Common use of Mortgage, Refinancing and Disposition of Property Clause in Contracts

Mortgage, Refinancing and Disposition of Property. A. The General Partners and their Affiliates, jointly and severally, are hereby authorized to incur personal liability for the repayment of funds advanced by the Construction Lender (and interest thereon) pursuant to the Construction Mortgage. However, from and after Permanent Mortgage Commencement, neither any General Partner nor any Related Person shall at any time bear, nor shall the General Partners permit any other Partner or any Related Person to bear, the Economic Risk of Loss for the payment of any portion of any Mortgage. The General Partners shall cause the Partnership to elect promptly, to the extent permitted and in the manner prescribed by FmHA, that all debt service payments made by the Partnership to FmHA shall be applied first to interest determined at the stated rate set forth in the promissory note to FmHA, all as provided under FmHA regulations, and then to principal due under the Permanent Mortgage. B. The Partnership may decrease, increase or refinance the Permanent Mortgage and may make any required transfer or conveyance of Partnership assets for security or mortgage purposes, provided, however, any such decrease (except through the fifty-year amortization schedule anticipated at Permanent Mortgage Commencement), increase or refinancing of the Permanent Mortgage may be made by the General Partners only with the Consent of the Investment Limited Partner. C. The Partnership may sell, lease, exchange or otherwise transfer or convey all or substantially all the assets of the Partnership only with the Consent of the Investment Limited Partner. Notwithstanding the foregoing and except as set forth in Section 6.2(a)(6), no Consent of the Investment Limited Partner shall be required for the leasing of apartments to tenants in the normal course of operations or the leasing of all or substantially all the apartments to a public housing authority at rents satisfactory to each FmHA as expressed in writing. D. The total compensation to all Persons for the sale of the Apartment Complex shall be limited to a Competitive Real Estate Commission, not to exceed six percent (6%) of the contract price for the sale of the Apartment Complex.

Mortgage, Refinancing and Disposition of Property. A. The Partnership shall be authorized to incur whatever amounts may be required, subject to the provisions hereof, in connection with the acquisition, development, and construction of and to meet the expenses of operating the Apartment Complex (including without limitation any items for which the Lender may provide Mortgage funds) and shall secure the same by the Mortgages; provided, however, that the Partnership shall not borrow in excess of $274,310 from the Construction Lender, or $797,269 from the Permanent Lender without the consent of the Investment Limited Partner. The General Partners and their AffiliatesPartners, jointly and severally, are hereby authorized to incur personal liability for the repayment of funds advanced by the Construction Lender (and interest thereon) pursuant to the Construction Mortgage. However, from and after Permanent Mortgage Commencement, neither any the General Partner Partners nor any Related Person shall at any time bear, nor shall the General Partners permit any other Partner or any Related Person to bear, the Economic Risk of Loss for the payment of any portion of any Mortgage. The General Partners shall cause the Partnership to elect promptly, to the extent permitted and in the manner prescribed by FmHA, that all debt service payments made by the Partnership to FmHA shall be applied first to interest determined at the stated rate set forth in the promissory note to FmHA, all as provided under FmHA regulations, and then to principal due under the Permanent MortgageMortgages. B. The Partnership may decrease, increase or refinance the Permanent Mortgage Mortgages and may make any required transfer or conveyance of Partnership assets for security or mortgage purposes, provided, however, any such decrease (except through the fifty-year Permanent Mortgages amortization schedule anticipated set forth at Permanent Mortgage Commencement), increase or refinancing of the Permanent Mortgage Mortgages may be made by the General Partners only with the Consent of the Investment Limited Partner. C. The Partnership may sell, lease, exchange or otherwise transfer or convey all or substantially all any substantial part of the assets of the Partnership only with the Consent of the Investment Limited Partner. Notwithstanding the foregoing and except as set forth in Section 6.2(a)(6)) , no Consent of the Investment Limited Partner shall be required for the leasing of apartments to tenants in the normal course of operations or the leasing of all or substantially all the apartments to a public housing authority at rents satisfactory to each FmHA as expressed in writingoperations. D. The Unless otherwise agreed to by the parties, the total compensation to all Persons for the sale of the Apartment Complex shall be limited to a Competitive Real Estate Commission, not to exceed six three percent (63%) of the contract price for the sale of the Apartment Complex.

Mortgage, Refinancing and Disposition of Property. A. The General Partners and their Affiliates, jointly and severally, are hereby Partnership shall be authorized to incur personal liability borrow from the Lenders whatever amounts may be required, subject to the provisions hereof, in connection with the acquisition, development and construction of and to meet the expenses of operating the Apartment Complex (including without limitation any items for which the repayment Lenders may provide Mortgage funds) and shall secure the same by the Mortgage; provided, however, that the Partnership shall not borrow in excess of funds advanced by $6,757,536 from the Construction Lender (and interest thereon) pursuant to or $3,750,000 from the Construction MortgagePermanent Lender without the Consent of the Investment Limited Partners. However, from and after Permanent Mortgage Commencement, neither any General Partner nor any Related Person shall at any time bear, nor shall the General Partners permit any other Partner or any Related Person to bear, the Economic Risk of Loss for the payment of any portion of any Mortgage, except as required by the Permanent Mortgage Commitment or unless, prior to the effectiveness of the transaction in which such Economic Risk of Loss is created or assumed, the General Partner shall have obtained, at the expense of the Partnership, an opinion from reputable tax counsel, in form and substance reasonably satisfactory to the Special Limited Partner, to the effect that such Economic Risk of Loss will not result in the reallocation of Tax Credits or losses from the Investment Limited Partner and the Special Limited Partner to the General Partner. The General Partners Partner shall cause the Partnership to elect promptly, to the extent permitted and in the manner prescribed by FmHAany Agency or Lender having jurisdiction, that all debt service payments made by the Partnership to FmHA the holder of the Permanent Mortgage note shall be applied first to interest determined at the stated rate set forth in the promissory note to FmHA, all as provided under FmHA regulationsPermanent Mortgage note, and then to principal due under with respect to the Permanent MortgageMortgage note. B. The Partnership may decrease, increase or refinance the Permanent Mortgage and may make any required transfer or conveyance of Partnership assets for security or mortgage purposes, provided, however, any such decrease (except through the fifty-year Permanent Mortgage amortization schedule anticipated at Permanent Mortgage Commencement), increase or refinancing of the Permanent Mortgage may be made by the General Partners only with the Consent of the Investment Limited PartnerPartners. C. The Partnership may sell, lease, exchange or otherwise transfer or convey all or substantially all any substantial part of the assets of the Partnership only with the Consent of the Investment Limited PartnerPartners. Notwithstanding the foregoing and except as set forth in Section 6.2(a)(6), no Consent of the Investment Limited Partner Partners shall be required for the leasing of apartments to tenants in the normal course of operations or the leasing of all or substantially all the apartments to a public housing authority at rents satisfactory to each FmHA the Agency as expressed in writing. D. The total compensation to all Persons for the sale of the Apartment Complex shall be limited to a Competitive Real Estate Commission, not to exceed six percent per cent (6%) of the contract price for the sale of the Apartment Complex.

Mortgage, Refinancing and Disposition of Property. A. The General Partners and their Affiliates, jointly and severally, are hereby authorized to incur personal liability for the repayment of funds advanced by the Construction Lender (and interest thereon) pursuant to the Construction Mortgage. However, from and after Permanent Mortgage Commencement, neither any General Partner nor any Related Person shall at any time bear, nor shall the General Partners permit any other Partner or any Related Person to bear, the Economic Risk of Loss for the payment of any portion of any Mortgage. The General Partners shall cause the Partnership to elect promptly, to the extent permitted and in the manner prescribed by FmHA, that all debt service payments made by the Partnership to FmHA shall be applied first to interest determined at the stated rate set forth in the promissory note to FmHA, all as provided under FmHA regulations, and then to principal due under the Permanent Mortgage. B. The Partnership may decrease, increase or refinance the Permanent Mortgage and may make any required transfer or conveyance of Partnership assets for security or mortgage purposes, provided, however, any such decrease (except through the fifty-year amortization schedule anticipated at Permanent Mortgage Commencement), increase or refinancing of the Permanent Mortgage may be made by the General Partners only with the Consent of the Investment Limited Partner. C. The Partnership may sell, lease, exchange or otherwise transfer or convey all or substantially all the assets of the Partnership only with the Consent of the Investment Limited Partner. Notwithstanding the foregoing and except as set forth in Section 6.2(a)(6), no Consent of the Investment Limited Partner shall be required for the leasing of apartments to tenants in the normal course of operations or the leasing of all or substantially all the apartments to a public housing authority at rents satisfactory to each FmHA as expressed in writingoperations. D. The total compensation to all Persons for the sale of the Apartment Complex shall be limited to a Competitive Real Estate Commission, not to exceed six percent (6%) of the contract price for the sale of the Apartment Complex.

Mortgage, Refinancing and Disposition of Property. A. The General Partners and their Affiliates, jointly and severally, are hereby authorized to incur personal liability for the repayment of funds advanced by the Construction Lender (and interest thereon) pursuant to the Construction Mortgage. However, from and after Permanent Mortgage Commencement, neither any General Partner nor any Related Person shall at any time bear, nor shall the General Partners permit any other Partner or any Related Person to bear, the Economic Risk economic risk of Loss loss for the payment of any portion of any Mortgage. The General Partners promptly shall cause the Partnership to elect promptlyelect, to the extent permitted and in the manner prescribed by FmHA, that all debt service payments made by the Partnership to FmHA shall be applied first to interest determined at the stated rate set forth in the promissory note to FmHA, all as provided under FmHA regulations, and then to principal due under the Permanent Mortgage. B. The Partnership may decrease, increase or refinance the Permanent Mortgage and may make any required transfer or conveyance of Partnership assets for security or mortgage purposes, provided, however, any such decrease (except through the fifty-year amortization schedule anticipated at Permanent Mortgage Commencement), increase or refinancing of the Permanent Mortgage may be made by the General Partners only with the Consent of the Investment Limited Partner. C. The Partnership may sell, lease, exchange or otherwise transfer or convey all or substantially all the assets of the Partnership only with the Consent of the Investment Limited Partner. Notwithstanding the foregoing and except as set forth in Section 6.2(a)(6), no Consent of the Investment Limited Partner shall be required for the leasing of apartments to tenants in the normal course of operations or the leasing of all or substantially all the apartments to a public housing authority at rents satisfactory to each FmHA as expressed in writing. D. The total compensation to all Persons for the sale of the Apartment Complex shall be limited to a Competitive Real Estate Commission, not to exceed six percent per cent (6%) of the contract price for the sale of the Apartment Complex.

Mortgage, Refinancing and Disposition of Property. A. The General Partners and their Affiliates, jointly and severally, are hereby authorized to incur personal liability for the repayment of funds advanced by the Construction Lender (and interest thereon) pursuant to the Construction Mortgage. However, from and after Permanent Mortgage Commencement, neither any General Partner nor any Related Person shall at any time bear, nor shall the General Partners permit any other Partner or any Related Person to bear, the Economic Risk of Loss for the payment of any portion of any Mortgage. The General Partners shall cause the Partnership to elect promptly, to the extent permitted and in the manner prescribed by FmHARECD, that all debt service payments made by the Partnership to FmHA RECD shall be applied first to interest determined at the stated rate set forth in the promissory note to FmHARECD, all as provided under FmHA RECD regulations, and then to principal due under the Permanent Mortgage. B. The Partnership may decrease, increase or refinance the Permanent Mortgage and may make any required transfer or conveyance of Partnership assets for security or mortgage purposes, provided, however, any such decrease (except through the fifty-year amortization schedule anticipated at Permanent Mortgage Commencement), increase or refinancing of the Permanent Mortgage may be made by the General Partners only with the Consent of the Investment Limited Partner. C. The Partnership may sell, lease, exchange or otherwise transfer or convey all or substantially all the assets of the Partnership only with the Consent of the Investment Limited Partner. Notwithstanding the foregoing and except as set forth in Section 6.2(a)(6), no Consent of the Investment Limited Partner shall be required for the leasing of apartments to tenants in the normal course of operations or the leasing of all or substantially all the apartments to a public housing authority at rents satisfactory to each FmHA as expressed in writingoperations. D. The total compensation to all Persons for the sale of the Apartment Complex shall be limited to a Competitive Real Estate Commission, not to exceed six percent (6%) of the contract price for the sale of the Apartment Complex.

Mortgage, Refinancing and Disposition of Property. A. The General Partners and their Affiliates, jointly and severally, are hereby authorized to incur personal liability for the repayment of funds advanced by the Construction Lender (and interest thereon) pursuant to the Construction Mortgage. However, from From and after Permanent Mortgage Commencement, neither any General Partner nor any Related Person shall at any time bear, nor shall the General Partners permit any other Partner or any Related Person to bear, the Economic Risk economic risk of Loss loss for the payment of any portion of any Mortgage. The General Partners promptly shall cause the Partnership to elect promptlyelect, to the extent permitted and in the manner prescribed by FmHARECD, that all debt service payments made by the Partnership to FmHA RECD shall be applied first to interest determined at the stated rate set forth in the promissory note to FmHARECD, all as provided under FmHA RECD regulations, and then to principal due under the Permanent Mortgage. B. The Partnership may decrease, increase or refinance the Permanent Mortgage and may make any required transfer or conveyance of Partnership assets for security or mortgage purposes, provided, however, any such decrease (except through the fifty-fifty year amortization schedule anticipated at Permanent Mortgage Commencement), increase or refinancing of the Permanent Mortgage may be made by the General Partners only with the Consent of the Investment Limited Partner. C. The Partnership may sell, lease, exchange or otherwise transfer or convey all or substantially all the assets of the Partnership only with the Consent of the Investment Limited Partner. Notwithstanding the foregoing and except as set forth in Section 6.2(a)(6), no Consent of the Investment Limited Partner shall be required for the leasing of apartments to tenants in the normal course of operations or the leasing of all or substantially all the apartments to a public housing authority at rents satisfactory to each FmHA RECD as expressed in writing. D. The total compensation to all Persons for the sale of the Apartment Complex shall be limited to a Competitive Real Estate Commission, not to exceed six percent (6%) of the contract price for the sale of the Apartment Complex.

Mortgage, Refinancing and Disposition of Property. A. The General Partners and their Affiliates, jointly and severally, are hereby authorized to incur personal liability for the repayment of funds advanced by the Construction Lender (and interest thereon) pursuant to the Construction Mortgage. However, from and after Permanent Mortgage CommencementClosing, neither any General Partner nor any Related Person shall at any time bear, nor shall the General Partners permit any other Partner or any Related Person to bear, the Economic Risk of Loss for the payment of any portion of any Mortgage. The General Partners promptly shall cause the Partnership to elect promptlyelect, to the extent permitted and in the manner prescribed by FmHA, that all debt service payments made by the Partnership to FmHA shall be applied first to interest determined at the stated rate set forth in the promissory note to FmHA, all as provided under FmHA regulations, and then to principal due under the Permanent Mortgage. B. The Partnership may decrease, increase or refinance the Permanent Mortgage and may make any required transfer or conveyance of Partnership assets for security or mortgage purposes, provided, however, any such decrease (except through the fifty-year amortization schedule anticipated at Permanent Mortgage CommencementClosing), increase or refinancing of the Permanent Mortgage may be made by the General Partners only with the Consent of the Investment Limited Partner. C. The Partnership may sell, lease, exchange or otherwise transfer or convey all or substantially all the assets of the Partnership only with the Consent of the Investment Limited Partner. Notwithstanding the foregoing and except as set forth in Section 6.2(a)(66.2(a) (6), no Consent of the Investment Limited Partner shall be required for the leasing of apartments to tenants in the normal course of operations or the leasing of all or substantially all the apartments to a public housing authority at rents satisfactory to each FmHA as expressed in writing. D. The total compensation to all Persons for the sale of the Apartment Complex shall be limited to a Competitive Real Estate Commission, not to exceed six percent per cent (6%) of the contract price for the sale of the Apartment Complex.

Mortgage, Refinancing and Disposition of Property. A. The General Partners and their Affiliates, jointly and severally, are hereby authorized to incur personal liability for the repayment of funds advanced by the Construction Lender (and interest thereon) pursuant to the Construction Mortgage. However, from and after Permanent Mortgage Commencement, neither any General Partner nor any Related Person shall at any time bear, nor shall the General Partners permit any other Partner or any Related Person to bear, the Economic Risk of Loss for the payment of any portion of any Mortgage. The General Partners shall cause the Partnership to elect promptly, to the extent permitted and in the manner prescribed by in FmHA, that all debt service payments made by the Partnership to FmHA shall be applied first to interest determined at the stated rate set forth in the promissory note to FmHA, all as provided under FmHA regulations, and then to principal due under the Permanent Mortgage. B. The Partnership may decrease, increase or refinance the Permanent Mortgage and may make any required transfer or conveyance of Partnership assets for security or mortgage purposes, provided, however, any such decrease (except through the fifty-year Permanent Mortgage amortization schedule anticipated at Permanent Mortgage Commencement), increase or refinancing of the Permanent Mortgage may be made by the General Partners only with the Consent of the Investment Limited Partner. C. The Partnership may sell, lease, exchange or otherwise transfer or convey all or substantially all any substantial part of the assets of the Partnership only with the Consent of the Investment Limited Partner. Notwithstanding the foregoing and except as set forth in Section 6.2(a)(6), no Consent of the Investment Limited Partner shall be required for the leasing of apartments to tenants in the normal course of operations or the leasing of all or substantially all the apartments to a public housing authority at rents satisfactory to each FmHA the Lender and/or Agency as expressed in writing. D. . D The total compensation to all Persons for the sale of the Apartment Complex shall be limited to a Competitive Real Estate Commission, not to exceed six percent (6%) of the contract price for the sale of the Apartment Complex.

Mortgage, Refinancing and Disposition of Property. A. The Partnership shall be authorized to incur whatever amounts may be required, subject to the provisions hereof, in connection with the acquisition, development, and construction of and to meet the expenses of operating the Apartment Complex (including without limitation any items for which the Lender may provide Mortgage funds) and shall secure the same by the Mortgages; provided, however, that the Partnership shall not borrow in excess of $181,335 from the Construction Lender, or $549,222 from the Permanent Lender without the consent of the Investment Limited Partner. The General Partners and their AffiliatesPartners, jointly and severally, are hereby authorized to incur personal liability for the repayment of funds advanced by the Construction Lender (and interest thereon) pursuant to the Construction Mortgage. However, from and after Permanent Mortgage Commencement, neither any the General Partner Partners nor any Related Person shall at any time bear, nor shall the General Partners permit any other Partner or any Related Person to bear, the Economic Risk of Loss for the payment of any portion of any Mortgage. The General Partners shall cause the Partnership to elect promptly, to the extent permitted and in the manner prescribed by FmHA, that all debt service payments made by the Partnership to FmHA shall be applied first to interest determined at the stated rate set forth in the promissory note to FmHA, all as provided under FmHA regulations, and then to principal due under the Permanent MortgageMortgages. B. The Partnership may decrease, increase or refinance the Permanent Mortgage Mortgages and may make any required transfer or conveyance of Partnership assets for security or mortgage purposes, provided, however, any such decrease (except through the fifty-year Permanent Mortgages amortization schedule anticipated set forth at Permanent Mortgage Commencement), increase or refinancing of the Permanent Mortgage Mortgages may be made by the General Partners only with the Consent of the Investment Limited Partner. C. The Partnership may sell, lease, exchange or otherwise transfer or convey all or substantially all any substantial part of the assets of the Partnership only with the Consent of the Investment Limited Partner. Notwithstanding the foregoing and except as set forth in Section 6.2(a)(6)) , no Consent of the Investment Limited Partner shall be required for the leasing of apartments to tenants in the normal course of operations or the leasing of all or substantially all the apartments to a public housing authority at rents satisfactory to each FmHA as expressed in writingoperations. D. The Unless otherwise agreed to by the parties, the total compensation to all Persons for the sale of the Apartment Complex shall be limited to a Competitive Real Estate Commission, not to exceed six three percent (63%) of the contract price for the sale of the Apartment Complex.

Mortgage, Refinancing and Disposition of Property. A. The General Partners and their Affiliates, jointly and severally, are hereby authorized to incur personal liability for the repayment of funds advanced by the Construction Lender (and interest thereon) pursuant to the Construction Mortgage. However, from and after Permanent Mortgage Commencement, neither any General Partner nor any Related Person shall at any time bear, nor shall the General Partners permit any other Partner or any Related Person to bear, the Economic Risk of Loss for the payment of any portion of any Mortgage. The General Partners shall cause the Partnership to elect promptly, to the extent permitted and in the manner prescribed by FmHARECD, that all debt service payments made by the Partnership to FmHA RECD shall be applied first to interest determined at the stated rate set forth in the promissory note to FmHARECD, all as provided under FmHA RECD regulations, and then to principal due under the Permanent Mortgage. B. The Partnership may decrease, increase or refinance the Permanent Mortgage and may make any required transfer or conveyance of Partnership assets for security or mortgage purposes, provided, however, any such decrease (except through the fifty-year amortization schedule anticipated at Permanent Mortgage Commencement), increase or refinancing of the Permanent Mortgage may be made by the General Partners only with the Consent of the Investment Limited Partner. C. The Partnership may sell, lease, exchange or otherwise transfer or convey all or substantially all the assets of the Partnership only with the Consent of the Investment Limited Partner. Notwithstanding the foregoing and except as set forth in Section 6.2(a)(6), no Consent of the Investment Limited Partner shall be required for the leasing of apartments to tenants in the normal course of operations or the leasing of all or substantially all the apartments to a public housing authority at rents satisfactory to each FmHA RECD as expressed in writing. D. The total compensation to all Persons for the sale of the Apartment Complex shall be limited to a Competitive Real Estate Commission, not to exceed six percent (6%) of the contract price for the sale of the Apartment Complex.

Mortgage, Refinancing and Disposition of Property. A. The General Partners and their Affiliates, jointly and severally, are hereby authorized to incur personal liability for the repayment of funds advanced by the Construction Lender (and interest thereon) pursuant to the Construction Mortgage. However, from and after Permanent Mortgage Commencement, neither Neither any General Partner nor any Related Person shall at any time bear, nor shall the General Partners permit any other Partner or any Related Person to bear, the Economic Risk of Loss for the payment of any portion of any Mortgage. The General Partners shall cause the Partnership to elect promptly, to the extent permitted and in the manner prescribed by FmHA, that all debt service payments made by the Partnership to FmHA shall be applied first to interest determined at the stated rate set forth in the promissory note to FmHA, all as provided under FmHA regulations, and then to principal due under the Permanent Mortgage. B. The Partnership may decrease, increase or refinance the Permanent Mortgage and may make any required transfer or conveyance of Partnership assets for security or mortgage purposes, provided, however, any such decrease (except through the fifty-year amortization schedule anticipated at Permanent Mortgage Commencement), increase or refinancing of the Permanent Mortgage may be made by the General Partners only with the Consent of the Investment Limited Partner. C. The Partnership may sell, lease, exchange or otherwise transfer or convey all or substantially all the assets of the Partnership only with the Consent of the Investment Limited Partner. Notwithstanding the foregoing and except as set forth in Section 6.2(a)(6), no Consent of the Investment Limited Partner shall be required for the leasing of apartments to tenants in the normal course of operations or the leasing of all or substantially all the apartments to a public housing authority at rents satisfactory to each FmHA as expressed in writing. D. The total compensation to all Persons for the sale of the Apartment Complex shall be limited to a Competitive Real Estate Commission, not to exceed six percent (6%) of the contract price for the sale of the Apartment Complex.