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.

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.

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.

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.

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.