06-08-2022 Council Packet - Laserfiche WebLink

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73495086v3 S8-1 SCHEDULE 8 FORM OF ESTIMATED USE OF PROCEEDS COMPLIANCE CERTIFICATE _________ ___, 20__ Allianz Life Insurance Company of North America, as Funding Lender c/o R4 Capital Funding LLC 780 Third Avenue, 16th Floor New York, NY 10017 Attention: Tara Nussbaum R4 Servicer LLC, as Controlling Person 155 Federal Street, Suite 1400 Boston, MA 02110 Attention: Greg Doble Re: Twin Lake Apartments (the “Project Facilities”) Ladies and Gentlemen: The undersigned, being the owner of the Project Facilities hereby certifies to Allianz Life Insurance Company of North America, as the Funding Lender (the “Funding Lender”) and R4 Capital Funding LLC, as Controlling Person (the “Controlling Person”) that; (i) no less than 95% of the net proceeds of the Funding Loan has been or will be spent for Qualified Project Costs of the Project Facilities as required by Section 142(a) of the Internal Revenue Code. (ii) not less than 50% of the land and basis of the Project Facilities has been financed with the proceeds of the Funding Loan for purposes of Section 42(h)(4). [(iii) the undersigned has expended, within two (2) years of the later of the date the Project Facilities were acquired or the date of issuance of the Governmental Note, from the Funding Loan proceeds or other sources, an amount equal to at least 15% of the “portion of the cost of acquiring such building (and equipment) financed with the net proceeds of the Funding Loan” for “rehabilitation expenses” within the meaning of Section 147(b) of the Code.] Attached hereto is a schedule of expected expenditures evidencing compliance with the foregoing and showing all costs of the Project Facilities, the amounts expended, for each category of cost, the source of funds therefor, and a calculation of the percentage of the net proceeds of the Funding Loan expended. Capitalized terms used herein and not defined shall have the meanings ascribed to such terms in the Funding Loan Agreement dated as of June 1, 2022 among the Funding Lender, the Fiscal Agent and the Governmental Lender.