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77060900v2 <br /> <br /> <br /> <br /> S11-1 <br /> <br />SCHEDULE 11 <br />FORM OF STABILIZATION 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 <br />Insurance Company of North America, as the Funding Lender (the “Funding Lender”) and R4 Servicer <br />LLC, as Controlling Person (the “Controlling Person”) that the date of Stabilization was ___________, <br />20__ and: <br />The undersigned hereby represents and warrants that: <br />1. The Improvements have been % occupied by credit-worthy qualified tenants meeting the <br />requirements of the Loan Documents in each of the prior ____ (___) consecutive months. <br />2. The ratio of Stabilized NOI in each of the prior ____ (___) consecutive months to <br />maximum principal, interest, Governmental Lender Fees and Fiscal Agent Fees payable in any month [other <br />than the month in which the Maturity Date occurs] on the amount of Borrower Note is ____ to 1.0. <br />3. No Event of Default or event which, with the passage of time or the giving of notice or <br />both, would constitute an Event of Default shall have occurred and be continuing under the Loan <br />Documents, the General Partner Pledge, the Developer Fee Pledge or the Guarantor Documents. <br />4. The Borrower has at all times been and is currently in compliance with all requirements set <br />forth in the Land Use Restriction Agreement. <br />5. There have been no disbursements from [insert names of any required reserves] which have <br />not been replenished. <br />6. [The Mandatory Prepayment Amount shall have been prepaid in full as required under the <br />Borrower Note]. <br />7. Stabilization [has/has not] occurred. <br />8. Attached hereto is showing the calculation of Stabilization.