Common use of Other Reports Clause in Contracts

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting Architect's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting Architect's report or the AIA Document G702, a line item break-down of the Construction Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Budget is in balance and there are sufficient funds to complete the construction of the Improvements, and (5) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; (b) during the rent-up phase, and continuing until the end of the first six-month period during which the Apartment Housing has a sustained occupancy of 95% or better, by the twentieth day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "G" attached hereto and incorporated herein by this reference; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "G" due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," due on or before April 30 of each year for the first quarter of operations, July 31 of each year for the second quarter of operations, October 31 of each year for the third quarter of operations and January 31 of each year for the fourth quarter of operations which shall include, but is not limited to, an unaudited income statement showing all activity in the reserve accounts required to be maintained pursuant to Section VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by December 31 of the year during which the reservation was received. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Expenses of the Partnership. Such Budget shall only be adopted with the Consent of the Special Limited Partner; and (l) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting Architect's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting Architect's report or the AIA Document G702, a line item break-down of the Construction Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Budget is in balance and there are sufficient funds to complete the construction of the Improvements, and (5) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; (b) during the rent-up phase, and continuing until the end of the first six-month period during which the Apartment Housing has a sustained occupancy of 95% or better, by the twentieth day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "GH" attached hereto and incorporated herein by this reference; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "GH" due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," H", due on or before April 30 of each year for the first quarter of operations, July 31 of each year for the second quarter of operations, October 31 of each year for the third quarter of operations and January 31 of each year for the fourth quarter of operations which shall include, but is not limited to, an unaudited income statement showing all activity in the reserve accounts required to be maintained pursuant to Section VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by December 31 of the year during which the reservation was received. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Expenses of the Partnership. Such Budget shall only be adopted with the Consent of the Special Limited Partner; and (l) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during constructionconstruction and renovation, on a regular basis, but in no event less than once a monthbefore each draw request by the contractor, a copy of the Inspecting Architect's report and other construction and renovation reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting Architect's report or the AIA Document G702, a line item break-down of the Construction and Renovation Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction and Renovation Budget is in balance and there are sufficient funds to complete the construction and renovation of the Improvements, and (5) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; (b) during the rent-up phase, and continuing until the end of the first six-month period during which the Apartment Housing has a sustained occupancy of 95% or better, by the twentieth day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "GH" attached hereto and incorporated herein by this reference; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "GH" due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," H", due on or before April 30 of each year for the first quarter of operations, July 31 of each year for the second quarter of operations, October 31 of each year for the third quarter of operations and January 31 of each year for the fourth quarter of operations which shall include, but is not limited to, an unaudited income statement showing all activity in the reserve accounts required to be maintained pursuant to Section VIII of this Agreement, statement of income and expenses, balance sheet, sheet and rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance;. (e) by September 15 of each year, an estimate of LIHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one year but will not complete the construction construction, renovation and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by December 31 of the year during which the reservation was received. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Expenses of the Partnership. Such Budget shall only be adopted with the Consent of the Special Limited Partner; and (l) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting Architect's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting Architect's report or the AIA Document G702, a line item break-down of the Construction Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Budget is in balance and there are sufficient funds to complete the construction of the Improvements, and (5) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; (b) during the rent-up phase, and continuing until the end of the first six-month period during which the Apartment Housing has a sustained occupancy of 95% or better, by the twentieth day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "G" attached hereto and incorporated herein by this reference; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "G" due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," ", due on or before April 30 of each year for the first quarter of operations, July 31 of each year for the second quarter of operations, October 31 of each year for the third quarter of operations and January 31 of each year for the fourth quarter of operations which shall include, but is not limited to, an unaudited income statement showing all activity in the reserve accounts required to be maintained pursuant to Section VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by December 31 of the year during which the reservation was received. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Expenses of the Partnership. Such Budget shall only be adopted with the Consent of the Special Limited Partner; and (l) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting ArchitectConstruction Inspector's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting ArchitectConstruction Inspector's report or the AIA Document G702, a line item break-down of the Construction Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Budget is in balance In-Balance and there are sufficient funds to complete the construction of the Improvements, and (5) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; (b) during the rent-up phase, and continuing until the end of the first six-month period during which the Apartment Housing has a sustained occupancy of 95% or better, by the twentieth day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "GH" attached hereto and incorporated herein by this reference; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "GH" due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "GH," due on or before April 30 of each year for the first quarter of operations, July 31 of each year for the second quarter of operations, October 31 of each year for the third quarter of operations and January 31 of each year for the fourth quarter of operations which shall include, but is not limited to, an unaudited income statement showing all activity in the reserve accounts required to be maintained pursuant to Section VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, or upon request by the Limited Partner, an estimate of LIHTC the taxable income or loss, LIHTC, and Georgia Credit to be allocated to the Limited Partner for that year; (f) if the Apartment Housing receives a reservation of LIHTC and Georgia Credit in one year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by the later of December 31 of the year during which the reservation was receivedreceived or six months after the date of the carryover allocation if permitted by the State Tax Credit Agency. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Expenses of the Partnership. Such Budget shall only be adopted with the Consent of the Special Limited Partner; and (l) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting Architect's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting Architect's report or the AIA Document G702, a line item break-down of the Construction Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Budget is in balance and there are sufficient funds to complete the construction of the Improvements, and (5) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; (b) during the rent-up phase, and continuing until the end of the first six-month period during which the Apartment Housing has a sustained occupancy of 95% or better, by the twentieth day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "G" G attached hereto and incorporated herein by this reference; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "G" G due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," G due on or before April 30 of each year for the first quarter of operations, July 31 of each year for the second quarter of operations, October 31 of each year for the third quarter of operations and January 31 of each year for the fourth quarter of operations which shall include, but is not limited to, an unaudited income statement showing all activity in the reserve accounts required to be maintained pursuant to Section VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by December 31 of the year during which the reservation was receivedreceived or within six months of the date of the LIHTC allocation. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Expenses of the Partnership. Such Budget shall only be adopted with the Consent of the Special Limited Partner; and (l) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting ArchitectConstruction Inspector's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, if the work performed or materials supplied by a person accounts for 5% or more of the construction of the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Development Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting ArchitectConstruction Inspector's report or the AIA Document G702, a line item break-down of the Construction Development Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Development Budget is in balance In-Balance and there are sufficient funds to complete the construction of the Improvements, and (5) if not provided for in the above referenced documents, a line item break down of all soft development costs not included in the Construction Contract but part of the Development Budget; (6) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; and (7) any other document requested by the Special Limited Partner as the circumstances warrant (collectively the "Construction Draw Documents"); (b) during the rent-up phase, and continuing until the later of the end of the first six6-month period during which the Apartment Housing has a sustained occupancy of 95% or betterbetter or the Special Limited Partner's approval of the initial tenant files, including any recommended corrections, by the twentieth 20th day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and ), a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "G" H attached hereto and incorporated herein by this reference; an up to date income statement, an up to date balance sheet and a copy of the Partnership's bank statement reflecting all operating accounts and reserve accounts; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "G" H due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," H, due on or before April 30 25 of each year for the first quarter of operations, July 31 25 of each year for the second quarter of operations, October 31 25 of each year for the third quarter of operations and January 31 25 of each year for the fourth quarter of operations which that shall include, but is not be limited to, an unaudited income a copy of the Partnership's bank statement showing all activity in the operating accounts and reserve accounts required to be maintained pursuant to Section Article VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC and taxable income or loss to be allocated to the Limited Partner for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one 1 year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by the later of December 31 of the year during which the reservation was receivedreceived or 6 months after the date of the carryover allocation if permitted by the State Tax Credit Agency. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal federal, state, or state governmental local authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code, the annual owner's sworn statement, and the State Tax Credit Agency Compliance (or annual) report; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th 15 of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Expenses of the Partnership. Such Neither the General Partner, the Management Agent nor their employees, agents or representatives shall adopt the Budget shall only be adopted with until the Consent of the Special Limited Partner has been obtained; (l) in the event the Apartment Housing and/or the Partnership is experiencing financial or operational concerns or maintenance issues and is placed on the Limited Partner's watch list, the Special Limited Partner requires the Management Agent to cooperate with the Special Limited Partner's staff as requested including, but not limited to, the following: (1) being available and responsive for site visits, telephone calls and correspondence (whether by e-mail, fax, mail, or overnight delivery); (2) providing monitoring report consisting of weekly tenant traffic and unit or building or grounds repair update reports, an up-to-date income statement, up-to-date balance sheet, previous month's rent roll, and a copy of the Partnership's monthly bank statement; and (3) providing any other documents deemed relevant by the Special Limited Partner; and (lm) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten 10 days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting ArchitectArchitect of Record's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements if the work performed or materials supplied by a person accounts for five percent or more of the construction of the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Development Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting ArchitectArchitect of Record's report or the AIA Document G702, a line item break-down of the Construction Development Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Development Budget is in balance In-Balance and there are sufficient funds to complete the construction of the Improvements, and (5) if not provided for in the above referenced documents, a line item break-down of all soft development costs not included in the Construction Contract but part of the Development Budget; (6) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month, and (7) any other document requested by the Special Limited Partner as the circumstances warrant (collectively the "Construction Draw Documents"); (b) during the rent-up phase, and continuing until the later of the end of the first six-month period during which the Apartment Housing has a sustained occupancy of 95% or better, and the Special Limited Partner's approval of the initial tenant files, including any recommended corrections, by the twentieth day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and ), a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "GH" attached hereto and incorporated herein by this reference, an up-to-date income statement, an up-to-date balance sheet and a copy of the Partnership's bank statement reflecting all operating accounts and reserve accounts; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "GH" due on or before April 30 25 of each year for the first quarter, July 31 25 of each year for the second quarter, October 31 25 of each year for the third quarter and January 31 25 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," H", due on or before April 30 25 of each year for the first quarter of operations, July 31 25 of each year for the second quarter of operations, October 31 25 of each year for the third quarter of operations and January 31 25 of each year for the fourth quarter of operations which that shall include, but is not be limited to, an unaudited income a copy of the Partnership's bank statement showing all activity in the operating accounts and reserve accounts required to be maintained pursuant to Section Article VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC for that year and taxable income or loss to be allocated to the Limited partner for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by the later of December 31 of the year during which the reservation was receivedreceived or six months after the date of the carryover allocation if permitted by the State Tax Credit Agency. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal federal, state or state governmental local authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the CodeCode and the annual owner's sworn statement and the State Tax Credit Agency Compliance (or annual) report; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th 15 of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Receipts and Cash Expenses of the Partnership. Such Budget Partnership and shall only be adopted in the form prescribed by RD rules or regulations. (l) in the event the Apartment Housing and/or the Partnership are experiencing financial concerns or operational concerns or maintenance issues and the Partnership is placed on the Limited Partner's watch list, then the Special Limited Partner requires the Management Agent to cooperate with the Consent of the Special Limited Partner's staff as requested including, but not limited to the following: (1) being available and responsive for site visits, telephone calls and correspondence (whether by e-mail, fax, mail or overnight delivery); and(2) providing weekly tenant traffic reports; (3) providing weekly unit or building or grounds repair reports; (4) providing an up-to-date income statement, up-to-date balance sheet, copy of previous month's rent roll, and a copy of Partnership's monthly bank statement; and (5) providing any other documents deemed relevant by the Special Limited Partner. In addition, the Limited Partner's investors have the right to ask questions of the Management Agent in accordance with this Section if the Partnership is placed on the Limited Partner's watch list. (lm) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten days after the occurrence of such event; and (n) copies of any notice of default received by the General Partner regarding any Project Document.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reportsPartner: (a) during During the period of construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting Architect's report initial construction schedule and other any updates to the construction reports includingschedule, but not limited to, (1) and by the name tenth day of each person performing work on month a copy of the Improvements or providing materials for the Improvements, the work performed or materials supplied by said person previous month's Construction Loan draw request and the code number corresponding to the line item in the Construction Budget which the person will be paid, inspecting architect's application and certification of payment (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting Architect's report or the AIA Document G702, a line item break-down of the Construction Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Budget is in balance and there are sufficient funds to complete the construction of the Improvements, and (5) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; (b) during During the rent-up phase, and continuing until the end of the first six-month period during which the Apartment Housing Project has a sustained occupancy of 95% or better, by the twentieth tenth day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "GF" attached hereto and incorporated herein by this reference; (c) a A quarterly tax credit compliance report similar to the worksheet included in Exhibit "GF" due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Limited Partner;. (d) a By September 15 of each year, an estimate of LIHTC for that year; (e) During the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering any Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code; (f) A quarterly report on operations, in the form attached hereto as Exhibit "G,F" due on or before April 30 of each year for the first quarter of operations, July 31 of each year for the second quarter of operations, October 31 of each year for the third quarter of operations and January 31 of each year for the fourth quarter of operations which shall include, but is not limited to, an unaudited income statement showing all activity in the reserve accounts required to be maintained pursuant to Section VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by December 31 of the year during which the reservation was received. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code; (h) by By the annual renewal date of each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (ih) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on On or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget budget shall contain all an amount required for reserves in accordance with Article VIII and for the anticipated Cash Expenses payment of the Partnershipreal estate taxes, insurance, debt service and other payments. Such Budget budget shall only be adopted with the Consent of the Special Limited Partner; (i) If the Limited Partner is required by the Securities and Exchange Commission to file a post-effective amendment to its offering document, an audited operating statement for the Project within 30 days of the request therefor by the Limited Partner, covering the Project's operating history from the Completion of Construction to the date requested by the Limited Partner and in a form required by the Securities and Exchange Commission; and (lj) notice Notice of the occurrence, or of the likelihood of occurrence, of any event which has had or is likely to have a material adverse effect upon the Apartment Housing Project or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 9.11 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports:. (a) during During construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting Architect's report construction schedule and other any updates to the construction reports including, but not limited to, (1) schedule; and by the name twentieth day of each person performing work on month a copy of the Improvements or providing materials for the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the previous month's Construction Budget which the person will be paid, Loan draw request (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting Architect's report or the AIA Document G702, a line item break-down of the Construction Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Budget is in balance and there are sufficient funds to complete the construction of the Improvements, and (5) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month;. (b) during During the rent-up phase, and continuing until the end of the first six-month period during which the Apartment Housing Project has a sustained occupancy of 95% or better, by the twentieth day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "GH" attached hereto and incorporated herein by this reference;. (c) a A quarterly tax credit compliance report similar to the worksheet included in Exhibit "GH" due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Limited Partner;. (d) By September 15 of each year, an estimate of LIHTC for that year. (e) If the Project receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, the General partner will provide to the Limited Partner by December 31 of the year during which the reservation is received an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Furthermore, if materials and supplies are purchased to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies. (f) During the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code. (g) A quarterly report on operations, in the form attached hereto as Exhibit "G," H", due on or before April 30 of each year for the first quarter of operations, July 31 of each year for the second quarter of operations, October 31 of each year for the third quarter of operations and January 31 of each year for the fourth quarter of operations which shall include, but is not limited to, an unaudited income statement showing all activity in the reserve accounts required to be maintained pursuant to Section VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by December 31 of the year during which the reservation was received. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code;. (h) by By the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement;. (i) by By the payment date of the real estate property taxes each and every year verification that the same has been paid in full;. (j) on On or before March 15th of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year;. (k) on On or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget budget shall contain all an amount required for reserves in accordance with Article VIII and for the anticipated Cash Expenses payment of the Partnershipreal estate taxes, insurance, debt service and other payments. Such Budget budget shall only be adopted with the Consent of the Special Limited Partner; and. (l) notice If the Limited Partner is required by the Securities and Exchange Commission to file a post-effective amendment to its offering document, an audited operating statement for the Project within 30 days of the occurrencerequest therefor by the Limited Partner, or covering the Project's operating history from the Completion of Construction to the likelihood of occurrence, of any event which has had date requested by the Limited Partner and in a material adverse effect upon form required by the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations Securities and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten days after the occurrence of such eventExchange Commission.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting ArchitectConstruction Inspector's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements if the work performed or materials supplied by a person accounts for five percent or more of the construction of the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Development Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting ArchitectConstruction Inspector's report or the AIA Document G702, a line item break-down of the Construction Development Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Development Budget is in balance In-Balance and there are sufficient funds to complete the construction of the Improvements, and (5) if not provided for in the above referenced documents, a line item break-down of all soft development costs not included in the Construction Contract but part of the Development Budget; (6) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month, and (7) any other document requested by the Special Limited Partner as the circumstances warrant (collectively the "Construction Draw Documents"); (b) during the rent-up phase, and continuing until the later of the end of the first six-month period during which the Apartment Housing has a sustained occupancy of 95% or better, and the Special Limited Partner's approval of the initial tenant files, including any recommended corrections, by the twentieth day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and ), a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "GH" attached hereto and incorporated herein by this reference, an up-to-date income statement, an up-to-date balance sheet and a copy of the Partnership's bank statement reflecting all operating accounts and reserve accounts; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "GH" due on or before April 30 25 of each year for the first quarter, July 31 25 of each year for the second quarter, October 31 25 of each year for the third quarter and January 31 25 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," H", due on or before April 30 25 of each year for the first quarter of operations, July 31 25 of each year for the second quarter of operations, October 31 25 of each year for the third quarter of operations and January 31 25 of each year for the fourth quarter of operations which that shall include, but is not be limited to, an unaudited income a copy of the Partnership's bank statement showing all activity in the operating accounts and reserve accounts required to be maintained pursuant to Section Article VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by the later of December 31 of the year during which the reservation was receivedreceived or six months after the date of the carryover allocation if permitted by the State Tax Credit Agency. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal federal, state or state governmental local authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the CodeCode and the annual owner's sworn statement and the State Tax Credit Agency Compliance (or annual) report; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th 15 of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Receipts and Cash Expenses of the Partnership. Such Neither the General Partner, the Management Agent nor their employees, agents or representatives shall adopt the Budget shall only be adopted with until the Consent of the Special Limited Partner has been obtained; (l) in the event the Apartment Housing and/or the Partnership are experiencing financial concerns or operational concerns or maintenance issues and the Partnership is placed on the Limited Partner's watch list, then the Special Limited Partner requires the Management Agent to cooperate with the Special Limited Partner's staff as requested including, but not limited to the following: (1) being available and responsive for site visits, telephone calls and correspondence (whether by e-mail, fax, mail or overnight delivery); (2) providing weekly tenant traffic reports; (3) providing weekly unit or building or grounds repair reports; (4) providing an up-to-date income statement, up-to-date balance sheet, copy of previous month's rent roll, and a copy of Partnership's monthly bank statement; and (5) providing any other documents deemed relevant by the Special Limited Partner. In addition, the Limited Partner's investors have the right to ask questions of the Management Agent in accordance with this Section if the Partnership is placed on the Limited Partner's watch list; and (lm) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during During the period of construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting Architect's report initial construction schedule and other any updates to the construction reports including, but not limited to, (1) schedule; and by the name twentieth day of each person performing work on month a copy of the Improvements or providing materials for the Improvements, the work performed or materials supplied by said person previous month's Construction Loan draw request and the code number corresponding to the line item in the Construction Budget which the person will be paid, inspecting architect's application and certification of payment (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting Architect's report or the AIA Document G702, a line item break-down of the Construction Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Budget is in balance and there are sufficient funds to complete the construction of the Improvements, and (5) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; (b) during During the rent-up phase, and continuing until the end of the first six-month period during which the Apartment Housing Project has a sustained occupancy of 95% or better, by the twentieth day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "GH" attached hereto and incorporated herein by this reference; (c) a A quarterly tax credit compliance report similar to the worksheet included in Exhibit "GH" due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Limited Partner;. (d) By September 15 of each year, an estimate of LIHTC for that year; (e) If the Project receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, the General Partner will provide to the Limited Partner by December 31 of the year during which the reservation is received an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (f) During the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering any Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code; (g) A quarterly report on operations, in the form attached hereto as Exhibit "G," H", due on or before April 30 of each year for the first quarter of operations, July 31 of each year for the second quarter of operations, October 31 of each year for the third quarter of operations and January 31 of each year for the fourth quarter of operations which shall include, but is not limited to, an unaudited income statement showing all activity in the reserve accounts required to be maintained pursuant to Section VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by December 31 of the year during which the reservation was received. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code; (h) by By the annual renewal date of each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by By the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on On or before March 15th of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on On or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget budget shall contain all an amount required for reserves in accordance with Article VIII and for the anticipated Cash Expenses payment of the Partnershipreal estate taxes, insurance, debt service and other payments. Such Budget budget shall only be adopted with the Consent of the Special Limited Partner; (l) If the Limited Partner is required by the Securities and Exchange Commission to file a post-effective amendment to its offering document, an audited operating statement for the Project within 30 days of the request therefor by the Limited Partner, covering the Project's operating history from the Completion of Construction to the date requested by the Limited Partner and in a form required by the Securities and Exchange Commission; and (lm) notice Notice of the occurrence, or of the likelihood of occurrence, of any event which has had or is likely to have a material adverse effect upon the Apartment Housing Project or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 9.11 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting ArchitectConstruction Inspector's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, if the work performed or materials supplied by a person accounts for 5% or more of the construction of the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Development Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting ArchitectConstruction Inspector's report or the AIA Document G702, a line item break-down of the Construction Development Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Development Budget is in balance In-Balance and there are sufficient funds to complete the construction of the Improvements, and (5) if not provided for in the above referenced documents, a line item break down of all soft development costs not included in the Construction Contract but part of the Development Budget; (6) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; and (7) any other document reasonably requested by the Special Limited Partner as the circumstances warrant (collectively the "Construction Draw Documents"); (b) during the rent-up phase, and continuing until the later of the end of the first six6-month period during which the Apartment Housing has a sustained occupancy of 95% or better, and the Special Limited Partner's approval of the initial tenant files, including any recommended corrections, by the twentieth 20th day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and ), a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "G" H attached hereto and incorporated herein by this reference, an up to date income statement, an up-to-date balance sheet and a copy of the Partnership's bank statement reflecting all operating accounts and reserve accounts; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "G" H due on or before April 30 25th of each year for the first quarter, July 31 25th of each year for the second quarter, October 31 25th of each year for the third quarter and January 31 25th of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," H, due on or before April 30 25th of each year for the first quarter of operations, July 31 25th of each year for the second quarter of operations, October 31 25th of each year for the third quarter of operations and January 31 25th of each year for the fourth quarter of operations which that shall include, but is not be limited to, an unaudited income a copy of the Partnership's bank statement showing all activity in the operating accounts and reserve accounts required to be maintained pursuant to Section Article VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 15th of each year, an estimate of LIHTC and taxable income and loss to be allocated to the Limited Partner for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by December 31 of the year during which the reservation was received. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal federal, state or state governmental local authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code, the annual owner's sworn statement, and the State Tax Credit Agency Compliance (or annual) report; (hg) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (ih) by the payment date of the real estate property taxes Real Estate Taxes each and every year verification that the same has been paid in full; (ji) on or before March 15th of each calendar year, a copy of the General Partner's updated financial statement as of December 31 31st of the previous year; (kj) on or before November 1 1st of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Receipts and Cash Expenses of the Partnership. Such Neither the General Partner, the Management Agent nor their employees, agents or representatives shall adopt the Budget shall only be adopted with until the Consent of the Special Limited PartnerPartner has been obtained; and (k) in the event the Apartment Housing and/or the Partnership is experiencing financial concerns or operational concerns or maintenance issues and the Partnership is placed on the Limited Partner's watch list, then the General Partner shall cause the Management Agent to cooperate with the Special Limited Partner's staff as requested including, but not limited to, the following: (1) being available and responsive for site visits, telephone calls and correspondence (whether by e-mail, fax, mail, or overnight delivery); (2) providing weekly tenant traffic reports; (3) providing weekly unit or building or grounds repair reports, (4) providing an up-to-date income statement, up-to-date balance sheet, copy of previous month's rent roll, and a copy of the Partnership's monthly bank statement; and (5) providing any other documents deemed relevant by the Special Limited Partner. In addition, the Limited Partner's investors have the right to ask questions of the Management Agent in accordance with this Section if the Partnership is placed on the Limited Partner's watch list; (l) copies of any notice of default received by the General Partner regarding any Project Document; and (m) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten 10 days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reportsreports within 30 days after request by the Limited Partner or Special Limited Partner: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting ArchitectConstruction Inspector's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, if the work performed or materials supplied by a person accounts for 5% or more of the construction of the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Development Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting ArchitectConstruction Inspector's report or the AIA Document G702, a line item break-down of the Construction Development Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Development Budget is in balance In-Balance and there are sufficient funds to complete the construction of the Improvements, and (5) if not provided for in the above referenced documents, a line item break down of all soft development costs not included in the Construction Contract but part of the Development Budget; (6) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; and (7) any other document requested by the Special Limited Partner as the circumstances warrant (collectively the "Construction Draw Documents"); (b) during the rent-up phase, and continuing until the later of the end of the first six6-month period during which the Apartment Housing Project has a sustained occupancy of 95% or betterbetter or the Special Limited Partner's approval of the initial tenant files, including any recommended corrections, by the twentieth 20th day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and ), a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "G" H attached hereto and incorporated herein by this reference; an up to date income statement, an up to date balance sheet and a copy of the Partnership's bank statement reflecting all operating accounts and reserve accounts; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "G" H due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," H, due on or before April 30 25 of each year for the first quarter of operations, July 31 25 of each year for the second quarter of operations, October 31 25 of each year for the third quarter of operations and January 31 25 of each year for the fourth quarter of operations which that shall include, but is not be limited to, an unaudited income a copy of the Partnership's bank statement showing all activity in the operating accounts and reserve accounts required to be maintained pursuant to Section Article VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC and taxable income or loss to be allocated to the Limited Partner for that year; (f) if the Apartment Housing Project receives a reservation of LIHTC in one 1 year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by the later of December 31 of the year during which the reservation was receivedreceived or 6 months after the date of the carryover allocation if permitted by the State Tax Credit Agency. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal federal, state, or state governmental local authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code, the annual owner's sworn statement, and the State Tax Credit Agency Compliance (or annual) report; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th 15 of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Expenses of the Partnership. Such Neither the General Partner, the Management Agent nor their employees, agents or representatives shall adopt the Budget shall only be adopted with until the Consent of the Special Limited Partner has been obtained; (l) in the event the Project and/or the Partnership is experiencing financial or operational concerns or maintenance issues and is placed on the Limited Partner's watch list, the Special Limited Partner requires the Management Agent to cooperate with the Special Limited Partner's staff as requested including, but not limited to, the following: (1) being available and responsive for site visits, telephone calls and correspondence (whether by e-mail, fax, mail, or overnight delivery); (2) providing weekly tenant traffic reports; (3) providing weekly unit or building or grounds repair update reports, providing an up-to-date income statement, up-to-date balance sheet, copy of previous month's rent roll, and a copy of the Partnership's monthly bank statement; and (4) providing any other documents deemed relevant by the Special Limited Partner; and (lm) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing Project or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten 10 days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting ArchitectConstruction Inspector's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting ArchitectConstruction Inspector's report or the AIA Document G702, a line item break-down of the Construction Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Budget is in balance In-Balance and there are sufficient funds to complete the construction of the Improvements, and (5) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; (b) during the rent-up phase, and continuing until the end of the first six-month period during which the Apartment Housing has a sustained occupancy of 95% or better, by the twentieth day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "GH" attached hereto and incorporated herein by this reference; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "GH" due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "GH," due on or before April 30 of each year for the first quarter of operations, July 31 of each year for the second quarter of operations, October 31 of each year for the third quarter of operations and January 31 of each year for the fourth quarter of operations which shall include, but is not limited to, an unaudited income statement showing all activity in the reserve accounts required to be maintained pursuant to Section VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by the later of December 31 of the year during which the reservation was receivedreceived or six months after the date of the carryover allocation if permitted by the State Tax Credit Agency. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Expenses of the Partnership. Such Budget shall only be adopted with the Consent of the Special Limited Partner; and (l) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting ArchitectConstruction Inspector's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting ArchitectConstruction Inspector's report or the AIA Document G702, a line item break-down of the Construction Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Budget is in balance and there are sufficient funds to complete the construction of the Improvements, and (5) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; (b) during the rent-up phase, and continuing until the end of the first six-month period during which the Apartment Housing has a sustained occupancy of 95% or better, by the twentieth day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "GH" attached hereto and incorporated herein by this reference; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "GH" due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," H", due on or before April 30 of each year for the first quarter of operations, July 31 of each year for the second quarter of operations, October 31 of each year for the third quarter of operations and January 31 of each year for the fourth quarter of operations which shall include, but is not limited to, an unaudited income statement showing all activity in the reserve accounts required to be maintained pursuant to Section VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by December 31 of the year during which the reservation was received. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Expenses of the Partnership. Such Budget shall only be adopted with the Consent of the Special Limited Partner; and (l) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting ArchitectConstruction Inspector's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements if the work performed or materials supplied by a person accounts for five percent or more of the construction of the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Development Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting ArchitectConstruction Inspector's report or the AIA Document G702, a line item break-down of the Construction Development Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Development Budget is in balance In-Balance and there are sufficient funds to complete the construction of the Improvements, and (5) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; (b) during the rent-up phase, and continuing until the end of the first six-month period during which the Apartment Housing has a sustained occupancy of 95% or better, by the twentieth day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "GH" attached hereto and incorporated herein by this reference; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "GH" due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "GH," due on or before April 30 of each year for the first quarter of operations, July 31 of each year for the second quarter of operations, October 31 of each year for the third quarter of operations and January 31 of each year for the fourth quarter of operations which shall include, but is not limited to, an unaudited income statement showing all activity in the reserve accounts required to be maintained pursuant to Section Article VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by the later of December 31 of the year during which the reservation was receivedreceived or six months after the date of the carryover allocation if permitted by the State Tax Credit Agency. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Expenses of the Partnership. Such Budget shall only be adopted with the Consent of the Special Limited Partner; and (l) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten days after the occurrence of such event.

Other Reports. The Non-Profit General Partner shall provide Partners hereby delegate to the Administrative General Partner, subject to the continuing supervision of the Non-Profit General Partners, the responsibility to send to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting Architect's Construction Inspector’s report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, if the work performed or materials supplied by a person accounts for 5% or more of the construction of the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Development Budget under which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting Architect's Construction Inspector’s report or the AIA Document G702, a line item break-down of the Construction Development Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Development Budget is in balance In-Balance and there are sufficient funds to complete the construction of the Improvements, and (5) if not provided for in the above referenced documents, a line item break down of all soft development costs not included in the Construction Contract but part of the Development Budget; (6) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; (b) during the rent-up phase, and continuing until the end of the first six-month period during which the Apartment Housing has a sustained occupancy of 95% or better, by the twentieth day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "G" attached hereto and incorporated herein by this reference; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "G" due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," due on or before April 30 of each year for the first quarter of operations, July 31 of each year for the second quarter of operations, October 31 of each year for the third quarter of operations and January 31 of each year for the fourth quarter of operations which shall include, but is not limited to, an unaudited income statement showing all activity in the reserve accounts required to be maintained pursuant to Section VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by December 31 of the year during which the reservation was received. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Expenses of the Partnership. Such Budget shall only be adopted with the Consent of the Special Limited Partner; and (l) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting Architect's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting Architect's report or the AIA Document G702, a line item break-down of the Construction Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Budget is in balance and there are sufficient funds to complete the construction of the Improvements, and (5) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; (b) during the rent-up phase, and continuing until the end of the first six-month period during which the Apartment Housing has a sustained occupancy of 9585% or better, by the twentieth day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "GH" attached hereto and incorporated herein by this reference; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "GH" due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," H", due on or before April 30 of each year for the first quarter of operations, July 31 of each year for the second quarter of operations, October 31 of each year for the third quarter of operations and January 31 of each year for the fourth quarter of operations which shall include, but is not limited to, an unaudited income statement showing all activity in the reserve accounts required to be maintained pursuant to Section VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by December 31 of the year during which the reservation was received. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Expenses of the Partnership. Such Budget shall only be adopted with the Consent of the Special Limited Partner; and (l) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting Architect's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, if the work performed or materials supplied by a person accounts for 5% or more of the construction of the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Development Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting Architect's report or the AIA Document G702, a line item break-down of the Construction Development Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Development Budget is in balance In-Balance and there are sufficient funds to complete the construction of the Improvements, and (5) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; (b) during the rent-up phase, and continuing until the end of the first six6-month period during which the Apartment Housing has a sustained occupancy of 9590% or better, by the twentieth 20th day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "G" H attached hereto and incorporated herein by this reference; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "G" H due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," H, due on or before April 30 of each year for the first quarter of operations, July 31 of each year for the second quarter of operations, October 31 of each year for the third quarter of operations and January 31 of each year for the fourth quarter of operations which shall include, but is not limited to, an unaudited income statement showing all activity in the reserve accounts required to be maintained pursuant to Section Article VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one 1 year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by the later of December 31 of the year during which the reservation was receivedreceived or 6 months after the date of the carryover allocation if permitted by the State Tax Credit Agency. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th 15 of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Expenses of the Partnership. Such Budget shall only be adopted with the Consent of the Special Limited Partner; and (l) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten 10 days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting ArchitectConstruction Inspector's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, if the work performed or materials supplied by a person accounts for 5% or more of the construction of the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Development Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting ArchitectConstruction Inspector's report or the AIA Document G702, a line item break-down of the Construction Development Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Development Budget is in balance In-Balance and there are sufficient funds to complete the construction of the Improvements, and (5) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; (b) during the rent-up phase, and continuing until the end of the first six6-month period during which the Apartment Housing has a sustained occupancy of 95% or better, by the twentieth 20th day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "G" H attached hereto and incorporated herein by this reference; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "G" H due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," H, due on or before April 30 of each year for the first quarter of operations, July 31 of each year for the second quarter of operations, October 31 of each year for the third quarter of operations and January 31 of each year for the fourth quarter of operations which shall include, but is not limited to, an unaudited income statement showing all activity in the reserve accounts required to be maintained pursuant to Section Article VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one 1 year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by the later of December 31 of the year during which the reservation was receivedreceived or 6 months after the date of the carryover allocation if permitted by the State Tax Credit Agency. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th 15 of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Expenses of the Partnership. Such Budget shall only be adopted with the Consent of the Special Limited Partner; and (l) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten 10 days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting ArchitectConstruction Inspector's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting ArchitectConstruction Inspector's report or the AIA Document G702, a line item break-down of the Construction Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Budget is in balance In-Balance and there are sufficient funds to complete the construction of the Improvements, and (5) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; (b) during the rent-up phase, and continuing until the end of the first six-month period during which the Apartment Housing has a sustained occupancy of 95% or better, by the twentieth day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "GH" attached hereto and incorporated herein by this reference; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "GH" due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," H", due on or before April 30 of each year for the first quarter of operations, July 31 of each year for the second quarter of operations, October 31 of each year for the third quarter of operations and January 31 of each year for the fourth quarter of operations which shall include, but is not limited to, an unaudited income statement showing all activity in the reserve accounts required to be maintained pursuant to Section VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by the later of December 31 of the year during which the reservation was receivedreceived or six months after the date of the carryover allocation if permitted by the State Tax Credit Agency. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Expenses of the Partnership. Such Budget shall only be adopted with the Consent of the Special Limited Partner, which consent shall not be unreasonably withheld; and (l) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting Architect's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting Architect's report or the AIA Document G702, a line item break-down of the Construction Budget (which shall 50 include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Budget is in balance and there are sufficient funds to complete the construction of the Improvements, and (5) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; (b) during the rent-up phase, and continuing until the end of the first six-month period during which the Apartment Housing has a sustained occupancy of 95% or better, by the twentieth day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "G" attached hereto and incorporated herein by this reference; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "G" due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," ", due on or before April 30 of each year for the first quarter of operations, July 31 of each year for the second quarter of operations, October 31 of each year for the third quarter of operations and January 31 of each year for the fourth quarter of operations which shall include, but is not limited to, an unaudited income statement showing all activity in the reserve accounts required to be maintained pursuant to Section VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by December 31 of the year during which the reservation was received. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Expenses of the Partnership. Such Budget shall only be adopted with the Consent of the Special Limited Partner; and (l) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner Partner, the Georgia Limited Partner, and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting ArchitectConstruction Inspector's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, if the work performed or materials supplied by a person accounts for 5% or more of the construction of the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Development Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting ArchitectConstruction Inspector's report or the AIA Document G702, a line item break-down of the Construction Development Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Development Budget is in balance In-Balance and there are sufficient funds to complete the construction of the Improvements, and (5) if not provided for in the above referenced documents, a line item break down of all soft development costs not included in the Construction Contract but part of the Development Budget; (6) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; and (7) any other document requested by the Special Limited Partner as the circumstances warrant (collectively the "Construction Draw Documents"); (b) during the rent-up phase, and continuing until the later of the end of the first six6-month period during which the Apartment Housing has a sustained occupancy of 95% or betterbetter or the Special Limited Partner's approval of the initial tenant files, including any recommended corrections, by the twentieth 20th day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and ), a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "G" H attached hereto and incorporated herein by this reference; an up to date income statement, an up to date balance sheet and a copy of the Partnership's bank statement reflecting all operating accounts and reserve accounts; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "G" H due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," H, due on or before April 30 25 of each year for the first quarter of operations, July 31 25 of each year for the second quarter of operations, October 31 25 of each year for the third quarter of operations and January 31 25 of each year for the fourth quarter of operations which that shall include, but is not be limited to, an unaudited income a copy of the Partnership's bank statement showing all activity in the operating accounts and reserve accounts required to be maintained pursuant to Section Article VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC and GHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one 1 year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner Partner, Georgia Limited Partner, and Special Limited Partner by the later of December 31 of the year during which the reservation was receivedreceived or 6 months after the date of the carryover allocation if permitted by the State Tax Credit Agency. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal federal, state, or state governmental local authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code, the annual owner's sworn statement, and the State Tax Credit Agency Compliance (or annual) report; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th 15 of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Expenses of the Partnership. Such Neither the General Partner, the Management Agent nor their employees, agents or representatives shall adopt the Budget shall only be adopted with until the Consent of the Special Limited Partner has been obtained; (l) in the event the Apartment Housing and/or the Partnership is experiencing financial or operational concerns or maintenance issues and is placed on the Limited Partner's watch list, the Special Limited Partner requires the Management Agent to cooperate with the Special Limited Partner's staff as requested including, but not limited to, the following: (1) being available and responsive for site visits, telephone calls and correspondence (whether by e-mail, fax, mail, or overnight delivery); (2) providing weekly tenant traffic reports; (3) providing weekly unit or building or grounds repair update reports, providing an up-to-date income statement, up-to-date balance sheet, copy of previous month's rent roll, and a copy of the Partnership's monthly bank statement; and (4) providing any other documents deemed relevant by the Special Limited Partner; and (lm) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten 10 days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during constructionconstruction and renovation, on a regular basis, but in no event less than once a month, a copy of the Inspecting Architect's report and other construction and renovation reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting Architect's report or the AIA Document G702, a line item break-down of the Construction and Renovation Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction and Renovation Budget is in balance and there are sufficient funds to complete the construction and renovation of the Improvements, and (5) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; (b) during the rent-up phase, and continuing until the end of the first six-month period during which the Apartment Housing has a sustained occupancy of 95% or better, by the twentieth day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "GH" attached hereto and incorporated herein by this reference; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "GH" due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," H", due on or before April 30 of each year for the first quarter of operations, July 31 of each year for the second quarter of operations, October 31 of each year for the third quarter of operations and January 31 of each year for the fourth quarter of operations which shall include, but is not limited to, an unaudited income statement showing all activity in the reserve accounts required to be maintained pursuant to Section VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one year but will not complete the construction construction, renovation and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by December 31 of the year during which the reservation was received. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Expenses of the Partnership. Such Budget shall only be adopted with the Consent of the Special Limited Partner; and (l) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting Architect's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, if the work performed or materials supplied by a person accounts for 5% or more of the construction of the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Development Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting Architect's report or the AIA Document G702, a line item break-down of the Construction Development Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Development Budget is in balance In-Balance and there are sufficient funds to complete the construction of the Improvements, and (5) if not provided for in the above referenced documents, a line item break down of all soft development costs not included in the Construction Contract but part of the Development Budget; (6) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; and (7) any other document requested by the Special Limited Partner as the circumstances warrant (collectively the "Construction Draw Documents"); (b) during the rent-up phase, and continuing until the later of the end of the first six6-month period during which the Apartment Housing has a sustained occupancy of 95% or betterbetter and the Special Limited Partner's approval of the initial tenant files, including any recommended corrections, by the twentieth 20th day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and ), a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "G" H attached hereto and incorporated herein by this reference; an up to date income statement, an up to date balance sheet and a copy of the Partnership's bank statement reflecting all operating accounts and reserve accounts; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "G" H due on or before April 30 25 of each year for the first quarter, July 31 25 of each year for the second quarter, October 31 25 of each year for the third quarter and January 31 25 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," H, due on or before April 30 25 of each year for the first quarter of operations, July 31 25 of each year for the second quarter of operations, October 31 25 of each year for the third quarter of operations and January 31 25 of each year for the fourth quarter of operations which that shall include, but is not be limited to, an unaudited income a copy of the Partnership's bank statement showing all activity in the operating accounts and reserve accounts required to be maintained pursuant to Section Article VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC and taxable income or loss to be allocated to the Limited Partner for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by December 31 of the year during which the reservation was received. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal federal, state, or state governmental local authorities administering the Tax Credit program Program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code, the annual owner's sworn statement, and the State Tax Credit Agency Compliance (or annual) report; (hg) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (ih) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (ji) on or before March 15th 15 of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (kj) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Receipts and Cash Expenses of the Partnership. Such Neither the General Partner, the Management Agent nor their employees, agents or representatives shall adopt the Budget shall only be adopted with until the Consent of the Special Limited Partner has been obtained; (k) in the event the Apartment Housing and/or the Partnership is experiencing financial concerns or operational concerns or maintenance issues and the Partnership placed on the Limited Partner's watch list, then the Special Limited Partner requires the Management Agent to cooperate with the Special Limited Partner's staff as requested including, but not limited to, the (1) being available and responsive for site visits, telephone calls and correspondence (whether by e-mail, fax, mail, or overnight delivery); (2) providing weekly tenant traffic reports; (3) providing weekly unit or building or grounds repair reports, (4) providing an up-to-date income statement, up-to-date balance sheet, copy of previous month's rent roll, and a copy of the Partnership's monthly bank statement; and (4) providing any other documents deemed relevant by the Special Limited Partner; and (l) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten 10 days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting ArchitectConstruction Inspector's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, if the work performed or materials supplied by a person accounts for 5% or more of the construction of the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Development Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting ArchitectConstruction Inspector's report or the AIA Document G702, a line item break-down of the Construction Development Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Development Budget is in balance In-Balance and there are sufficient funds to complete the construction of the Improvements, and (5) if not provided for in the above referenced documents, a line item break down of all soft development costs not included in the Construction Contract but part of the Development Budget; (6) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; and (7) any other document requested by the Special Limited Partner as the circumstances warrant (collectively the "Construction Draw Documents"); (b) during the rent-up phase, and continuing until the later of the end of the first six6-month period during which the Apartment Housing has a sustained occupancy of 95% or betterbetter or the Special Limited Partner's approval of the initial tenant files, including any recommended corrections, by the twentieth 20th day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and ), a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "G" H attached hereto and incorporated herein by this reference; an up to date income statement, an up to date balance sheet and a copy of the Partnership's bank statement reflecting all operating accounts and reserve accounts; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "G" H due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," H, due on or before April 30 25 of each year for the first quarter of operations, July 31 25 of each year for the second quarter of operations, October 31 25 of each year for the third quarter of operations and January 31 25 of each year for the fourth quarter of operations which that shall include, but is not be limited to, an unaudited income copy of the Partnership's bank statement showing all activity in the operating accounts and reserve accounts required to be maintained pursuant to Section Article VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one 1 year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by the later of December 31 of the year during which the reservation was receivedreceived or 6 months after the date of the carryover allocation if permitted by the State Tax Credit Agency. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal federal, state or state governmental local authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code, the annual owner's sworn statement, and the State Tax Credit Agency Compliance (or annual) report; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th 15 of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Expenses of the Partnership. Such Neither the General Partner, the Management Agent nor their employees, agents or representatives shall adopt the Budget shall only be adopted with until the Consent of the Special Limited Partner has been obtained; (l) in the event the Apartment Housing and/or the Partnership is experiencing financial or operational concerns or maintenance issues and is placed on the Limited Partner's watch list, the Special Limited Partner requires the Management Agent to cooperate with the Special Limited Partner's staff as requested including, but not limited to, the following: (1) being available and responsive for site visits, telephone calls and correspondence (whether by e-mail, fax, mail, or overnight delivery); (2) providing weekly tenant traffic reports; (3) providing weekly unit or building or grounds repair update reports, providing an up-to-date income statement, up-to-date balance sheet, copy of previous month's rent roll, and a copy of the Partnership's monthly bank statement; and (4) providing any other documents deemed relevant by the Special Limited Partner; and (lm) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten 10 days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting ArchitectConstruction Inspector's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, if the work performed or materials supplied by a person accounts for 5% or more of the construction of the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Development Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting ArchitectConstruction Inspector's report or the AIA Document G702, a line item break-down of the Construction Development Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Development Budget is in balance In-Balance and there are sufficient funds to complete the construction of the Improvements, and (5) if not provided for in the above referenced documents, a line item break down of all soft development costs not included in the Construction Contract but part of the Development Budget; (6) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; and (7) any other document requested by the Special Limited Partner as the circumstances warrant (collectively the "Construction Draw Documents"); (b) during the rent-up phase, and continuing until the later of the end of the first six6-month period during which the Apartment Housing has a sustained occupancy of 95% or betterbetter and the Special Limited Partner's approval of the initial tenant files, including any recommended corrections, by the twentieth 20th day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and ), a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "G" H attached hereto and incorporated herein by this reference; an up to date income statement, an up to date balance sheet and a copy of the Partnership's bank statement reflecting all operating accounts and reserve accounts; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "G" H due on or before April 30 25 of each year for the first quarter, July 31 25 of each year for the second quarter, October 31 25 of each year for the third quarter and January 31 25 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," H, due on or before April 30 25 of each year for the first quarter of operations, July 31 25 of each year for the second quarter of operations, October 31 25 of each year for the third quarter of operations and January 31 25 of each year for the fourth quarter of operations which that shall include, but is not be limited to, an unaudited income a copy of the Partnership's bank statement showing all activity in the operating accounts and reserve accounts required to be maintained pursuant to Section Article VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC and taxable income or loss to be allocated to the Limited Partner for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by the later of December 31 of the year during which the reservation was receivedreceived or six months after the date of the carryover allocation if permitted by the State Tax Credit Agency. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal federal, state, or state governmental local authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code, the annual owner's sworn statement, and the State Tax Credit Agency Compliance (or annual) report; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th 15 of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget budget shall contain all the anticipated Cash Receipts and Cash Expenses of the Partnership. Such Neither the General Partner, the Management Agent nor their employees, agents or representatives shall adopt the Budget shall only be adopted with until the Consent of the Special Limited Partner has been obtained; (l) in the event the Apartment Housing and/or the Partnership is experiencing financial concerns or operational concerns or maintenance issues and the Partnership placed on the Special Limited Partner's watch list, then the Special Limited Partner requires the Management Agent to cooperate with the Special Limited Partner's staff as requested including, but not limited to, the following: (1) being available and responsive for site visits, telephone calls and correspondence (whether by e-mail, fax, mail, or overnight delivery); (2) providing weekly tenant traffic reports; (3) providing weekly unit or building or grounds repair reports, (4) providing an up-to-date income statement, up-to-date balance sheet, copy of previous month's rent roll, and a copy of the Partnership's monthly bank statement; and (4) providing any other documents deemed relevant by the Special Limited Partner. In addition, the Limited Partner's investors have the right to ask questions of the Management Agent in accordance with this Section if the Partnership is placed on the Limited Partner's watch list; (m) copies of any notice of default received by the General Partner regarding any Project Document, and (ln) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten 10 days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during constructionconstruction and renovation, on a regular basis, but in no event less than once a monthbefore each draw request by the contractor, a copy of the Inspecting Architect's report and other construction and renovation reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting Architect's report or the AIA Document G702, a line item break-down of the Construction and Renovation Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction and Renovation Budget is in balance and there are sufficient funds to complete the construction and renovation of the Improvements, and (5) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; (b) during the rent-up phase, and continuing until the end of the first six-month period during which the Apartment Housing has a sustained occupancy of 95% or better, by the twentieth day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and a tenant FEDERAL LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "GH" attached hereto and incorporated herein by this reference; (c) a quarterly Federal tax credit compliance report similar to the worksheet included in Exhibit "GH" due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the Federal tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," H", due on or before April 30 of each year for the first quarter of operations, July 31 of each year for the second quarter of operations, October 31 of each year for the third quarter of operations and January 31 of each year for the fourth quarter of operations which shall include, but is not limited to, an unaudited income statement showing all activity in the reserve accounts required to be maintained pursuant to Section VIII of this Agreement, statement of income and expenses, balance sheet, sheet and rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance;. (e) by September 15 of each year, an estimate of Federal LIHTC for that year; (f) if the Apartment Housing receives a reservation of Federal LIHTC in one year but will not complete the construction construction, renovation and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by December 31 of the year during which the reservation was received. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Expenses of the Partnership. Such Budget shall only be adopted with the Consent of the Special Limited Partner; and (l) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting ArchitectConstruction Inspector's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, if the work performed or materials supplied by a person accounts for 5% or more of the construction of the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Development Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting ArchitectConstruction Inspector's report or the AIA Document G702, a line item break-down of the Construction Development Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Development Budget is in balance In-Balance and there are sufficient funds to complete the construction of the Improvements, and (5) if not provided for in the above referenced documents, a line item break down of all soft development costs not included in the Construction Contract but part of the Development Budget; (6) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; and (7) any other document requested by the Special Limited Partner as the circumstances warrant (collectively the "Construction Draw Documents"); (b) during the rent-up phase, and continuing until the later of the end of the first six6-month period during which the Apartment Housing has a sustained occupancy of 95% or betterbetter and the Special Limited Partner's approval of the initial tenant files, including any recommended corrections, by the twentieth 20th day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and ), a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "G" H attached hereto and incorporated herein by this reference; an up to date income statement, an up to date balance sheet and a copy of the Partnership's bank statement reflecting all operating accounts and reserve accounts; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "G" H due on or before April 30 25 of each year for the first quarter, July 31 25 of each year for the second quarter, October 31 25 of each year for the third quarter and January 31 25 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," H, due on or before April 30 25 of each year for the first quarter of operations, July 31 25 of each year for the second quarter of operations, October 31 25 of each year for the third quarter of operations and January 31 25 of each year for the fourth quarter of operations which that shall include, but is not be limited to, an unaudited income a copy of the Partnership's bank statement showing all activity in the operating accounts and reserve accounts required to be maintained pursuant to Section Article VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC and taxable income or loss to be allocated to the Limited Partner for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one 1 year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by the later of December 31 of the year during which the reservation was receivedreceived or 6 months after the date of the carryover allocation if permitted by the State Tax Credit Agency. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal federal, state, or state governmental local authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code, the annual owner's sworn statement, and the State Tax Credit Agency Compliance (or annual) report; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th 15 of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Receipts and Cash Expenses of the Partnership. Such Neither the General Partner, the Management Agent nor their employees, agents or representatives shall adopt the Budget shall only be adopted with until the Consent of the Special Limited Partner has been obtained; (l) in the event the Apartment Housing and/or the Partnership is experiencing financial concerns or operational concerns or maintenance issues and the Partnership placed on the Limited Partner's watch list, then the Special Limited Partner requires the Management Agent to cooperate with the Special Limited Partner's staff as requested including, but not limited to, the following: (1) being available and responsive for site visits, telephone calls and correspondence (whether by e-mail, fax, mail, or overnight delivery); (2) providing weekly tenant traffic reports; (3) providing weekly unit or building or grounds repair reports, (4) providing an up-to-date income statement, up-to-date balance sheet, copy of previous month's rent roll, and a copy of the Partnership's monthly bank statement; and (4) providing any other documents deemed relevant by the Special Limited Partner. In addition, the Limited Partner's investors have the right to ask questions of the Management Agent in accordance with this Section if the Partnership is placed on the Limited Partner's watch list; (m) copies of any notice of default received by the General Partner regarding any Project Document,and (ln) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten 10 days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting Architect's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting Architect's report or the AIA Document G702, a line item break-down of the Construction Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Budget is in balance and there are sufficient funds to complete the construction of the Improvements, and (5) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; (b) during the rent-up phase, and continuing until the end of the first six-month period during which the Apartment Housing has a sustained occupancy of 95% or better, by the twentieth day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "G" attached hereto and incorporated herein by this reference; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "G" due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," due on or before April 30 of each year for the first quarter of operations, July 31 of each year for the second quarter of operations, October 31 of each year for the third quarter of operations and January 31 of each year for the fourth quarter of operations which shall include, but is not limited to, an unaudited income statement showing all activity in the reserve accounts required to be maintained pursuant to Section VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by December 31 of the year during which the reservation was received. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Expenses of the Partnership. Such Budget shall only be adopted with the Consent of the Special Limited Partner; (l) in the event the Apartment Housing and/or the Partnership are experiencing financial concerns or operational concerns or maintenance issues and the Partnership is placed on the Limited Partner's watch list, then the Special Limited Partner requires the Management Agent to cooperate with the Special Limited Partner's staff as requested including, but not limited to the following: (1) being available and responsive for site visits, telephone calls and correspondence (whether by e-mail, fax, mail or overnight delivery); (2) providing weekly tenant traffic reports; (3) providing weekly unit or building or grounds repair reports; (4) providing an up-to-date income statement, up-to-date balance sheet, copy of previous month's rent roll, and a copy of Partnership's monthly bank statement; and (5) providing any other documents deemed relevant by the Special Limited Partner. In addition, the Limited Partner's investors have the right to ask questions of the Management Agent in accordance with this Section if the Partnership is placed on the Limited Partner's watch list; and (lm) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting ArchitectConstruction Inspector's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, if the work performed or materials supplied by a person accounts for 5% or more of the construction of the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Development Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting ArchitectConstruction Inspector's report or the AIA Document G702, a line item break-down of the Construction Development Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Development Budget is in balance In-Balance and there are sufficient funds to complete the construction of the Improvements, and (5) if not provided for in the above referenced documents, a line item break down of all soft development costs not included in the Construction Contract but part of the Development Budget; (6) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; and (7) any other document requested by the Special Limited Partner as the circumstances warrant (collectively the "Construction Draw Documents"); (b) during the rent-up phase, and continuing until the later of the end of the first six6-month period during which the Apartment Housing has a sustained occupancy of 95% or betterbetter and the Special Limited Partner's approval of the initial tenant files, including any recommended corrections, by the twentieth 20th day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and ), a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "G" H attached hereto and incorporated herein by this reference; an up to date income statement, an up to date balance sheet and a copy of the Partnership's bank statement reflecting all operating accounts and reserve accounts; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "G" H due on or before April 30 25 of each year for the first quarter, July 31 25 of each year for the second quarter, October 31 25 of each year for the third quarter and January 31 25 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "G," H, due on or before April 30 25 of each year for the first quarter of operations, July 31 25 of each year for the second quarter of operations, October 31 25 of each year for the third quarter of operations and January 31 25 of each year for the fourth quarter of operations which that shall include, but is not be limited to, an unaudited income a copy of the Partnership's bank statement showing all activity in the operating accounts and reserve accounts required to be maintained pursuant to Section Article VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC and taxable income or loss to be allocated to the Limited Partner for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one 1 year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by the later of December 31 of the year during which the reservation was receivedreceived or 6 months after the date of the carryover allocation if permitted by the State Tax Credit Agency. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal federal, state, or state governmental local authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code, the annual owner's sworn statement, and the State Tax Credit Agency Compliance (or annual) report; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th 15 of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget budget shall contain all the anticipated Cash Receipts and Cash Expenses of the Partnership. Such Neither the General Partner, the Management Agent nor their employees, agents or representatives shall adopt the Budget shall only be adopted with until the Consent of the Special Limited Partner has been obtained; (l) in the event the Apartment Housing and/or the Partnership is experiencing financial concerns or operational concerns or maintenance issues and the Partnership placed on the Special Limited Partner's watch list, then the Special Limited Partner requires the Management Agent to cooperate with the Special Limited Partner's staff as requested including, but not limited to, the following: (1) being available and responsive for site visits, telephone calls and correspondence (whether by e-mail, fax, mail, or overnight delivery); (2) providing weekly tenant traffic reports; (3) providing weekly unit or building or grounds repair reports, (4) providing an up-to-date income statement, up-to-date balance sheet, copy of previous month's rent roll, and a copy of the Partnership's monthly bank statement; and (4) providing any other documents deemed relevant by the Special Limited Partner. In addition, the Limited Partner's investors have the right to ask questions of the Management Agent in accordance with this Section if the Partnership is placed on the Limited Partner's watch list; (m) at the request of the Special Limited Partner, rent rolls as of the end of each calendar quarter of each year for every project in the Marycrest Senior Housing Campus; (n) copies of any notice of default received by the General Partner regarding any Project Document,and (lo) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten 10 days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports:. (a) during construction, on a regular basis, but in no event less than once a month, a copy of the Inspecting Architect's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting Architect's report or the AIA Document G702, a line item break-down of the Construction Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Budget is in balance and there are sufficient funds to complete the construction of the Improvements, and (5) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; (b) during During the rent-up phase, and continuing until the end of the first six-month period during which the Apartment Housing Project has a sustained occupancy of 95% or better, by the twentieth day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "GH" attached hereto and incorporated herein by this reference;. (c) a A quarterly tax credit compliance report similar to the worksheet included in Exhibit "GH" due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Limited Partner;. (d) By September 15 of each year, an estimate of LIHTC for that year. (e) If the Project receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, the General Partner will provide to the Limited Partner by December 31 of the year during which the reservation is received an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies. (f) During the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code. (g) A quarterly report on operations, in the form attached hereto as Exhibit "G," H", due on or before April 30 of each year for the first quarter of operations, July 31 of each year for the second quarter of operations, October 31 of each year for the third quarter of operations and January 31 of each year for the fourth quarter of operations which shall include, but is not limited to, an unaudited income statement showing all activity in the reserve accounts required to be maintained pursuant to Section VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one year but will not complete the construction and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by December 31 of the year during which the reservation was received. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code;. (h) by By the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement;. (i) by By the payment date of the real estate property taxes each and every year verification that the same has been paid in full;. (j) on On or before March 15th of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year;. (k) on On or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget budget shall contain all an amount required for reserves in accordance with Article VIII and for the anticipated Cash Expenses payment of the Partnershipreal estate taxes, insurance, debt service and other payments. Such Budget budget shall only be adopted with the Consent of the Special Limited Partner; and. (l) notice Notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing Project or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 9.10 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten days after the occurrence of such event.

Other Reports. The General Partner shall provide to the Limited Partner and the Special Limited Partner the following reports: (a) during constructionrehabilitation, on a regular basis, but in no event less than once a month, a copy of the Inspecting Architect's report and other construction reports including, but not limited to, (1) the name of each person performing work on the Improvements or providing materials for the Improvements, if the work performed or materials supplied by a person accounts for 5% or more of the construction of the Improvements, the work performed or materials supplied by said person and the code number corresponding to the line item in the Construction Development Budget which the person will be paid, (2) an original AIA Document G702, or similar form acceptable to the Special Limited Partner, (3) if not included in the Inspecting Architect's report or the AIA Document G702, a line item break-down of the Construction Development Budget (which shall include, description of work to be performed or materials to be supplied; total dollar amount of the work or materials; dollar amount of work previously completed and paid or materials supplied and paid; dollar amount of work or materials to be paid per the current disbursement request; dollar amount of materials stored; total dollar amount of work completed and stored as of the current disbursement date; percentage of completion; dollar amount of work or materials needed to complete the line item; and retainage), (4) a reconciliation of the sources and uses to determine that the Construction Development Budget is in balance In-Balance and there are sufficient funds to complete the construction of the Improvements, and (5) if not provided for in the above-referenced documents, a line item breakdown of all soft development costs not included in the Construction Contract but part of the Development Budget; (6) copies of lien releases, or waivers, from the Contractor and all sub-contractors or material suppliers who were paid the previous month; and (7) any other document requested by the Special Limited Partner as the circumstances warrant (collectively the "Construction Draw Documents"); (b) during the rent-up phase, and continuing until the end of the first six-month period during which the Apartment Housing has a sustained occupancy of 95% or betterbetter or the Special Limited Partner's approval of the initial tenant files, including any recommended corrections, by the twentieth day of each month within such period a copy of the previous month's rent roll (through the last day of the month) and a tenant LIHTC compliance worksheet similar to the monthly initial tenant certification worksheet included in Exhibit "GH" attached hereto and incorporated herein by this reference; an up to date income statemen, an up to date balance sheet and a copy of the Partnership's bank statement reflecting all operating accounts and reserve accounts; (c) a quarterly tax credit compliance report similar to the worksheet included in Exhibit "GH" due on or before April 30 of each year for the first quarter, July 31 of each year for the second quarter, October 31 of each year for the third quarter and January 31 of each year for the fourth quarter. In order to verify the reliability of the information being provided on the compliance report the Special Limited Partner may request a small sampling of tenant files to be provided. The sampling will include, but not be limited to, copies of tenant applications, certifications and third party verifications used to qualify tenants. If any inaccuracies are found to exist on the tax credit compliance report or any items of noncompliance are discovered then the sampling will be expanded as determined by the Special Limited Partner; (d) a quarterly report on operations, in the form attached hereto as Exhibit "GH," due on or before April 30 of each year for the first quarter of operations, July 31 of each year for the second quarter of operations, October 31 of each year for the third quarter of operations and January 31 of each year for the fourth quarter of operations which shall include, but is not limited to, an unaudited income statement showing all activity in the reserve accounts required to be maintained pursuant to Section VIII of this Agreement, statement of income and expenses, balance sheet, rent roll as of the end of each calendar quarter of each year, and third party verification of current utility allowance; (e) by September 15 of each year, an estimate of LIHTC for that year; (f) if the Apartment Housing receives a reservation of LIHTC in one 1 year but will not complete the construction rehabilitation and rent-up until a later year, an audited cost certification together with the Accountant's work papers verifying that the Partnership has expended the requisite 10% of the reasonably expected cost basis to meet the carryover test provisions of Section 42 of the Code. Such certification shall be provided to the Limited Partner and Special Limited Partner by the later of December 31 of the year during which the reservation was receivedreceived or 6 months after the date of the carryover allocation if permitted by the State Tax Credit Agency. Furthermore, if materials and supplies are purchased to meet the 10% requirement then the General Partner shall provide to the Limited Partner an opinion of counsel that title to the materials and supplies pass to the Partnership and that the Partnership bears the risk of loss of the materials and supplies; (g) during the Compliance Period, no later than the day any such certification is filed, copies of any certifications which the Partnership must furnish to federal or state governmental authorities administering the Tax Credit program including, but not limited to, copies of all annual tenant recertifications required under Section 42 of the Code; (h) by the annual renewal date each and every year, an executed original or certified copy of each and every Insurance policy or certificate required by the terms of this Agreement; (i) by the payment date of the real estate property taxes each and every year verification that the same has been paid in full; (j) on or before March 15th of each calendar year, a copy of the General Partner's updated financial statement as of December 31 of the previous year; (k) on or before November 1 of each calendar year, a copy of the following year's proposed operating budget. Each such Budget shall contain all the anticipated Cash Expenses of the Partnership. Such Neither the General Partner, the Management Agent, nor their employees, agents, or representatives shall adopt the Budget shall only be adopted with until the Consent of the Special Limited PartnerPartner has been obtained; provided that such Consent shall be deemed given if no objections are raised by the Special Limited Partner within 30 days of its receipt of such Budget; and (l) notice of the occurrence, or of the likelihood of occurrence, of any event which has had a material adverse effect upon the Apartment Housing or the Partnership, including, but not limited to, any breach of any of the representations and warranties set forth in Section 9.12 of this Agreement, and any inability of the Partnership to meet its cash obligations as they become payable, within ten days after the occurrence of such event.