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<br /> <br />Minimum Physical Occupancy: [90]% of the total units at the property <br />Testing Period: Three (3) Months <br />Operating Reserve Amount: To be deposited in accordance with Section 8.4 of the <br />Borrower Loan Agreement upon receipt of the Final <br />Installment (as defined in the Partnership Agreement) <br /> <br />Estimated to be $[_______], which amount will be <br />based on six (6) months of Expenses and six (6) <br />months of debt service on the principal of the Borrower <br />Note and the Direct Note Outstanding sixty (60) <br />months after Rental Achievement (as defined in the <br />Partnership Agreement), both calculated on the same <br />basis that Stabilization is determined on the <br />Stabilization Date <br />Completion Date: [______] 1, 20[__] <br />Outside Stabilization Date: [______] 1, 20[__] <br />Underwritten Expenses: $[_________] per annum (increased on an annual basis <br />commencing January 1, 2027 by 3%) adjusted to reflect <br />actual cost of utilities, insurance and Impositions <br />(provided that for Impositions constituting real <br />property taxes, if any, the cost shall be based on the full <br />assessed value of the Project Facilities after taking into <br />account completion of construction), plus all required <br />deposits into the Replacement Reserve Account. <br />Underwritten Economic Vacancy [5.0]% <br />Underwritten Management Fee [3.6]% <br />Retainage [___]% <br /> <br />The following items are not subject to retainage: [___] <br />See § [__________] of Construction Contract <br /> Guarantor(s): Lupe Development Partners, LLC <br /> <br />Steven M. Minn <br />Guarantor Financial Covenants: Minimum Liquidity: $[________] <br />Minimum Net Worth: $[_________]