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77060900v2 <br /> <br /> <br /> <br /> S8-1 <br /> <br />SCHEDULE 8 <br />FORM OF ESTIMATED USE OF PROCEEDS COMPLIANCE CERTIFICATE <br />_________ ___, 20__ <br />Allianz Life Insurance Company of North America, as Funding Lender <br />c/o R4 Capital Funding LLC <br />780 Third Avenue, 16th Floor <br />New York, NY 10017 <br />Attention: Tara Nussbaum <br /> <br />R4 Servicer LLC, as Controlling Person <br />155 Federal Street, Suite 1400 <br />Boston, MA 02110 <br />Attention: Greg Doble <br /> <br />Re: Lica Apartments (the “Project Facilities”) <br />Ladies and Gentlemen: <br />The undersigned, being the owner of the Project Facilities hereby certifies to Allianz Life Insurance <br />Company of North America, as the Funding Lender (the “Funding Lender”) and R4 Servicer LLC, as <br />Controlling Person (the “Controlling Person”) that; <br />(i) no less than 95% of the net proceeds of the Funding Loan has been or will be spent for <br />Qualified Project Costs of the Project Facilities as required by Section 142(a) of the Internal Revenue Code <br />(the “Code”). <br />(ii) not less than 50% of the land and basis of the Project Facilities has been financed with the <br />proceeds of the Funding Loan for purposes of Section 42(h)(4) of the Code. <br />Attached hereto is a schedule of expected expenditures evidencing compliance with the foregoing <br />and showing all costs of the Project Facilities, the amounts expended, for each category of cost, the source <br />of funds therefor, and a calculation of the percentage of the net proceeds of the Funding Loan expended. <br />Capitalized terms used herein and not defined shall have the meanings ascribed to such terms in <br />the Funding Loan Agreement dated as of [________ 1, 2023] among the Funding Lender, the Fiscal Agent <br />and the Governmental Lender.