successor General Partner, all in accordance with Article XIII hereof, or the General Partner will repurchase the Interest of the Limited Partner and the Special Limited Partner for an amount equal to the amounts theretofore paid by the Limited Partner and the Special Limited Partner, and the Limited Partner and the Special Limited Partner shall have no further Interest in the Partnership. If the Special Limited Partner elects to have the General Partner repurchase such Interests then the repurchase shall occur within 60 30 days after the General Partner receives written demand from the Special Limited Partner. If the Special Limited Partner elects to remove the General Partner then the provisions of Article XIII apply.

Construction Obligations. (a) The General Partner hereby guarantees a lien free Completion completion of Construction construction of the Apartment Housing on or before March June 1, 2003 2002 ("Completion Date") at a total development cost of not more than $4,527,430 1,603,285 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, and the Project Documents. At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner ascertains that the Development Budget exceeds the sum of the Capital Contributions and the Mortgage amount then the General Partner shall be responsible for and shall be obligated to pay the difference thereof within thirty days of receiving written notice from the Special Limited Partner except as otherwise provided for in this Agreement. Any advances by the General Partner pursuant to the previous sentence shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns. Upon such notice from the Special Limited Partner, the General Partner shall advance the requested funds into the Construction Lender's construction account. (b) In addition, if (1) the Improvements are not completed on or before the Completion Date (which date may be extended in the events of Force Majeure, but in no event longer than three months from the Completion Date); (2) prior to completing the Improvements, the Construction Lender sends a notice of default under the Construction Loanthe; or (3) a foreclosure action is commenced against the Partnership, then at the Special Limited Partner's election, either the General Partner will be removed from the Partnership and the Special Limited Partner will be admitted as successor General Partner, all in accordance with Article XIII hereof, or the General Partner will repurchase the Interest of the Limited Partner and the Special Limited Partner for an amount equal to the amounts theretofore paid by the Limited Partner and the Special Limited Partner, and the Limited Partner and the Special Limited Partner shall have no further Interest in the Partnership. If the Special Limited Partner elects to have the General Partner repurchase such Interests then the repurchase shall occur within 60 days after the General Partner receives written demand from the Special Limited Partner. If the Special Limited Partner elects to remove the General Partner then the provisions of Article XIII apply.

Construction Obligations. (a) The General Partner hereby guarantees lien free shall cause Completion of Construction of in accordance with the Project Documents, pay all expenses and costs with respect to financing the Apartment Housing on through Completion of Construction, equip the Apartment Housing or before March 1cause the same to be equipped with all necessary and appropriate fixtures, 2003 ("Completion Date") at a total development cost equipment and articles of personal property, including but not more than $4,527,430 ("Development Budget")limited to, which includes refrigerators and ranges and pay all hard and soft other costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the through Completion of Construction. If costs and expenses necessary to effect Completion of Construction Budget, the Construction Contract, and the Project Documents. At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner ascertains that the Development Budget exceeds exceed the sum of the Capital Contributions Contributions, the proceeds of the Mortgage and the Mortgage amount Development Fee then the General Partner shall be responsible for and shall be obligated to pay the difference thereof within thirty days of receiving written notice from the Special Limited Partner except as otherwise provided for in this Agreementsuch construction financing shortfalls. Any such advances by the General Partner pursuant to the previous sentence shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns. Upon such notice from the Special Limited Partner, the General Partner shall advance the requested funds into the Construction Lender's construction accountoverrun and not be repayable. (b) In addition, if (1) the Improvements are not completed on or before the December 31, 1999 ("Completion Date Date") (which date may be extended in the events of Force Majeure, but in no event longer than three months from the Completion Date); (2) prior to completing the Improvements, the Construction Lender sends a notice of there is an uncured default under or termination of the Construction Loan, Mortgage Loan commitment, or other material documents; or (3) a foreclosure action is commenced against the Partnership, then at the Special Limited Partner's election, either the General Partner will be removed from the Partnership and the Special Limited Partner will be admitted as successor General Partner, all in accordance with Article XIII hereof, or the General Partner will repurchase the Interest of the Limited Partner and the Special Limited Partner for an amount equal to the amounts theretofore paid by the Limited Partner and the Special Limited Partner, and the Limited Partner and the Special Limited Partner shall have no further Interest in the Partnership. If the Special Limited Partner elects to have the General Partner repurchase such Interests the Interest of the Limited Partner then the repurchase shall occur within 60 days after the General Partner receives written demand from the Special Limited Partner. If the Special Limited Partner elects to remove the General Partner then the provisions of Article XIII apply.

Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before March April 1, 2003 ("Completion Date") at a total development cost of not more than $4,527,430 2,993,490 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Development Budget, the Construction Contract, and the Project Documents. At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner ascertains that the Development Budget Budget, less the Development Fee, exceeds the sum of the Capital Contributions and the Mortgage amount then the General Partner shall be responsible for and shall be obligated to pay the difference thereof within thirty 30 days of receiving written notice from the Special Limited Partner. Upon such notice from the Special Limited Partner, the General Partner except as otherwise provided for in this Agreementshall advance the requested funds into the Construction Lender's construction account. Any advances by the General Partner pursuant to the previous sentence this Section shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns. Upon such notice from the Special Limited Partner, the General Partner shall advance the requested funds into the Construction Lender's construction account. (b) In addition, if (1) the Improvements are not completed on or before the Completion Date (which date may be extended in the events of Force Majeure, but in no event longer than three 3 months from the Completion Date); (2) prior to completing the Improvements, the Construction Lender sends a notice of default under the Construction Loan; or (3) a foreclosure action is commenced against the Partnership, then at the Special Limited Partner's election, either the General Partner will be removed from the Partnership and the Special Limited Partner will be admitted as successor General Partner, all in accordance with Article XIII hereof, or the General Partner will repurchase the Interest of the Limited Partner and the Special Limited Partner for an amount equal to the amounts theretofore paid by the Limited Partner and the Special Limited Partner, and the Limited Partner and the Special Limited Partner shall have no further Interest in the Partnership. If the Special Limited Partner elects to have the General Partner repurchase such Interests then the repurchase shall occur within 60 30 days after the General Partner receives written demand from the Special Limited Partner. If the Special Limited Partner elects to remove the General Partner then the provisions of Article XIII apply.

Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before March December 1, 2003 2002 ("Completion Date") at a total development cost of not more than $4,527,430 4,555,000 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, and the Project Documents. At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner ascertains that the Development Budget exceeds the sum of the Capital Contributions and the Mortgage amount then the General Partner shall be responsible for and shall be obligated to pay the difference thereof within thirty days of receiving written notice from the Special Limited Partner except as otherwise provided for in this Agreement. Any advances by the General Partner pursuant to the previous sentence shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns. Upon such notice from the Special Limited Partner, the General Partner shall advance the requested funds into the Construction Lender's construction account. (b) In addition, if (1) the Improvements are not completed on or before the Completion Date (which date may be extended in the events of Force Majeure, but in no event longer than three months from the Completion Date); (2) prior to completing the Improvements, the Construction Lender sends a notice of default under the Construction Loan; or (3) a foreclosure action is commenced against the Partnership, then at the Special Limited Partner's election, either the General Partner will be removed from the Partnership and the Special Limited Partner will be admitted as successor General Partner, all in accordance with Article XIII hereof, or the General Partner will repurchase the Interest of the Limited Partner and the Special Limited Partner for an amount equal to the amounts theretofore paid by the Limited Partner and the Special Limited Partner, and the Limited Partner and the Special Limited Partner shall have no further Interest in the Partnership. If the Special Limited Partner elects to have the General Partner repurchase such Interests then the repurchase shall occur within 60 days after the General Partner receives written demand from the Special Limited Partner. If the Special Limited Partner elects to remove the General Partner then the provisions of Article XIII apply.

Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before March December 1, 2003 2002 ("Completion Date") at a total development cost of not more than $4,527,430 4,912,000 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, and the Project Documents. At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner ascertains that the Development Budget exceeds the sum of the Capital Contributions and the Mortgage amount then the General Partner shall be responsible for and shall be obligated to pay the difference thereof within thirty days of receiving written notice from the Special Limited Partner except as otherwise provided for in this Agreement. Any advances by the General Partner pursuant to the previous sentence shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns. Upon such notice from the Special Limited Partner, the General Partner shall advance the requested funds into the Construction Lender's construction account. (b) In addition, if (1) the Improvements are not completed on or before the Completion Date (which date may be extended in the events of Force Majeure, but in no event longer than three months from the Completion Date); (2) prior to completing the Improvements, the Construction Lender sends a notice of default under the Construction Loan; or (3) a foreclosure action is commenced against the Partnership, then at the Special Limited Partner's election, either the General Partner will be removed from the Partnership and the Special Limited Partner will be admitted as successor General Partner, all in accordance with Article XIII hereof, or the General Partner will repurchase the Interest of the Limited Partner and the Special Limited Partner for an amount equal to the amounts theretofore paid by the Limited Partner and the Special Limited Partner, and the Limited Partner and the Special Limited Partner shall have no further Interest in the Partnership. If the Special Limited Partner elects to have the General Partner repurchase such Interests then the repurchase shall occur within 60 days after the General Partner receives written demand from the Special Limited Partner. If the Special Limited Partner elects to remove the General Partner then the provisions of Article XIII apply.

Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before March July 1, 2003 2008 ("Completion Date") at ). The General Partner further guarantees that the development of the Apartment Housing and Improvements will not exceed a total development cost of not more than $4,527,430 3,383,542 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, Development Budget and the Project Documents. At If the actual hard costs and soft costs of developing and constructing the Apartment Housing and Improvements exceed the Development Budget then the General Partner shall advance the money to the Partnership to pay the difference between the aggregated actual hard and soft costs and the Development Budget. If the remaining sources of revenue from Capital Contributions are insufficient, as determined by the Accountant and Special Limited Partner, to pay in full any time during outstanding hard and soft costs incident to the acquisition, development and construction and prior of the Apartment Housing, then the General Partner shall advance the money to Permanent Mortgage Commencement, if the Partnership to pay the additional costs. (b) If the Special Limited Partner ascertains Partner, in good faith, determines that the actual construction and development costs exceed the Development Budget exceeds (excluding the sum of the Capital Contributions and the Mortgage amount Development Fee) then the General Partner shall be responsible for and shall be obligated to pay pay, the difference thereof to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time during construction and prior to Completion of Construction if the Special Limited Partner, in good faith, determine there are insufficient funds to obtain Completion of Construction or the funds are not available in accordance with the funding requirements of this Agreement, then the General Partner shall be responsible for and shall be obligated to advance and deposit into the disbursement account within thirty ten days of receiving written following notice from by the Special Limited Partner, the amount requested by the Special Limited Partner except as otherwise provided for in this Agreement. to pay a current construction draw or an amount necessary to obtain Completion of Construction. (c) Any advances by the General Partner pursuant to the previous sentence this Section 6.2 shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns. Upon such notice from the Special Limited Partner, the General Partner shall advance the requested funds into the Construction Lender's construction account. (b) In addition, if (1) the Improvements are not completed on or before the Completion Date (which date may be extended in the events of Force Majeure, but in no event longer than three months from the Completion Date); (2) prior to completing the Improvements, the Construction Lender sends a notice of default under the Construction Loan; or (3) a foreclosure action is commenced against the Partnership, then at the Special Limited Partner's election, either the General Partner will be removed from the Partnership and the Special Limited Partner will be admitted as successor General Partner, all in accordance with Article XIII hereof, or the General Partner will repurchase the Interest of the Limited Partner and the Special Limited Partner for an amount equal to the amounts theretofore paid by the Limited Partner and the Special Limited Partner, and the Limited Partner and the Special Limited Partner shall have no further Interest in the Partnership. If the Special Limited Partner elects to have the General Partner repurchase such Interests then the repurchase shall occur within 60 days after the General Partner receives written demand from the Special Limited Partner. If the Special Limited Partner elects to remove the General Partner then the provisions of Article XIII apply.

Construction Obligations. (a) The General Partner hereby guarantees a lien free Completion completion of Construction construction of the Apartment Housing on or before March 1, 2003 2001 ("Completion Date") at a total development cost of not more than $4,527,430 2,170,000 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, and the Project Documents. At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner ascertains that the Development Budget exceeds the sum of the Capital Contributions and the Mortgage amount then the General Partner shall be responsible for and shall be obligated to pay the difference thereof within thirty days of receiving written notice from the Special Limited Partner except as otherwise provided for in this Agreement. Any advances by the General Partner pursuant to the previous sentence shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns. Upon such notice from the Special Limited Partner, the General Partner shall advance the requested funds into the Construction Lender's construction account. (b) In addition, if (1) the Improvements are not completed on or before the Completion Date (which date may be extended in the events of Force Majeure, but in no event longer than three months from the Completion Date); (2) prior to completing the Improvements, the Construction Lender sends a notice of default under the Construction Loan; or (3) a foreclosure action is commenced against the Partnership, then at the Special Limited Partner's election, either the General Partner will be removed from the Partnership and the Special Limited Partner will be admitted as successor General Partner, all in accordance with Article XIII hereof, or the General Partner will repurchase the Interest of the Limited Partner and the Special Limited Partner for an amount equal to the amounts theretofore paid by the Limited Partner and the Special Limited Partner, and the Limited Partner and the Special Limited Partner shall have no further Interest in the Partnership. If the Special Limited Partner elects to have the General Partner repurchase such Interests then the repurchase shall occur within 60 days after the General Partner receives written demand from the Special Limited Partner. If the Special Limited Partner elects to remove the General Partner then the provisions of Article XIII apply.

Construction Obligations. (a) The General Partner hereby guarantees a lien free Completion of Construction of the Apartment Housing on or before March 1, 2003 12/01/02 ("Completion Date") at a total development cost of not more than $4,527,430 4,244,867 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, and the Project Documents. Notwithstanding the foregoing, the Completion Date shall be extended if delays are the result of an Unavoidable Event. At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner ascertains that the Development Budget exceeds the sum of the Capital Contributions and the Mortgage and the Development Fee amount then the General Partner shall be responsible for and shall be obligated to pay such financing shortfalls, provided such shortfalls are not caused by or are a result of an Unavoidable Event. Any such shortfalls shall be paid the difference thereof within thirty days of receiving written notice from the Special Limited Partner except as otherwise provided for in this Agreement. Any advances by the General Partner pursuant to the previous sentence shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns. Upon such notice from the Special Limited Partner, the General Partner shall advance the requested funds into the Construction Lender's construction account. (b) In addition, if (1) the Improvements are not completed on or before the Completion Date (which date may be extended in the events of Force MajeureMajeure or an Unavoidable Event, but in no event longer than three months from the Completion Date); (2) prior to completing the Improvements, the Construction Lender sends a notice of default under the Construction Loan; or (3) a foreclosure action is commenced against the Partnership, none of which are caused by or are a result of an Unavoidable Event, then at the Special Limited Partner's election, either the General Partner will be removed from the Partnership and the Special Limited Partner will be admitted as successor General Partner, all in accordance with Article XIII hereof, or the General Partner will repurchase the Interest of the Limited Partner and the Special Limited Partner for an amount equal to the amounts theretofore paid by the Limited Partner and the Special Limited Partner, less any distributions previously made to the Limited Partner or Special Limited Partner, and the Limited Partner and the Special Limited Partner shall have no further Interest in the Partnership. If the Special Limited Partner elects to have the General Partner repurchase such Interests then the repurchase shall occur within 60 days after the General Partner receives written demand from the Special Limited Partner. If the Special Limited Partner elects to remove the General Partner then the provisions of Article XIII apply.