2009 2009 Federal Low Income Housing Tax Credit Program Application For Reservation DeadlineforSubmission 9%Competitiye Credits ApplicationsMust Be Received At VHDA No Later Than 5:00 PM Riclnnond,VA Time On May15, 2009 TasExempt Bonds Applications should be received at VHDA at least one month before the bonds are priced(if bonds issued by VHDA),or 75 days before the bonds areissued(if bonds arenot issued by VHDA) Virginia Housing Development Authority 60 1 South Belvidere Street Riclnnond, Virginia23220-6500 '0'1.4.2009 ( " Low Income Housing Tax Credit Application for Reservation iPlease indicate inbe folloWing items are ineludoo wlth your application by'thecldng the appropriate boxes.Your assistance in :organizing the s'ubmission in following order, and actually using tabSto,mark them as shown, ",HI facilitate review ofPlease note that all mandatory items mils! be ineluded for the application to be processed.The inclusion of other items may increBse the n:u'mber of points for whicb you (tie eligible under VHDA's point of ranking ap'pJications, and may a.siit VHDA in its. of. appropriate0:' that it may reserve for the development:-Yon are therefore encow'agedto' irubmit as much reqnested information as is -avaiu..ble, but their inclusion is not mandatory for review of yonr application. oEleetronie Copy of the Microsoft ExcelBased Application (MANDATORy) Hard Copy of All Application Pages With Signature (MANDATORY) o Scanned Copy ofthe Tax Credit Application with all Attachments (excluding market study and plans &specs) (MANDATORY o$750 Application Fee(MANDATORy) Tab A: oA.1 oA.2 o TabB: o Tab C: o TabD: TabE: 0T.bF: o Tab H: o Tab I: o TabJ: o Tab K: o Tab L: o TabM: o Tab N: o Tab0: 0TabP: 0TabQ: o TabR: o Tab S: o Tab T: o Tab U: o Tab V: o Tab W: o Tab X: o TabY: 0TabZ 2009 Documentation ofDeve1opment Location: Qualified Census Tract Certification Revitalization Area Certification Location Map Surveyor's Certification of Proximity To Public Transportation l'armership or Operating Agreement, including chart of ownership structure With percentage or interests (MANDATOR Virginia State Corporation Commission Certillcanon (MA."ms:a$The name oftheAgOVefa&C and tille inswaDall A&rcemmll:lld 1111instrumenll delivered 10 (orrequired by) the Project Lendcn or lilt Ap::nq 10 the Q.tc:nI: JIOt othcrwite lisIed irllhU defirlitiolL '"1'roi!ig.fAITH,.."."meanstMtoo:rUin\oMfiomtileProjectFAlJ"H,IDe.10the Pmuaship in the aarcptc 0(SI6O,000. "Projeg: 'end..... tnea/lllllly lender in ill capKily all alender o(one ofthe Pro;oct Loans, or iU 11""*",,, lind1lW&:115in IUch c.pecity, Ktinalhrou&b .ny IUthorized .cpo IInl.live. "f:mjM.....1JIfiC" hu lheme:um.a:KI forth in Sectitm 4.0 1(p). "Opa!jfied fmtra!.'!"'" the -ina letforthin Sedion 42(1))(h)(F) of the Code. "Out!jfie!l Occupency" IhaIt mean om.,..-q ofa UHTC IIlIiI by a Q\alIified TCNIlI. "Qualified Tow>II".tIIll mean _Wlderexecuted 1_of .leaI (6) months.".,., .1the timC!oftbeir inltial OOO!pOCy ofthe Project NliJty the (i) rail restriction lind (ii) minimtllll ....idclest selected by the pursuant to Section 42(a) of the Code with raped to the pa_uge of wUu in the Project 10 be occ:upied by lenanIJ: with equal to 110_tNn I caWn peromtqe of _1IIti1ll iDoI ...... oc:Ttrmn Rrg"Iotiooo" or'TIgs,Res .. tneClI the lnmne To. Regw..tions issued under the Code. "R_a1oa AjjjCNIQII"means, 10theea.tDIIIpplicable, andoollectively, Illy regulltory lnIVor Illyof00Vctior1pennitted IIIIda'Section168(h)(6)(F) of !tie CookTbe Managing Member iWJlllOt allowthe Company to enter intoIlly leasewith .tn-exanpt entity witholrtthe prior written-wroval of the SpecialMember. (z)No Abu4jyc Tax Sheila'.ThcManlgiDa Member has not =eival noria: &om the IRS \bit il has considemlthe Mataging Msnber 10 be involved ill any abusive lax shelter IIld is DOlI",,,", of any flCls, which i(known to !be IRS, would cause SIJCh notice 10 be issued. (aa)Required Consen!s: No Default:! Under Lotg Powmmll. The Company hu obIained Ill!wnsents required fOI"tbe admilSion oftbe Investor Member 10 tile Company, illcluding bUIn(I( limited 10, theof the bolder{s) of the hoje Is no officiailCtion ofillY Authority. pendingor dvutc:nl, ... hich in any wlywwki (i) /ulY(:' IIlIIcrial advenc effod on the ComptiIy, the ProjOCl, the Investor Member orthe UHTC; (ii) iuvolVof rooeiplof usimne:ed by the Company; (iv)property.ddre:ss and last inspection dateIrating; (v)status of any pre-clIisting loan on !he project (cumnt, dcf8Ultod, assigned or foreclosed) andif evt:r defaulted, an explanation as10 the CI_ of such defaul t/foreclosure. (as)Suryjytlof Repmep,tatjonsandWarnntiea,AUof the,t..mIllions, warranties andcovenants oontar-i bcn:in shallbe deemedtobe rm&deas of the dale of each Capital Conlribution m.,;le by the:lnvesIor M=bcr aod shall survive the dale offinal Oosin& and the fUndin& dateof e.c:bsuchCapilli Contribution.The Manlaing Member Wli indemnify .... holdMnnIesstheInvestorMemberIpinstIbreId!of 1lIIYof theforqoill&rqnsmtMirt prior \(I uec:ution thcn:Iofby tbe Company. (e)Goyqnmenta! end !.mder RmML The MllllgingManbeuh.all a1""ddiverto tbe inveslOr Member any financial or perfonnancc report nrquimIlo be provided bylbeCompinyIo any feclenl,stale Of"localgovallmanai qeocy or 10any Compeny lender.Any such report shall be deliveredtotheInVUlOfMemberwithinfiveda)'laftersucllrepcIf1isfiledwith1liiysucb &Ovenunml.ll. Igmcy or Company lender. 13.03BvdWf ell!! Genco! !)jsclOS\KC.The ManaginJMe:mber!bal1 poepaR MId deiivcrto the InvestorMember no!.ta" \hanthe60 dl}'lprior totbc beginning ofeachfiscalyear of the Company. dceailcdaru:M>aloperIting andcapiwimprovancnb budgetforthe opcntion of tbc Projeo;t durinallUCh fISCalyeow.Such budgeullhall spec:ifie.11y list -'I budgeted Cltpmsel in all major o;alegoria ineluding, but not limited 10, lIdministraiion, operation, repU1 and maintcMnOe, uclities, taxes, i.nsunmce, interat, debt service willi respect 10 !be Projo;t Loans, 0. been ,esotved. 5The dole oflhio R'IlIIt be "'" mo' ethen 30 davl prior to wbmiuion of the APIicofion. follureto c::Isclooe lntormotion obovt prepertle. wtWchho"," be"" found to be out of complionceor OIlY molerlol rrMS-' epresentotioru 0' "grour>dl for rejecHon 01on oppkotlon ond prohibition og,,;n,1 flJlueOEFINmONS: for the f>I,O'po,eoflhio Certl flcrllior\ Ih" following definition. ,hOIIopply: peyelpprDMI 'MI mean the propoled mvllilomily rentol "-ou.ing development id .. 000"". me """eetto theproposed developmrmt. wIIown or portfc\pot.. Tn lI1eownenhlp of the proposed cl&vok>pmenl or Ii) wi th ""peel te on " .poi"dDOflln".',,,,, no prOj6cl "'" _ lO'edle by 01two yeoor ,'...: None of 'h"portic,pant> I"lOl been luer ceflil1 '001 oone of ThePQfIk:lponil i. porticlpotinQ '" ..... 0WI"18. 5., ,....- eelfly 1M' noM 011M porticil>'ch_-. kK.na by any ferhas il""'" been. Iffilif,!Cd willi or tOnU"OIkd1'1for profil tl'11ly '" Ioeal housin& 1OIth:lrity'!D Ves[8]NoIfye!, explainin dctoil: c.II.slIIY fur profit Ofl\o1I1izolionor localI>oosing authority (Incil.odin, tho Owne-, ofdw ..patItItI". or any in(lividulJ or .nlily dim:tly or indire1y .. Ialed to such Owner) appointed any directOn to the:governing boardof the:Nonprolil'lD Yes[8]NoIf ye$.1109 2 016 NONPROFI T QUESTIONNAIRE, continued d,Does OIlyfr-profitorgani.ation or local housing authoritylIlerighl lOmake sLIhiploperallng agreemen,i. th iln()e.'elopme.", n OME n:gu\a1ion1.&omthestaleor local ponicipoli"ljLrisdicrion?t8l Yes0No Page 6a4"8 NONPROFIT QUESTIONNAIRE. continued m. ,. Hu!he Norf!ofit been . ...1'tdod iIate or Ioaollilnds for !he purpoor-oc=ed &.Manuf.cIuR>d Regiooally EQ llidit 3.1Construaion lAQ Manage""'ruPlan:During Construction EQ Credit 4.1LowEmiuing Material. :Adllesi""" kScaW!is EQCredit 4.2Lo .... Emitting Materials:Pain!! &Coolings EQ CrtKli14.3LowEmitting Mawial, :CaIJ>e! SyswlllS EQ Credit 6.2Controllability of System. :Thennal Comfort EQCredit8. 1Daylightk Views:Daylight 7S% ofSpa= 3.P,",so attach _ copy of IheLEED Professional Certili""le 10 Ihis document. pagemUI!include it..... th.t would qu.lif, for points under tbel..EED urtifi",,\ion .,n EIi!IctIon 0istrId JAMESB. NOWARD JaM. Monroe EIacIian 0i8lricl JAMESF. MUUEN DaNg_ EIec:Ion DilJIIIcI DALE W. SlSSOfI. JR. At.u.rge EIodion DieUIa IN"n Chondier I V..gin!o Hous'ng DavBlopmant Authority 601SOuth Belvidere Sweat Richmond. Vrglnlo 23220 VHOA Tracking Number: Development Nome: Noma of Owner/Applicant; Dear f.N.Chondler: COUNTY ADMINISTRATOR A. Tlt4.VlS QUESENBERRV. I'.E. 10450 Cowthouee DI"MI. SUiUl200 George. VA224as T ....ooo ..:FA)(:WebeIIe: Jha construction or rehabilitation of the above-nomad development and the allocation of federalhousingfax creditsavailable under IRCSection 42lor saiddevelopment M help10meelthehousingneedsand prioritiesofKingGeorge County.Accordngy. KingGeorge Caunty supports the otlocation of federal housing 10l( credits requesled by ProjeclFAITHPhoseTwoDevelopment.l.l.c.andProjectFAITH.Inc.forIhis development. YOU'Slruly. A.Travis Quesenberry. P.E. County Administrator TABJ (Homeownen:hip Plan) Not Applicable TABK (Site Control Oocumentadon) ( \ by J ..nnl Dov..Tly1or, Esquire Tu Mlp': 24-159 peeD OF ASSUMPTION ... .. ,...,.. ... -." ... ' " , ,, .. ... - .... II THIS DEEDOF ASSUMPTION, made and entered into thit 2"" day of November,2007.by and betweenPCOI!et FAITH, Inc. , a Virginia corporation. GRANTOR,party of the first part,and ProlectFAITH Pha"Two OeYllopment llC, ,IVirginialiability company, GRANTEE, party of thesecond part. and Union Bank and Trust ComPfny. LENDER, pany of the thirdpart. W I TNESSE TH: That forand in conSideratiOn of !he sum of ThreeHundred Four Thousand Dollars and001100 ($304.000.00), ofwhich ls cash in hand paid.and the m.lanoe of which, being approximately One HundredSixteen ThousandOne Hundred Fifty-Two I and 00/00($116. 152.00) Is by the 8$sumption of thebalance due on a certain deedof trusl note as hereinaltef sel forth, the receipt of a'ofwllich ishereby acknowledged by the party of the first part.the uid party of the fnt pan does hereby grant,bargain, seU and convey withGeNERAL WARRANTY and ENGLISH COVENANTSOF TITlE unto the laid ProjectFAITHPhase TwoLlC, tha following des.cribed tract or paroolof land withImprovements thereon, to-wit All th.t certain lot or pare.1 of I.nd situate, lying .nd baing In rtappahannock M.glsteri.1 District, King (Morg. County, Vlrvlnl., containing 26.612 acres, and more particularty shown .nd described .s tM Realdu.of Tract On. on Minor Subdivision Plat of Pareal prePllAtd by Deputy Land Survaying, Inc., dated Nov.mbar3, 2004. , LESSAND EXCEPT .698 of.n .Clll conyeyed to King Geollle County by Deed d.led August 10, 2001.nd recorded NOTARY PUlIC STATEOFVIRGINIA COUNTYOFKING GEORGE,to-wIt: "'\0The foregoing Deed of V. FAITH, Inc. MyCommissionExpires: . Notary Registration Number:I'100$ 3 -"' ---, , FAITH Pl'Iasa Two "G'OR';', Io-wit:

umptlon was peI'SOf\lIlly acknowteOoed before me this by PI'IyIIis at Project FAITH. Ine. ",o.LQ, P{ i!lLOc-- VIRGI NIA IIIOF KING GEORGE,Il>wiI: TheforegoingDeed of Assumption " d,', "f November,2007 by HHUIf.COlI --CGc g.....D.(OfWiJINO _'M II Cor M...... "'-hp 110.zoo. OF VIRGINIA KINGGEORGE, 1o-wit: .' was personally acknoWledged before me this 2007 by DavidL. Clare, VICe-President at UnionBank lind /'J\\ mu (1hould C(mespOrMi with I.B 8l. D and In.A of tIM:application):, !Zl New Construction: o Adaptive Reuse: o Rehabillutfon:

If Units If BuildingsTotal Cross FIoo!" Are3 If UnitsIt BuildingsTotal CI"OSSfloor Ana IIUnitsIt Bui ldingsTotal CI"OSI;Roor Arell Other Descriptive Information:(Should with infonnation inthe application) PLAN Of DEVELOPMENTcontinued LOCAL CERTIFICATION:(Tobe completed by !be::appropriate local offICial ) OIeck ooe of the followm,; as appIopriate: Theproposed describedaboveluisI nI pprovedrllLlllplanof developrTKntQTsite plan (asapplicable to!he site),No funhetplan ofor siteplan approvalisllXIUired before issuance ofa building pennit. oTheproposed(\e\'eIOpmenlisanexisting withpropoiedrenovationslindno addi tional plan ofdevelopmcnt approvalis The aboveplan of developmentapproval inerrect until:No exiration (work has commenced)_ Tide: Pim!Or of !he IXpartmcQI of Community Dcye[Qp!lW!lt Phone:(540) 17S 1556 Date: May13, 2009 NOTE TO LOCALITY: I.Rei"" Ih .. 101M dndoper for inIU emit appHcatit)DplM'iulge, 2.Aa,. chaDceiD IhilformmaynaullI. areduclio.ofpoi"ts ...dtr the KOring 5)"8lcm.If yOIlh ...e any ,!"oslit)n!, plcue calt J im C".dlrr at VlfDA (804) J43..5786. !'IOTETODEvtLOP[.R:YouIreIt""'11yHtcorr'-" i......! by !be M.'hltea. IUl Tboi'_ ReiooCw __ O-O_f.-__Ha'd_ ""'" w""".,.....-... DoooH_c OypoumBIlMd R.o&ilietloB_.114 -... R.o&iIioooTile Aooriol ........ ...... T ..... IIodo -' '--Y 0000I_ UIiIiI:) SI'We . ,e .. I ... 1'"--8.... 1we. .. \ ....... 5.-I'Ioonoloita; FU_ toIcdIuIcaIS,..... ... RcoidnotiaI ,..., ... Tcnni .. c-r"I f 1.1..1 T1IocDmoIIo&J _r..IIo S:'DoIoUo -""" ..,.. IIIC, !lee.16a:Iil8!ilS;4IPHPH -n .. , '" I I , , , I Certification of Documenfs Authenticity DOCtIfIlfHIf D401/11- 2003 L KC'tIn MiJ,oU.tr.ueby n"),.ndAHP f>liau.p",,he M.mbt.IH..subminell.0theBonkon.pplicotlOt'lunde,.heBoonk',,\ HI>(u_h opp&..ion.. app",,'.d i" ""riang byw51 65 """,en, of un mrdio.nItlCOO"" ,1I1J1t at or below6(, _ 80 finn,,' of IlteOmedianincome un;" gte>n: . ..... n80pe!l:!he.chargcofor Ioono or .urula. ""''''''')', "rm, and ",Ie 2.02UK oISybsidy; Tim;ne.The Member ...np. .. 00thofUIl.mountof the .ub.ody", u,eJ>n>joxt(Ofwhichthe.ubsid),""" ppreru.tionI'!.n.IfIlK. ..boodyISflOtoJ",wndown.nd""""bytheI'm"""""tlurtd,. timor_(o) .. ,f.he d ..buncmcnto f!he. ub.;d),n:'luesttdby' heMom!>' Ptolcc,Owner ndp,"t. Spo'"l(>r,the Member.PrOlcct0.._' , or1"01:' SporlJot, .. . pplic:&bk,. IuUdclJvcrOr01051OJIm bebo." noJbroil AHI'KCleand1"",,1!.l ....,rule""'IIUI,""""nnl....ncc ndc....ie.(" 1.2 ...../ mg'1>Ih. I' rot< . ",1P.oi.0..'"",.ndPn>jcSport"" OK'''''1ohlOin.nd""''''..'''aU .u,.........''''luikU tn connection ...,m , heI"0J)".he:.. \I'plic.,. ... ".,."",heh.nk ..... .. fromlime 10'1m''0 Ih.1""i1 01'orh m.lte",..I("rth;n,heApplic.uonor ,1m ;\wtnrn .M..... h"r.!'mJcerOw""', ."d 1"0""Spr>ruor"oJcn...,..jIha.,heBlnkWlUret ..nthe .hi,,1K"'rn>cllf,.ttd any"'her , uPI""''''& on(enol ,ionteccivcd.eW",fnu.... boodyi ",..,.,J"d. Prni.ndPr>CCfIof !heP""oct 0,.."." OJProjectSponoor,(b)P",!"""o,..ne.Ind !'rojecl Spall""h ..c fik:d.U101",,,,m,'Cljuir.d to bC' fda!by.uchentity, .nd h. ,'o P'''' oUtues d .... ""flllonlTOsuchteN' nl 0l>Ce; Of(II) ....IIf.il".., ..r>OIrnsonabtyClIp1blcuf bnng cud... "hin'Xldo)'s.fle."...aceof suchfail ... .ISgn'cnbfme,O.nk'0Mc",bc.,P",!, O .... n.', KOO"roitt. Spnoor: or (d).nyorWornnl)'f"nhInSeen,,,,4,[1'0h"'e been 0. '" ."y ",.,e".1 re'p"'"whenm.d. Or.nytim,",h ufto. dunng 'e.m of ,h. RetentionP.riod; or (e)Membe P,oj.Owne"orl'fOj'f:UJ.co..pn:wodc"'("'m."""" '{UNfed hy.he fun k in connecl1OCl..uh moniWMg ITO''''''' for &""Ire,du"(,(I dop; or (I) or . .... bot.nuol or mo.eriolpo,tion o\fIheI',ojeer isd.t'rUogtdo. dc>1I0)'ed.nd .hen.nleIt .. , on.bl)d.,e.m",c] 0onyaction'"... he.p.ocuding",."""tdby0"1 govcn>men",1 ncr forony such 0.-il)l'mje.!0... "". orl'fOlee.Spotl""todi ..ok.,J o.b.juidJlcdOfmetgW"-lIh0 . ,n.o ",her cnu,)';ur.U o uh.!.nu.Uy oU"f .he ...,IJ of Project O"mer Orl'tOJee,Spoil"'" a.rc.old or othe"";,,, tnn. ferrcdw,thuultheprim ' ppm ...1 uf the Me mb.".nd IheB.nk; o. (h),h"I',o;.c'isw1d in,",brion of the,e" ", of the'\pplic'''on, . tw.Ag,umcm or ,he,\Hl' ..;or.nr " fI>J..."ber,l'""..,.Ow""'. orprojec.Sport .... ,'"''&''' or o. ttempt.' 0..... .nyright>o."',."".. un&;,./>,\ppht.t>on..hisAgKCt'Mn Of.nr Rei.""""I>Jeehom'ln ",.thou,,hepri .......nr ......COrTlInl and ul1,t.rN (ur 60 d.)..); 01 ( k).n)' .dl'. ....p" ufp",,....: ,OWII'"otl'roieeWIththe ce'"and """"'" =gering commlmlCntonuok onthlh.t>cIl",k'" Orrf'le. ndor....,P",;..", .nd to ptovtdc ." ,he Ib"k1'n>fC"C1Jt>(um"' lalJo"m""....-...Ir(.U,.fL"iIQrnlur>o.lc h.. ,\g......""""',.11,0.\rrlic,,,,,,- 0 n)" .\111' R"'IWfL'''rwi,hheldIt>the r>C[C,$< "f Bonk', ",0o'IpIic.w'" anddus",;u,,-,u'rne 1'00< ,",'nnw " "'''''''' ,'fthol:Ionk. 7.03 TM t'mjc:c. Ow"" ooJ'rot""t Sponsor .drnowlcdg. ",,I'l\a' Qf ,.... lemu andcondi""",(>(,he:fundingsc,(nilhem",thoop .......1$0"'p",,.,nnd"'''mon.duo.lhq' havefullrow"r.nd ou.hocry ond,",ed.U oorpon'< >nd govcmn"",,,,1."hotiu';"". andof'lKO' ... Is ......y b''''____ _bjo.. o- ... ""-'........!_... -...""' .. ___ ...... _ _."..- -, -.. --"' ... _"" ....... ; ... .. ,.. .. .. T .. Ooobojo_..... _oIl.oooDo' ...... lftr..q 1lJi), ....... _.-.. -.--1f ......... IlHClI,... ,, __ ..... DtIQ> ........ jo___ .. D!fC!)_ _,,.., ......... _....'w ____ ... --(')A .... 01"" I)ood -.-c" "-'r ...... __ """" __ ......10 .... 1I0oI ---, "1'110,...,... ___-..._... _. __ ... _l:!Mi:I (ZQ)____ ...... )__ ........ of " _!o& ..... _01_ ,.. .. _,fe.il.___,HOM!!_ L_ ...'1'1 " __ ... If.....)o< .. __ "_of.. _fw .. _.. ....... ofRUD.IIoHa> ....... _.,. ........ __.... "',t"n. .. - ......... -...- -I c...-,..,. ____ k_Ior ,... __ -...... .. DKal .,".. _ot... ..-........... ___._ ('4)C.--. ...-_-....r-.'--. (IS)_____ (lo) Ar-.. ___ io ... _s....,. .... T_ .. _ ... ' (I;')u""" .. _a.... ... .. ____ ....... _.. ..- .. J>OfOII... _.. _.t.", ___.. __ ... _1o_T.Bo'.. _.. '-__.""""_., __ ... ,I'' _ _.. .._........ .",... ... _""-'----'-.. =,--... _.. DHCD_10' .... ' ... . ..... __ -.. ____,IOoiIDHCD_. ___ I_1III!Ctor__..... _. A., .......... __ .. __ ... ., ..... _____ ............... VHDA ...... _w"O'DOIa> .... "' ___"' .. u..."-'" ....... '"*" .... ,... ___0IDHCD. ...nw_'" ............ ,.,-........__ -. ... ....,_ ... _.. _.. ..-... _..-.... -............ -... _--........... __ ... __ ...... .. _............ _II .. _...... __ .. __ .. _.. RIy ....ee_"'_01_,........ ...... Coo'bf ........ _ _,,",.lL"0IJ.P00UndergduulRiIlM.Thepun:lwc forthepropeJty pursuanltGtheRefusalRight5ballbe:equal10thesumof (a)lIDunounlsuffieicRi10payall debtl(includingpaymer108.11$)andliabililiesoftheCompanyuponillImninationand liquidation asprojected10occur immediatelyfollowingthesalepumI.an1 10theRefusalRighI, and(b) an amounl sufflCienllO distribute totheMemben. afterpaymcnl$ under Seelion11.04(1) and(b)of theAJlft:emenlandanamOWlIequal10lillyL1HTCReductionGuarantyPlyment, UnpaidUHTCShortfallorInvestorMemberSpecialAddi tionalCapilalConlrib\ltion,cash proceeds cquallO the projectedtobeimposro oolhe Membtn oCthe Company as 1 result ofthesalepursuant10theRefu$alRiJht,allasmorefully!liItedinSeetion11 .04of the J\irmenl, whichis inoolpOl1lledby refertnCe. L-l ! I , ; , I , i I ,. contrary,the following: NotwithstandinglJ1ythingInthis10the RightgranledhereundershallbeCOIItingmtonthe .MlngingMtmbu.TheManagingMember$hallremainedin good standing asMana&inaMember ohhe Compenywitho\ll the occurrence of &II)' event of default under theAgrffillCnl; and c.RHUlatOrvAl!l'ftmml.Either (i) the RegulatoryAgrftIIlcntshall hove beenenleredinto andremainedinfullfOlWandeff"!, andthoseUseRe:strietiops 10be contained therein,8$ here1ofore approved in writingby lite COIISI:ntinalnve$I(lfMember, shallhaw mnained ulUl100ifltdwithoutiuprior wrincnCllllXllt, or (ii) if the Regubtory Agreementi.Inolongerin cffcd duetoreasonsotherthanIdefaulttbcrm:notmetasandwhenprovided herein,the OptionortheRefusalRighI,orboth,., applicable,,hallexpireandheof nofurtherfon:!!:or effect.UponooticebyGrantee ofi" inlentlO exm:ise theOption or the RefusalRi&hl,, IIrights undertheotbc:rshallbe.ubordinate lOthe righllthenbeingsoexeralledunlesslII!dunlilsuch eJr-oj1PropertyoranothermUluallyIICttpUblelide wmp6IlY ,. herewxler81Inwnsiden.lion of !he herein,Granlee and!heRefusalRiahlgranted thaI deedof theProject of !he Project 10 the ex!en!in the asapprovedinConsentingInYeStorMemberand prior wrincn consen!.C:OVC:llUIlshall ...ontain a reverter clause, enfon::eablebytheConxnlingInvestorMember,itsS' ........omsM.dassigns,intheeven!of materia!violltiol!ofsuchUseRestrictions.Suchdeedoovenanlshallincludeaprovision requiringGrantee 10ply anyandallCOSIS,including a!lomeys' fees,incum:dbythe Conscntins Investor Member or anyother holdCfof suchreverter righQ inenforc:ina or Ittempting!O enforce: lheUseRestrietionsorsuc.breverterrights,andtopayanyandalldamagesincurredbythe ConsentingInvestorMemberfromM.ydf:1ayinorlackofenforceabilityof Olesame.All m'encrprovisions in8uchdeedandinthisAgrI:ement$t..llbesubjecland subordinale10 any tJtird-pany lim! encumbering !he Projecl Properly. Ifprior10ex.erci:teof OleOptionortheRdilsalRighI,II!applic.ble,theServiceha! i$$UtdII"CVCnuc[IIlingorprovidedaprivate[et1CIrulin&totheCompanyboldina!hI1I covenanlof !henalurehereinbelowm.ybeuliliudwithoutlimitingtaxcreditsor dedutlionsWtwouldolherwisebeavailabletotheConsentinainveslorMember,the applicabilily of whicb rulin@, shall bedckl"minca", aUfor 1hI_ m! pUrpOIeIld btb IheftiD. IODdcrmyblnd..oo-w _011 I)!LIO' 2008. Regi ..... ion NIImbcr: ]2.14aIIon. Including !he nane 01 !he lOCaiIy haYIng [uil.dclion O'o'er !he de.eIopment. names. addre1.se$ and 0:>"'1:). _'"....- _.... ..,." ... "" c""'"' to< '" , __.0. .;. ,.,. ,,,,, .. .-...... -"...... : ..... ...... .. ... . c. Jurtsdldon 0.I0Il ctc.>1Co\.oe. oRaw_11_0 oo.IOChed 0OiIl.... oEI __""''''''''00_. c""''">'h;J' .... _ . ole. -Iw.., _ City. Ire,. I. lip: ""Ow....",, -H.H TABY (Marketing Plan for units meeting accessibility requirements of HUD section 504) Angelwood Developme nt Phase II Marketing Plan AngelwoodDevelopmentPhaseJJIncludes5 apartments that willconformtoHUD regulationsinterpretingactesslbllityrequirementsofSection504ofthe RehabilitationAct.Thesefiveapartmentswillbereservedfor,andactively marketedto, people withmobility impairments. TheremainingZ7apartmentswithinthe32apartmentdevelopmentare constructedaccordingtoUniversalDesignStandards.Theseapartmentswillnot needtobereservedforparticular households,but willbemarketedtohouseholds requiring housing with improved accessibility. Project FAITH, the Propeny Manager.willmarket these reserved 504 units and the remaining Universally-Designedunitsto qualifiedhouseholds on the local Section 8 waitinglistmanagedbyCentralVirginiaHousingCoalition,tohouseholdsonan overallAngelwoodDevelopmentwaitinglist.toclientsoftheKingGeorge DepartmentofSodalServices,andtootherserviceprovidersandadvocacy organizations in the King George County are(l.