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. 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 thirty 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 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 (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 Land Lender and the Construction Lender (and interest thereon) pursuant to the Land Mortgage and Construction Mortgage, respectively. 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. 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 thirty year forty (40)-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 PartnerPartners, which consent may not be unreasonably withheld. 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 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 Agency MHDC 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 Previous General Partners and their Affiliates, jointly and severally, are hereby had been 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. B. The Partnership may decrease, increase or refinance the Permanent Mortgage Mortgages and/or the HoDAG Loan and may make any required transfer or conveyance con- veyance of Partnership assets for security or mortgage purposes, provided, however, any such decrease (except through the thirty year amortization schedule anticipated at Permanent Mortgage Commencement)decrease, increase or refinancing of the Permanent Mortgage Mortgages and/or the HoDAG Loan may be made by the Administrative General Partners Partner only with the Consent of the Investment Limited PartnerPartners unless such decrease, increase or refinancing is required by any Agency or Lender. 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 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 applicable Agency and Lender 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 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. 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 thirty year amortization schedule anticipated at Permanent Mortgage Commencement)decrease, increase or refinancing of the any Permanent Mortgage may be made by the General Partners only with the Consent of the Investment Limited Partner; provided, however, that no Consent of the Investment Limited Partner shall be required for the execution and delivery of the Construction Mortgages and the Permanent Mortgages or the leasing of apartments to tenants in the normal course of operations. C. The Partnership may sell, lease, exchange or otherwise transfer or convey all or substantially all the assets of the Partnership (including pursuant to the Master Lease) 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 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. 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 thirty year amortization schedule anticipated at Permanent Mortgage Commencement)decrease, 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 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 applicable Agency and Lender 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.