INSTRUCTIONS FOR THE VIRGINIA 2011 LIHTC APPLICATION FOR RESERVATION ‘This eppication was prepared using Excel, Miccosot Office 2003, Please not that using the actve Excel workbook dos nt lint the need to submit the required POF ofthe gned Narécopy o the application snd related docureniaton, A more deal explanation of appicaton submission requemonts ie proved bow and in the Appleton Man ‘An electronic copy of your completed application ie a mandatory submission item, tons Fe ‘Appicants should submit an electronic Copy of the application package ona CD pri ot ‘application dadine, which i 2:00 PM Recerend Vga bm on Mary 112011, Faure to submit an electronic ‘copy ofthe appication by the deadline wil cause the application fo be csqualiied nes Sir Applicants should submit al apleaton materiale a electron format ot, ‘There should be tinct les saved fo 1 er more CDs as needed) which sould include the fling 1. Appliation For Reservation ~ the ative Microsel Beel wooo ‘PDF fe which ices the following: = Application For Reservation ~ Sgn version of hardcopy < allappliation attachment (Le fab documents, excluding market study and plans & specs) 4. Marke Study ~ PDF or Miernft Word format ‘4. Plans - PDF or other readable clectrole format & Spedilatons- PDF or other readable etronic format (may be cosine into the same lea the plans t lecessary) ‘6 Unity ait work writeup (rebub en) -PDY or other readable cron format De net waa any tee “Da 0h wi ay ppl teri ia Tea reAPDEY HDA OF years aes specially royalty the VHA Allocate Depress iscaimer, \VHDA assumes no responsibity for any problems incured in using is spreadeheet oc forthe ‘2ccuracy ofthe calculations. Check yur applton for coectness and completeness before ‘submiting the applicaton to VHDA Entering Date: Enter numbers or ext as appropriate in the blank spaces Nghlghtedin yellow. Allohe els ae protected and wil ot alow ary changes. The format forces has been vet to acept tnt, currency, poreentages, ec. a8 appropiate. Enter any number without conmas or collar signe. Enter percentages begining wih a decimal pot. Thee eno text wrap-erund feature, 80 care must be {aken to enter text so that does not extend beyond height margin ofthe page, Enterin ony enough text fil onelne and then drop theft yeow cel oft next Ene. Each page of the appt ie 3 separa shoot inthe spreadsheet. The spreadsheet contains numerous err checks wich are ‘esigned to assist you indenting potential mistakes n your epplation, Pleas nee that these may ‘appear as you enter deta because many are dependent on ene ator inte aplcaton Do not be concerned wth these messages uri al data has been entered. Azo note that sore calle contain ‘ror messages such 2 "SDV" before you begin. These warring wil lsappea’ as you enter rurbers necessary to complete the appcation, Assistance IM you nave any questions, please call Jim Chandler at (804) 243-5766, Dal Wit at 204) '4-8876, Cara Walo at (804) 243-5714, Janel Piiman-Shaw at (604) 242-5733 or Rebecca Rowe at (004) 349-5518. Please note rat we canna release the copy protection passwors. ‘Staff email addresses: limhandler@vhda.com - dale witie@vinda.com ‘1 $364 wallogvhda.com -aynel pttman-shaw@vhag gong rebeccs.rowe@vhda.com2011 Federal Low Income Housing Tax Credit Program Application For Reservation Deadline Tor Submision 2% Competitive Credits Applications Must Be Received At VEDA No Later Tan 2:00 Pm Richmond, VA Time On Mare 11,2011 “Tnx Exempt Bonds Applications shold be received at VHDA at last one month Iefre the bonds ar priced (if Bonds fee ky VEDA), 75 ‘ays before the bonds are issued (bonds ae not ssed by ‘vay Virginia Housing Development Autry 601 South Belvidere Stet VHDA como Vipia 2330-600Low Income Housing Tex Credit Applicaton for Reservation Tab Qa "lecwonic Copy of the Micovoft Excel Based Appian (MANDATORY) ‘Seanted Copy of te Sane Tex Cra Appl win tachment (exchding make sty and plans & specs) (MANDATO "letonie Copy ofthe Market Study (MANDATORY-Appleation wil be digualifed i study net abled with application Eleeoaic Copy of the Plans (MANDATORY) letonic Copy ofthe Specificaions (MANDATORY) Electronic Copy ofthe Unit By Unt Work Weiteup MANDATORY if rehab) S750 Appliation Fee (MANDATORY) ‘Documentation of Development Lecton: (Qulifed Conus Tract Creation Revilzation Ara Cerifation Location Map Surveyors Ceifcaton of Proximity To Pubic Tanporaton Partaeship or Operating Agresnen, lug cha of ownership rate with percentage o interes (MANDATOR, Virginia Sate Corporation Commission Crticaton (MANDATORY) Princip Previous Pcticipation Crieton and Resume (MANDATORY) Nonpott Quessonnie (MANDATORY fer olats or pod!) ‘The flowing documents need not be bed ules requested by VDA: -Noaproit Artes of Iscooraion IRS Doeumeriton of Nonprtt Sttas “Toit Ventre Agreement applicbl) “For profit Consutig Agreement (applicable) Arter Ceteation (MANDATORY) [etocaton Pisa (MANDATORY, i eh) PHA Seton & Notification ater Local CEO Later Homeownership Plan Ste Cont! Documentation Most Recent RealEstate Tx Assessment (MANDATORY) Plan of Development Cerieaton Later Zoning Centfcaon Lew Copies of 8609s To Cry Developer Exptence (Reserved). Plan nd Spctcton and Work Wite-Us (MANDATORY) Doctmentaton of Rental Asistnce Documentation of Operating Bulge, ‘Documentation of Projet But Documentation o Financing Sources Documentation To Request Exception To Retiction- Pool With LitlNo Increase In Rent Burned Population Documentation of sit locaton tan urban developent rea tnd in §1522223.Lof the Coe of Virginia Documentation ofthe development paricpaling na locally adopted fordable housing elig uit program ae esrb in either §15.2-290 or §152-2305 ofthe Code of Virgina Noapofit of LHA Purchase Opin or Right of Fat Refit i; Attomeys Opinian (MANDATORY) (Revered) ‘Marketing Plan for units meeting accesibly requirements of HUD seton 504 Sibi Cs[Lo InomeHotng Tex Cre Appenion For Reration SADA TRACKING NUMBER tn [eases —— A. Devoe Name nL: NeneofDelgment Thai 2 AtenaDecymae HEGRE wa a va ie 3. Hapa ae tana, ovis gn Inde cote Se Ioeaion ea ate our ner ems paps (Donen eg stl TAB A) (Cay Sa Tae ESE a REN wa TAT 4. The Cie Cot Clef in wih hdl othe pr to wil Clyro of Tyetbog Cy (Ramon ip, Chesed Coy pan amt) 5. Deasteste rey omer praTetoaTDoniees? Ya El Ne ye le Cast td roe mond sow! 6 Ceasw Tint deelopaatisocudins —_s16900500 tira Quiet Cont Te Yes No (yen stich ied fem in TAB A) 7. Wthedeloment noua Died Dwopnet Ara? (FRa.] naptime et sits ce ins DDA. Hn, nda yeeking is bes Ct Trev e NOT apie a unt de) 1 thedesomest nota reviiton eee Yes Co yen tae rm TAB A) 9. tbedeioment as exiting D ee HUD SH236dnelapmen? Yeu No ie etch reed fm TABQ) "hci semaine een Sey sd ieee pga oa epee ‘hac So be pau ma wae iat lps nocd hong le ‘eins ane sre tareeremeat fo iD anal Ahan see pte «Ape apres ie al as wy dvr ‘her sr wih atin andre Oye om Ape bd a arf is sme fn VEDA ‘ero span bn doin, Ove Bm 10. ecg oad ara et wilh ory ae 0S vit x ot ls cur pret? Ove om 1, te vpn itd on RD S15 Retin Pity Lik? Ch Yer (No 12 te pparel deep! aa an bon dept rt efi in 152-203 lo be Code of Vii? TL Yes Glo lfysemsh gurl emia AB0) 15, Wille popend evelopee pepsin lal dpe ating pp ron a esse in thr 152204 52205 ft Coot Viala Ta ver Ne Gye ein gud fina) 14 Googesna Die nen memectnrinet Framing Duet TT sesemnesonmmrtson Sate ene Date 2 teasers ‘Sule Home att, ST recente 15, Loca Map Ata (TAA) rj Din (Sgn pied ge aig ase tc an ey el fcc Ss aaaa eee iis aa aaa eae a ee oa pao eee eae cms Speen cro ae yee eae page [iste Genet osty ee fameisa age Gna ony cae a Feeereis wreeee naan a i aie ae ea CTR Eas ean yazan PeetLow Income Housing Tax Cre Appleton For Reservation ©. Reservation Request 1, Total ama cet amc equt (Must ete at Pat XDA) suis 2 Chet rested fom: 9% Create (Nonprofit SecAsd (Alma ouneddereapnets wish ts ese ie Pat ID hot may ett) Leva Housing Auten 1 Ricks MSA Pot 1D Planing Disc 8 (er Washington MSA) Poo! C] Tidewater ASA Pot 1D Norwest Noth Cea VA Area Pot Bala ofS Pool Reming Googe 1 New Campeiive Pot Preratan) 1D Nan-Compatv Poo (Diy) D Terexempt Bonde 1 new contin ot (tion or (D quston and etaitaon Fede Sbsitos 1D Thedeetpne wi tres eer sbi, 12) Thisdeeopment wi recive fer betes fr Cat tisne or (Biome tines (Type ofAleatin/Aocation Year 1. Rega Aeason Darth hlngn he develop expect be pled Inservice tis ya. Fer ae bling sown wl hiya, regs licaionof 2011 eediator haew ston retitog (Coston and eatin, 2. Canforvard Alcan ‘Dale bung inte development ae expected abe pace ‘nerve win to us ae io a scan ne 2011 at he ‘ne ine ethan 05 kis i th developmen roe edo tlre mots folling act of ret Fer thre ne the owe rus {caryforward allocate of 2011 ete pment Secon 000K) fr Grew comtaton ot (Creation or egson an tiation (ove you aside bug yer ae “plced iia seve fr he pve of teen ced, ou ct eve ‘e808 fom ol he ah 809 ne rt bing we ‘wos "aed in sev” in 2026 2013), 3, el Sbsites 12 The developmen wil at civ fdera abi. 1D Tis developmen wl eave foe sis or Cattngr (senting. waz PageLow-Income Housing Tax Credit Application For Reservation See cee eer E. Acquisition Credit Information [NOTE sedi are ring veqused or alg balding ong aque fore evelopment [indicate and goon Part: TCINe Acaulsee ‘Ten-Year Rule For Acquistion Credits All buildings satisfy the 10-year lookback rule of IRC Section 42 (828), including the 10% bsis$15000.00 rehab cists ($10,000 for Tax Exempt Bonds) per unt equiement allbldngs cui or en eepion whe 1er re under RC Seton (OOH, sa sboeation (0) Subsection ) = Subsection) Subsecion (IV) Sutseeion(V) 1D The 10-year rule in IRC Secon 42 (2)2)B) for ll buildings does not apply pursuant o IRC Section 42(0K6. 1 Diterent circumstances fr diferent buildings: Atach a separate sheet and explain for each buildin, Rehabilitation Creit information [NOTES To cei ar beng requested for rhabiiation expends so Tadeo and go lento Seeon 1 [No Rebabiliation| ‘Minimum Expenditure Requirements [_Allbuildings inthe evelopment satisfy the reb cost per unt requirement of RC Section 426). All buldings inthe cevelopment qualify forthe IRC Section $2(0X3)B) exception tthe TOR basis eguiemen (4% credit onl), o {C_Allbuidings inthe cevelopment qualify for the IRC Section 42(1(5)(B)H) exception. Different circumstances for different buildings, Atach a separate sheet and explain for each bung. G._ Request For Exception ‘The proposed new constuction development inluding adaptive reuse and rehabilitation that reates addition! real ‘space is subject to an assessment of upto minus 20 pints for being located ins pool identified by the Authoty asa po ‘with litle ono ineeas in et burdened population. [NVA = Does not apply to this proposed developmest. ‘Applicant secks an excepto to this restriction in accordance with one of the following provisions under 13VACIO-180- C1 Proposed developmen is specialized housing designed to meet special needs hit canot readily be adiressed uiliing existing resfenal structures [] Documentation Attached (TAB U) [1 Proposed development is designed io serve asa replacement for housing being demolished through redevelopment. {Documentation Attached (TABU) {Proposed developments housing that i an integra par ofa neighborhood revitalization project sponte by 2 local housing aha. (Documentation Attached (TAB U) wtz0i4 npLow-Income Housing Tax Credit Application | 1 Reservation OWNERSHIP INFORMATION TE They inn ai PERE a AA a TO a Trae Doar Se SS] [md wna ee ane pope gs pind ae ors en hehe ee A. Owner information: — a] ‘Name Sar Vinginian Investments LLC (Contaet Person Fist i Mid: Last: Sa ‘Adieess 2741 Biting Rd Yimston Salem ne 2 a a Toa Federal LDN. (Of ot vale, bain pie to Alen) Phone 336.972.81——Fag ———" mal address company bie ‘Type of eatig: Lime Pamership ‘ter LLC individuals) 1 Conporton| ‘Owners oresiatiosdocarens(,Parbeship agreements ober Storch) sate (Mandatory TAB B) Crtieation ton Vins Ste Corporation Commision tached (Mandatory TAB C) Pencgals involved (eg genera parters, LLC members, controling sarboldrs, et) Names Phone ‘TpcOunenhis % Ownership Jim Sch 336-972-4182 _ Managing Member 00.00% “This shouldbe 100% ofthe GP ormanaging manibr ier «1000096 © These shouldbe the names ofr who compris the GP oc managing members. otsimpl the names of ‘MBNA snes or corporations whch muy compnse thse component Principal Previous Parepation Ceriiation attached (Mandatory TAB D) resumé, B,. Selr Information: ape Th Vegi tng LP Contact PesoxrntClaterbuce ‘Address -Ba wmClatebuek Roanoke, VIA i 5905 1s there am identity of interest between the eller and owner/splicant? De Ne yes, complete the follwing Principal) involved (2g general pater, contol shareholders) Names ‘hone ‘TweOwnenhin —%4Ownesship 0.00% 0.00% 00% 00% vi2ont Page[Low-Income Housing Tax Credit Application For Reservation © Development Team Information: Complete the following as applicable to your development eam. 1. TaxAtomey: Deborah L: MeKenney Related Eni? imNane: _Blngo Takaben & Matas, FA —————— ‘Adcress.”TTOS Seater Ri Filth Foor Winson Salen: NCTE Phone 336-295-5000 Fa BERS 2 TaxAccountrt: Doug Covingon Rewedeniy? (Yer No Firm Name: im a ————— Phone: HHGITEST8 Fix Se TETES 3. Consitane NYA Related Eatiy? Yes () No inn Name Rote: ‘less Phone: Fa 4. Management Entity (Conse): Grae Claterbuck Ralatd Bay?) Yeo No Fim Name: Sentinel Propet Tae ‘dress: = Phone: SOSH Faz ESS 5 Conzactor (Contact Lipsy Related Eniy? C1 Yes No "ins Name ie Address nao Phone: 356-722-6152 Tae BEIT | 6 Architect: ‘Amanda Adams Related Entity? —() Yes Firm Name: COMW Archit Address ain St Tyna Phone: 047-6565 Fa BETES 7. Real Estate Antormey: | Deborah L. McKenney Related Fatty? 1) Yes @ No Firm Name: Blafeo Tad intanaros PA ‘Address: fh Floor _Winsta Phone 336-295-0000 Fas 8 Mortgage Banker: Paul Kennedy Relate! Entity? 1 Yes Firm Nemes Carat gs" ‘Address: FO. Box TOR Crensboro, NOB Phone: Bea 9, Other (Conary: WA Related Entity?) Yes [No Firm Name Role Address ages FAH cone eee eee Fe vit20n1 Pages{owe-lacome Hsing Tax Credit Appleton For Reservation D._ Nonpeoe tnvetement [pio FeO CNR RE la Spe ae apa TOL [Aico be compe ross mya even nein ‘Tax Creat Nowprtt Poot Applet To gai pao arian dmc IRC Son 3 (©) 301 (0 and enn fan nation ne RC Seo bee pons ine aig fs ng 1. Matty pri” te rope enepi t i eotnp 2 Mat oun alge rents ae be Srp 4 Mets nnd thera pet pin {Mtb te! a pumpin te peo 5. MGtetiesn seams nonresponders mal pte pepo et slows AN Applicat: oq ot nde aking, he gps usenet sey ‘Sata erogenous omy po 1. ecpn nae (A Apia) Eaepies mp chet oe he ty ci he Manso Quesceie ‘tte ops ements t colaeeNe rote Osa (restore sce eatery FAB 5. Topper iotemet "Er epi ome iy eae or pons ny tp et {epee eae fe er ol wd yl 4 day FM Ae optim) ‘Teneo runacon mes epmet (ess Oveer ‘ee apie tents Ome) lowe Seer Here or 5. Paceage of Nepn Onentiy (Al ne epe) Sos be ogress ees omni pen ea tet siti eeeLow-Income Housing Tax Credit Application For Reservation UL DEVELOPMENT INFORMATION AL Structure and Us 1 Toul number e all units in development 6 otal number of renal unt in development TH tetrooms 6 ‘Number of low-income rental unis Se tedrooms —E— Percentage of renal unis designated low-income TOOTH 2 “Ine developments strctre features are (check al hat apply 1D) Row stousrrowanouse C)_ Detached Single tamily Detached Two family Zl Basoment rawl space Age of Structure 39 [Number of stories: id 3. Number of new unite 0 bedrooms 6 [Number of adaptive reuse units —=—Treerooms ——T [Number of renab units =F becrooms —a ‘Total Floor Ares For The Entire Development $2,049 00.40) 5. Unmeatea Moor Are (ireromye, alenes Siomge) 2.217 WU wns 6. Nonresidentil Commercial Floor Area 1.00 95s (Neteller tasting) 7. Total Usable Residential Heated Area 90,732.00 am 8. Number of Buillngs (containing renal units) 1 9. Commercial Area Intended Use 10. Project consists primarily of a bullding() which i (ar) (CHOOSE ONLY ONK (1 Low-Rise (15 stories with any structural elements made of wood) Mid-Rise (6-7 stories with no stuctural elements made of wood) High-Rise 8 or more stores with ng structural elements made of wood) 11, Total Net Rectal Square Fest 5347391 »b, Percentage of Net Renable Square Feet Deemed To Be New Rental Space _ 0.00% B Building Systems: ‘Please describe each ofthe following inte spice provide. ‘Community Facilites: ment office, fumished fitness room, fished laundry room, fumished computer rom, postal kiosk, end community room exceeding 749 sq _ Grand lly [Exterior Finish: —Brik with era cota panels from basement to Second floor level on two ckvations HeatinglAC Systen: variable refrigerant volume heat pump system in each unit Architecture! Style: Rensissance Revival vi2011 Page?Low-Income Housing Tax Credit Application For Reservation (Amenities ae 1. Specify the average size per unit ype: ling pro rata share of heated common area) ‘Assisted Lg (000 SF 1Bdem Eid 215.90 SP 3.Bdnm Gar 2.00 SF So sr abd RTA SF bam Ger ——TorsF 7 sr ede © oo sF assy 208TH ——TOT SF THT sk Bien Gar TOTS sy 3K 11 —TT SF TERE SF Bdrm Ge TT SF 2s 40k tA ——T OT SF 2. Total gross usable, heated square fet forthe entire project ess nonresidential commercial ees: 90,732.00 ]Documenttion atch (IAB #) Mandatory Sao NOTE: All developrents must mest VEDA Minimaun Design aod Constraston Requireeneis y signing and subminig dhe Application For Reservacion af Low Inconne Housing Tax Credits che applicant certs thatthe Froposed projec baie, pans speiieatione ani wor write-ups ineorporae allneces:sryslemenis to fll ete requitemens. 53. Check the following items which sly to the proposed projec: ‘Documentation attached (TAB F Architect Ceification) Mandatory Forany project, upon completion of constructionehabiltation: (Optional Point tems) 100% a(1 Percentage of 2-bedroom unit tha ave 1.5 bathrooms ____% 2(2) Percentage of3 or more bedroom units that have 2 bathrooms ‘A communitymeeting room witha minimum of 749 squae feet is provided Percentage of exterior walls covered by brick (excluding triangular gable ends, doors and windows) All kitchen and laundry appliances meet the EPA's Energy Star qualified program requirements All windows meet the EPA's Energy Star quale program requirements "Every uitn the development is heated and cooled wit either (i) hest pump equipment with both a ‘SEER rating of 150 or more anda HSPF rating of 8.5 or mote oi) airconditioning equipment ith a SEER rating of 15.0 or more, combined with gs furnaces with an AFUE rating of 90% or ‘2. Water expense i subsmetered (the tenant wll pay monthly o bimonthly bill) 1h, Each bathroom consss only of low-flow faucets (2.2 gpm max.) and showerheads (2.Sepm max.) i. Provide necessary infastrutue inal units for highspeed cable, DSL or wireless internet sevice, Ji All ater heaters meet the EPA's Energy Str qualified program requirements, 1 Bvery unit inthe development willbe heated and cooled witha geothermal heat pampthat meets EPA Energy Star qualified program requirements 1 The evelopment wil have solar eectc stem th wil remain uns ser ound, be fered to within 15 dees of we south, and be angled horizontally within 15 dogs of lange [execed Tota Ele Loud loa hours pet mont: a] Percent of Expected Load Of By Solar Elec Sytem: vit2011 Pages1 tc Hog Ts Cet Apple a Raervaton ol ao ig cy nd nape ear ppl len wan okra) A Acting ett il, 1D Abmirwitiness empl De Altern ened poms 1 Alemunedor hoe eve et 4 at tera seh oral hina spr pj pn compan ten ‘eae: Cpa he) Tere tind nye Na Rp ni Pei ‘Sins reenter ‘Shean seo ed no aot pad INntisimens obecpne eben ssa Set seen ey mot geet rm inn yey. ie pea tan nl est ‘Sha jee at orem nt sr nu agen aero po Sf mens ning any rumen cheer eee AS roa ‘Seta Spe i Cony ingame Ens wi fain a A i) ‘opened cuss ah TE itn pone ean Acie ‘ets te cha Carte a! Svcapmensngn wi nese ca fe ch aon 1D tax Sherer (area Crentsil ley it he 280, (0 tara Couaci itn dope te eer fet pain arr Corton sti pn 2% nn ee it en 0 rent Ceen-piin eran it my ell ee arta Corts elt i 2 me a et fa IE "ark Crentsil b me ce piie ‘Seng ys a Wah Ae at en enn TARY ooo soo ‘vay et Meg end Ds Sants 1 Trt er cr tt bend a a VD Ue Dt and SYS SO Seraph TA DA corte angen Aen ‘Oe saa SA Cet Po Mango Aga oman ep SLI Bn ca Ne, et aero iy nr ntLow-Income Housing Tax Credit Application For Reservation ‘¥._LOCAL NEEDS AND SUPPORT Plea rte To ie Appt Manoa or spi rans aod Gade Tor pean We DT ‘etienton of proposed Low income Lowi Tx Cre evs lopnent [AL Provide he name andthe are thee exci ce (Cy Manager Tarn Manager or ‘County Adminstrator jrein in whi te Seveopest lb etd (Chit xeetve Ofer Nae 1 Kiba Pay (Chet Eason Ofer Tile Gye ————————— Stet Ade 900 Gun Seat rar a Co eta a Ti ‘Nene eile ofl esl ou ve suse pj wil who cel aver guston fr he IeeclCEO: -L Kent Pee = iy Mange ake property oveaps note (Chet resume Omens Name (Chet sone Ofer Tie Set Air oy i Nepean a pet iw ln etn re B.__ Project Schedule ‘AcroAt on NAMEOF acrivmry ‘axticieateD "PERSON Spent fvasame Siero a sing ao bite ae Si = St Co iat ier Tenge fase Gea Co ra eres aT Ags = fas peo Reap : Gg aif Paper OR a ine Ter Tan va PagetLow-income Housing Tax Credit Application Fr Reervaton Vi_SITE CONTROL [et Si otal yi Ovarian are ancy pli cw opin. Dominos a] [te frm fee ed optn, pcs sn, se rt eo ng te ei a ne progr ab cgay raisins mtb isd ih (9% Compete Cred - An opin 8 strat ut eed bj he Isppeedo eadline yx minimum of fur mean) (trae: Sie ceaoly nity the anh Ones nit clo ee pry ae ace Actpe fe un iS Oro et sa The Onn Mei Saber A, met ve a ee i pa Psa ve ein in. eye ee ey ot et (conn sere yo ett i pit yun ay qin so hue, A. Typeaf Site Contra by Owner: Apical contol ste by (ste oee and tach document - Mandatory TA K) 1 eed -atacbod Longer Leate-stached (expiration ate 1D Option tached (epition date: ) 1 Purchase Comet taco! (expratin date: ons mor than one site fo the development nd more tana form of ecto eae so nda {tnd tach a separate sheet specnig each se, amber of exsing blir on he st any, ‘Gpe ofc fect she, and applcale expen date Of form a se cnt Ase con ‘bcumant srequed foreach ste ‘Most eet propery tax assessment - Mandaery TAB 1B. Timing of Acquistion by Owner: Selec one! 11 Ovoer andy conto sit by eter deed or longer ase or [Owner ito sci propery by deed (or lense for eid no share than prod propery Wlbe sbjctto otupency restos) noe han COON TT more than ete for the development and more than one expert dat of eguision by ‘Owner, ples so nda" "and atach spre het pelying ech, ube of exiting buligs o the te, irany, and expeced dnt of mquson of at st by the Omer Markee Stay Dat: ‘tenn teflon information fun he Markt Say nd n connection with this et pption i er bow Pj Wie Cope Rate LIT Unie Pres Wie Cpe Rate Marker Unie Pres Wie Capra Rate All Unie Project Wie Aon Paid (Monts) vunzont Page 12Low tacome Housing Tax Credit Applation For Reservation ‘A. Renal Asie 2. en inde ype fet sit 1D Scion New Coston Stil Rein Sain # Madre Resin See Cainer Sein § jes ed Aasitce (Cl RDS Rent Anse Seen Vachon 1 Sis Aine O om. 5. Number of resin secs ‘Number of ors net asians sonra Expton de of contact: ‘oust Contato agement ied TBO) 1. Metly Uity Abownae Caelaons 2 Somes of iy Allowance Clon Atach Dacomenation TABQ) O Mu 1. Witiy Company (sina) 1 ity Compny (Aca Survey) waa PreeaOasinoneSometit axa — | Raheny none | as Aa at uct sce 09331 {ay oe (om ‘Bit gu Aue Gre ime CFT aT | Meg Re ete espe te bt cl det i eee a 7 hie aaa a aT Tar oe a ‘aero = se Sa) yatvoatncye pat On Pena me {ay Ase Gait 1 Deewnerticin Spar Opin Bet at AB) meray pe TOTAL STS Paes = = ts Litnamter ean by tps TAX CHEDE Tesresne [| eras] iemees ]] Tames | orem TT Tea] =a ee ee Paesmeee ie BRREEER. 8... eerste Dees FREER : | lololato|=lol>|=!>l>folafolata|_ x SEGEREEGESEE GESSEERGREGEEES peaneateeeateat 1 HTT HUELUEUULI) HUTTE TTT) nr sui etiemmca teins SaPPMeETErtriiitiiey i an ahae 5958 UEEETEEEEEEE arity il etsSa55559 95 $359895 9558 PaisnesPars[Low Income Housing Tax Credit Application For Reservation D, Operating Expenses Tega se 1 ones pee pe) (Mer crsct worse pe {seta om ie 1 rage 8 hee “nh ni Dt Tat Ope eee S590 rape be NBL) ns eect Ra 8 Ne By Nn) viizont Page 16[Low-Income Housing Tax Credit Application For Reservation E, Cash Flow (First Year) “Annual EGI Low-income Unis rom (CT) ‘Annual EGI Market Unis (from (2) Total Effective Gross Income ‘Total Expenses (ffom D) [Net Operating income ‘Total Annual Debt Servic rom Page 21 B2) Cash Flow Available for Distribution Projections for Financial Feasbity- 15 Year Projection of Cash Flow Siabilized Yeart_| Year? | years_| Years | _vears "Eff. Gross Income soo2mi| 407287] 41502] 423,710) 432,184 ‘Less Oper. Expenses 311,685] 321,036] 330,667] 340.587] 350,804 [Net Income 87586 86221| 84735 83,123] 81,380 ‘Less Debt Service 53.957| 53,957] 397] 83,957] 53,957 ‘Cash Flow 33,629] 32.264] 30,778] 29,166] 27.403 Debt Coverage Ratio Te 160 137 154 1ST Yearé | Vear? | Vear8 | Year| Veario EME Gross Income 440828) 449,644] 458.657] 467.810) 477,166) ‘Less Oper. Expenses 361,328] 372,168] 383,333] 304,833] 406,678) Net Income 79.499] 77.476| 75304 _72,977|__ 70.48 [Less Debt Service 53.957] 53,957] $3,957] ___33,957|___ 53957] ‘Cash Flow 25,542] 23519] 21,347] 19,020] 16,53] Debt Coverage Ratio 147 144 140 133 13 Yeorl_| Yer | Vert) | Yerid | Veuris [Eft Gross Income 486,710] 496.444] 506,373] $16.00] 526,830 Less Oper. Expenses 1,79] 431,445] 444,388] 457,720) 471.452 [Net Income 67831 64,999] 6,084 58.780] 55.378 Less Debt Service S39s7| 53.957] sa9s7|___s3.957|___ 53957] ‘Cash Flow 1374] 11,002 8.077 4323] 1421) Debt Coverage Ratio 126 120 TIS 108 103 Estimated Annual Percentage Increase in Revenue Estimated Annual Percentage Increase in Expenses vtzon 2.00% (Must be <2) 00% (Must be > 3%) Page 17‘Low-Income Housing Tax Credit Application For Reservation ill PROJECT BUDGET ‘A. ConMash/Maximum Allowable Credit ‘Complete cost columa and basi columals) a appropiate through AI2. Check ifthe following ‘documentation is atached a TABS D Executed Construction Contact 1D Bsecuted Trade Payment Breakdown 1D Aporisl 1D Other Cost Documentation 1 Environmental Stas [NOTE Avaray mat ope, among orn, we caress of Inciaion oF ach co fem in elle baal ot rod nd numerical clesiaone of he Pa Vi. Tas TCT a TORTS i Basie Apple Colma he Crt 7) em wou Trees | Ra 70% Pret ne eo K Soom (Sum 141 [Gener Regan Mi Bander Oexd 8 Sma Sam 11) Bulag Peri ‘Ach gin Dein Foe «tests cS rd Sipeison Foe 3 ee BS cings vis.2o011 Page 18‘at af Cap TORR igh erie Agha Cana rene Vaca or ay wos Dresses Oxaa 70% Cones Lon sa ° o a9 ‘npn Fee eet 6. conrson e sisi ° ® aeaie (0% for Ones) 1, Tai Dring Coven 2800 © » na 1 tere Dung Comaton S| o = sro 4, Coa Cetin For 500 7 o TS Tian Reon a0 % z 7 1 malta Cig oat a 0| —— 1M. Permnet Ln Fee |_| 2 | | Coss) Nie eminem Fes « 4 © 0 ©. Cet xtreme a @ 2 o (vee Sty Sareea | eee | So Struts Sy ssat| ————— 3 5 Agra fon 350 a a 1 Masia 0 | == U, Operating seve 86 7 @ V. Rect Pe ates | 3} omen TB Ee (SEEPAGE 199) Stl Sem 24.20) sur 2 Ps sien Sete +2 7565901 0 sw sais. (Grom? Conn Co) 4 Develper's Fee Lissa o ® 19.06 4: Owners Acuson Cots nd eg epemn 5 Tot Dereopment Costs Shou Tees siosssso7 s1son00 0 senso hs apa scs reba ces ona whieh hr no scion ad no change a onmerai eter he renter of “aus doco Tab —e—— Bie 1.12011 Page 19Low-Income Housing Tax Credit Application For Reservation ra wom Wiser Coxtngrcy Reser 90 « (nat or Ata Reme ely) IST ADDITIONAL TAM Pashngs soap Dae ORSAY % Ratt pes % ‘Hemefes —_ ‘Sigmizatont = ropa m0 3 ‘Sut (er Over Coss) ssas16 Ps so 6, via2011 Page 194Low-Income Housing Tax Credit Application For Reservation STAT CT IST TIRE Blige Buis-Use Ante Clan Sree em ts, freon Aegan coumin Va 5 Teal Deepen Os Subd 1234 so.ss.07 1.00 © 8505857] 6 Redon nile aie Stach flowing: A. Amount of eral ga usd ance o « 7 ‘gliping developments 3B, Amout of ong sorecnue aang o ° o . Coss of nui ing its thigh ty o v ° (erence pot , Hisar Tx Ce eset pron) o © seuss 1 Teal gible Basis ( mis above) 1.909000, © sours 4 Adjusiment() to Eligible as (oso egitincons nha) o 013358 @ForQCT ee DDA Cigine Basi 30%) (G) Fecal or LEED Coicaton “Tota Adjusted Eigible ais 9, Applleabe Fraction 10, Total Qualied Haris Same a Part -C) (gle Masinx Appliale aeton) Appicabe Percentage Masimem Allowable Credit under TRC 4. (Quis tarie = Aplin Prongs) (Gamens Par DC wd tor moe tha set amon roe) vio © sras09 onsen __racowo, snore 1910000 0 sms sim 00% 20% same 2 aren ee age20‘Low-Income Housing Tax Credit Application For Reservation 4, Prion of Syinon Paced Attu Ksrc Tex Cet ‘Ancant of Feder his ces 1.594661 xB % “Amon of Vigna ire cei BEI. x Fauiy 6 gy tat poser wi Fae (Colorect 0 (Const ta Bulng TO tr Defered Developer Fe —=2rr Obee ey aay Tet sxoa1 1. Tal of All Soca (82 +B + BM+B5+RO) (atincloing splenic prezes eco rhinos ees) Toul Develop Cont (eam VAS) 9, Less Tt Sources of Funds nm B7 sore) 10. Egan nity po be find wi once ere proved us cqul D3) G_ Syndication Information Appteabe) 1. Actual or Antipted Name of Syiaoe 2 SeectAdtess TET iii A (iy Nez 4 Tele pid iy atid er of 6g, Hine pare) sons 1 taal Dallas Pet Cet, S85 per ol ces) [aes © Pocetefowosslp ely (eg, 9840" 958) ——a; 14 Netrectanou spate yer of reo ier « Sypdenton coae nunca a VIIA oa isn fos) = 5. Netsnount hich wl be ted py fr Tota Develo Cat la) ted in Part VIT-AS cae wou Past D3) 6, Amun of aoa cre equ fr shove anos (samen stat XO) 1. NetBgy Far C51 (€8X 1), (Sane amount as Pat XDA) Syneaion: Citic ce Pave 9. tae tev or Corre viaL2ont PapLow-Income Housing Tax Credit Application For Reservation Tn Cae Actin For Revervation . Recap of Federal, tate, anc Local Fundy Credit Enhancements 1. Ace any parton fhe sures of fnds describes hove forte development Shaned cet or ndety ‘wth Feral, St, Los Goveramen Funds? Gis ON Ty the chek the pe an ite amount of money avd alow Lous Masa Lomas teeter Bonde $0 Cy Table ons so Orbsis Mo Sean 200 = 1B sexton 21013) Fy Seton 221096) cs 1D Sexton 312 SD) Seton 20108) SSG section 36 a SEO Seaton 229 30 ote. st a ems ose 0 Glo a Boe: = ‘This mens puts she praeti.Iyou sive oa and by cli which eve oe of fe Ise grt pes Iss he appropri len sane "ether and erie hep pe ope ih ded 2 Subs Pending: Ht al ore of dg pits. Documentaine tached (TAB) 3. Doe any of eur facing have sy ret ehaneemeet Os @ yes st wie Sarcng nd debe the seit nance 4 ote Sabie Docomentatna Atached (TABQ) Real Hate Tax Alain’ on the nr othe va of te developer, ew poet med sb hom HUD o Rural Development fr epee ao LO ef huis n the deepest C1 omer tities 5. Se HUD approval fr rns of pia equi Ove 2% E,—For Transactions Using Tax-Exempt Bonds Seeking 4% Credits: For pros ofthe Tex an ated ory on the ta etre tis pplication, he port of the aggre basis of lng nan Graco with ‘exer finde witout Page 25‘Low-Income Housing Tax Credit Application For Reservation 1X._ADDITIONAL INFORMATION ‘AL Extended Use Restriction [NOTE: Fach recipient of an allocation of ces wil be required wo record an extended we agreement as required by Ui] linc governing the use of the development for low-income housing fr atleast 30 years, However, the IRC provides] tat, in certsn circumstances, such extended use period may be teminated early. ‘This development wil be subject othe standard extended use agreement which pei erly termination (fer the mandatory 15year compliance period) ofthe extended ie period, DThis development wil be subject tan extended use agrement in which te owners ight to any pr EESEELE SIGE eee ha om ay “L Fann ile i EER EEREESERV ERA ‘Genta eed abi blatant ne Be eo ang i rten y Eee Bo Inve Hing Tx Crt ppcin For Reser Pre ete) ‘wuz,, Determination of Reservation Amount Need ‘lowing lean fe aca of ete holed aAIY Te wae w hs lan WEG wil ade By VEDA] lenin a reid bythe IRC th ac of ets wih may be ala fr the deepen. However, VHDA ol is rei fe igs to ste uch nfrmation and asuptons a ae Setmiaed ty VHIDA fo be ennbl fr th informa dwn Irovided teri a o ou Gling dvlpeent fe, pfs ee), sues fr finding. eg equi, em Actngy, be \eroprent weed by VIDA for neato of ei, he nt wich eo ay if piety om ema lone: bow 1, Toe Development Coss (om VI-AS, Conn A page 20) siosssam, 2 Yes Tol Sours of Pu (Bom VIET page 2) sass 1 Baus Pauly Oop snot 4 ivded by Net Eguty Fase (ILC? page 2) 299% (Pen of yer et eect erode ines) 3B Te-Year Crt Amcant Ned Fund Gap sssi701 Divided by tn yas w {6 Baas Anal Tax Cre Roque Fed he Easy Gap seasare 7, The Maximum Allowable Ci Ast seme (tan Vill Ata! gu) (iene ste equ ar mer tan 6 ahve) Reservas Amuat (Laser of 6ar7 so) rete ait (Ci pe Belvo Anema a Sanday TAB W) vuzon1 age 76Low-Income Housing Tax Credit Application For Reservation Statement of Owner ‘Tae undersigned hereby acknowledge the flowing: 1, tha othe best ofits owe and belt, lft! informatin povded erin or in conection eis tre and cones andl etna ae resonable 2. that itil al ns indemnify and hold harmless VIDA ad its sign got el ones, costs, amass, VHDA's expenses, and lables fan nature ecto int resin from arising ou of x relting to VEDAS acceptance, consideration, pov or saproval ofthis reservation request and the ssance or nonisuance ofan allocan of ces, grants slr ae funds in comnecton bret 2. hat points wil be assgned onl for representations made herein for which stisftry Gocumentain i subi herewith and tht orevsed eresettons may be made a connection wih his apltion once the dentine fer pplison bs pase, 4. tu hisaptction for, provided by VHDA Wo aplcant for tnx red, nla sets herein ‘elite to basis ret clcaltions, and detain ofthe aout of he eed neoesay to me the ‘evelopment anil ese, rovided only forthe convenience of VHDA in viewing reservation ues that completion herein no way uaanes eligi fr he credits or ensures that he aout of reds applied for as ben computed in accordance with IRC eines; tl ht ny notations bin dearibing IRC rquromens re offered ol geil ues nl gal weir thatthe undersigned is responsible fr ensuring tht the proposed development wil be comprised of ‘ualiied low-income blings und ta it wl al espet still applable requirments of eer ta aw and any other requirements posed upon itby VHDA prior talon, shoud one be sued 6. tha forthe purposes of viewing hs application, VEDA i ete o rely spn representations of the ndesgned is othe incusion of coms in elle basis anda al of the igre and acaaon relive (ote determination of qa bass forthe developmen a whole andor each ing threln nviduallyaswell a the amounts and ype feet eppliabe hereof, bth the ance of ‘esaraton bata on such epresctaion lao way warrants the comets or empliane wt IRC requirements. 7. tht VHDA my request o regu changes athe information subined hrevt, ay substi is own ‘utes which ems reasonable fr any oral gues provided heen by he designed aod ay eee ret, an, a amount sancti fromthe amount eqs. that reservations of cred arena tafe without ror wien sppovl by VIDA ait sole slereton. vito Poge270 thatthe requirements fr aplying forthe credits andthe terms of any reservation or allocation thereof are subject to change at anytime by federal or state Ia, federal, state or VHDA regulations, or other binding authority. ‘that reservations may be made subject to certain conditions to be satisfied prior to allocation and shall in all eases be contingent upon the receipt of # nonrefundable application fee of $750 and a ‘nonrefundable reservation fe equal to 7% ofthe annual credit amount reserved. ‘that a true, exact, and complete copy of this application, including all the supporting documentation ‘enclosed herewith, has been provided to the tx attorey who has provided the required atomey's ‘opinion accompanying this submission, and that the applicant has provided « complete list ofall residential real estate developments in which the ‘general partner(s) has (have) or had controlling ownership interest and, in the ease of those projects allocated credits under Section 42 of the IRC, complete information on the status of compliance with Section 42 and an explanation of any noncompliance. The applicant hereby authorizes the Housing Credit Agencies of states in which these projects are located to share compliance information with the Authority that the information in this application may be disseminated to ethers for purposes of verification or ‘other purposes consistent with the Virginia Freedom of Information Act. However, all information will bbe maintained, used or disseminated in accordance with the Government Data Collection and Dissemination Practices Act. The applicant may refuse to supply the information requested, however, such refusal will result in VHDAYs inability to proces the application, The original or copy of this application may be retained by VDA, even if tax credits are not allocated to the applicant. In Witness Whereof, the undersigned, being authorized, has caused this document tobe executed in its 10th day of March, 2011 vL12011 Page 28ov LT SELF SCORE SHEET: coon 1 Xeno auetoonae (Ne) 2 Pan of coeesment 5. Zong aor ‘2 Housina NeEDs cuaRAcTeRssTCs: Belceomer on © Lesson avian aes Seok tng lt pros | Basng RO, HUD Secon Bor 28 pom Tex aboot or now poe based ria bly HUD of RO) I Cans west mh TOX pve at ota ote [Bevel onthe Are Gover ata Py Lat {Der sae ees wh ta ro Bune et rere popton {Dw cated mares wth nee rot ues popasion To 2 DEVELOPMENT CHARACTERISTICS: ‘Untece {avec be) 1 Uni corms tomes Vis Unvea Design sane Dovel nas na 10 uo “TENANT POPULATION CHARACTERISTICS: 8 Porant tant wi’ ormor became #5 sPowsor CHARACTERISTICS 2 Deir earece 3 devnpments wth 3 xs evant wth xine ‘rb Devin cxorance 1 sovoapmnt oe Prater serene -uncoreded rca yon yon yon va oo, iE he See oie ger Seo Skee tage oo wes Bort boro aaa L a | | al gi iB ed al i al Hi i y =88 be isi. Dewiopar genes nara a area Promce con {evra sere tran trae OA Bente "tigen copay ad ny os {EFFICIENT Use OF RESOURCES: Satyr ett ee pwn 2 tenes Soest ba tt aos roars r Pisa atom wert orate Tae See |e were _ sao Ee rn oe Sai) 22 SAN ree Semcon tom uae ats S Stomitarncans lacdcown me De eactewemn conta Woe ee aoe Bans compincn Year! os ca ar Inge DAS eton vy tee a8 © eho here Som cen yee ca S20 Poe Tom 9 ete ‘ora scone nen {8 pon thar Eo Bee Cte saat | ea] Pearse q 2 E| cue aed fe Hel te eel ted annette 2 an “sal 2 Santee a re ‘ al Ta ras is net oma re) 4 4 ‘cea even eed Foti neg Eee Sri ra rr), Ao eset 4 fray ety or ie ° scan seemearve as Vendo ne, 3 ‘Grates tut ary Sareea oe Nareaae AEE &waza aaa & Efontaine = C5] = [ol] 7 Soe ey eeewe oe cmmaare [Een nee Soe oe es or) er eer = TDSTp> Tl Tp) sled iTABA (Documentation of Development Location)TAB A.1 (Qualified Census Tract Certification)seen VHDA Qualified Census Tract Cerlification Development Nome: The Viginion TWocking # —V-C-128 1. General instvetions * is certcoton mst beincke with he Appcaton by Apoteaton Deane, aN} ‘+ The Owner/Developer completes his Certication ‘Any change inthis form may result in @ reduction of points under the scaring system. If {you have any questons, please cal Jim Chandler ot VHDA (804) 343-5786. 2. Detntion of Quaiied Census Tract Pursuant to §42{41(5}C)(i) of the IRC, « qualified census tract is, “| Any census tract ‘which s designated by the Secretary of Housing and Urbon Development and, for the most recent year for which census data are available on household income in such tract, either in which 50% or more of the households have an income which is less than 60% of the area median gross income (AMG) for such year or which has poverty rate of at least 25%. If the Secretary of Housing and Urban Development determines that sufficient data for any period are not avaiable to opply this clause Con the basis of census tracts, such Secretory shall apply this clause for such period on the bosis of enumeration discs. (I) The portion of a metropolitan statistical arec (MSA) which may be designated shall not exceed on area hoving 20% of the population of such NSA. il] Each MSA shall be treated as a separate area and all on-metropoliian areas in a State shall be treated as one area.” 3. Census Troct (9: 51680000500 eee [To determine the development's census tac, go fo atoinansba.gaviubssnsdntsn an putin the development address or county. The census tac! number willbe revedled [fer pressing he “search” button. On grexe occasion, when a development spans ‘move than one centus Rach, ns website may show incomplete Iniommation IFThe SUbject development is across census tacts pleas Ist each census tact by number ‘and provide suproring documentation, BZ Attach a map showing census tac! boundries and the development’slocaton! 4A, Propetty Description ]Attoch a propery description eg, bullding adres, ga description etc, Property address 718 Church St ynchburg. VA, Porcel Dis 02434012. Legal deseo st Beginning at © point at the intersection of the northem tine of Eighth Street and the easter line of Church Steet, thence clong Church Sirset N. 31° 00' W. 169.59 feet toSeen. VHDA Qualified Census Tract Certification ‘on kon pin: thence leaving Chucch street N. 9 ° 00" E. 132.00 feet fo a point: thence S. 31° 00" E, 169.89 feet fo an ron rod on the north sid@ of Eighth Street; thence along Eighth Street S. 59° 00" W. 132.00 feet fo the point of beginning, ail as shown on a plat atlached hereto enitled "Physica! Survey of Portions of Lots Nos. 23 and 31, Sheet No. 14, Map of the City of Lynchburg, Virginia’ dated December 5, 1988, by R. Lloyd Mathews, Dublin, Vegiio: and Being the some prorerty conveyed fo Virginian Associotes, ¢ Virginia Limited partnership, ftom the Lynchburg Redevelopment and Housing Authosily by deed dated ‘August 17, 1982, of record In the Clerk's Ofice of the Circull Court of the City of ynchourg, Viginia, n Deed Book 617, page 51‘SBA HUBZone Locator Page 1 of 2 AddresTown-County Text-Only waMe ‘sana i ‘Vesion DETERMINATION OF WHETHER AN ADDRESS IS IN A HUBZONE ‘718 chureh st, }yncburg VA Is located in Census Tract "51680000500" which B HUBZone qualified. “The map teow shows the raion fhe adres (ark with ta) o qualified HUBZone aoe, Blow the map, you ‘ay fin infomation on wy the nes was fxd to ben a HUBZone Are, Pee eee Recente toutes ane ntncuey cry oe how ger te ms ae [BASIS OF HUBZONE DETERMINATION 1ehe adres loadin a Metropolitan Area? ves Iethe address located ina uafed redesignated census irae? ves 1ehe adres loated in a BRAC Commision cloted former ae itary base? 1s the adres located ina Dificult Development Area? No 11 the adres lasted in a Indian Coury ea? No ‘your fr’ principal oie aati this area which uaifed a @ HUBZome (Principal effie mans the octon where the pretest number ofthe concer’ employees at anyone location perfor it work. 13 CFR PART 126103 you lve encouraged 0 apply for the HUBZone Empowerment Contracting Program nipv/map sba.gov/hubronefhzary asp?command=address&STREET=i18churchest&CIT., 3/6/2011SBA HUBZone Locator You may apply now for HUBZone Certification [Or enter an ADDRESS, TOWN or COUNTY to Search bnplmap sha gowlhuhvonelhngry aspeommandmaddess STREET: 1Réchureh4st&CIT., isnotTAB A.2 (Revitalization Area Certification)sition VHDA Revitalization Area Certification evelanenant Noma’ The Virginian. Twocking #: “201LC-128 Ityou hove any questions, please collim Chandler ot VHDA (804) 343-5786 1. General intvetions + I1the Owner/Appicant completes ths Certicaton (see instructions under 2 below), it must be included with he Reservation Application (by Application Deadine. 3/11/11). However. ie Locally CEO isrequred fo comple tis CerMication [see fstuctions under 2 below) must bbe received by VHOA note than 41/11 + Owner/Apoiicants ae srongy encouraged fo submit the Certification Letter attached ft ‘opplicoble soe rsiructons under 2 below] fo the locally CEO af least fee weeks In advance ff he 4/1/17 deostine, o ensure Gdeauote tne To: review and oppxoval by the local, + The Coriication Letter shoud be on the locatty’slettechead ff applicable -son instructions under 2 below) “+ Any chonge inthis Certtication may resin a rectuction of pains under the scoring system, + NOTE: The oreo within a redevelopment area, conservation 0a. rehabilitation dict {estabished by a city or county, sna be deemed a revitaization oreo without cerication, + NOTE: A Comprehensive Pion does not qually as certiicaion ofa revitalization area. 2. Designation To quai for revtatzation area points, choose one of he folowing: LU Evidence (submitted at fab A of the Reservation Appicaon) from the local housing authority ‘or locally hat the development s located in a conservation area of redevelopment area, 05 defines in § 363 of the Code of Vcgnia or rehobitation disc (as established by 0 ely of ‘county. Evidence must nciude: (2 the type of aevotopments mat ere encouoged: 1B. the potential sources of funaing: ond ©, saivices fo be offeredin he oreo. on Cl Evidence (submited ot Tob ro the Reservation Application) that the development is subject toa plan using Hope VI funds fem HUD on Bi Locotty CEO certs thatthe proposed development is ocated nan area that meets VHDA's pease a coe ee Covtonne [Stra varias | wares + =a pefae sisasbisieel\— “roman saperawe | surcnes I "(teres premonem [ YT] >] » Pea eee TOP 1 Tagicog Goro (earmoascaara ue ¥ ae » [einen repre | TP aes face TT 1s Trager [remaon nore ir et ee « fsoteager ae report _—_[Sanansg EE oer I vs | pagar fea ree » PERE v 0 | Yeron Croning ABR |poron onang. US ot ae ~ Se poet raw | mse 2 Deena eee] » Tignes orate [PP t Somes Setrewour ranepaten Leen connruesJim Sari Sari & Company/Sari Investments, LLC 2741 Bitting Rd, Winston Salem, NC 27104 336.972.4182 Jimé@sariandcompany, biz Real estate developer, owner specializing in mixed use, community revitalization, projects that utilize layered financing techniques. Primary business lines include downtown renewal developments, adaptive reuse projects, housing authority joint ‘ventures, and public/private partnerships. Over 200 million dollars in development since 2003, ACCOMPLISHMENTS: More than 15 years of experience in real estate development, operations management, project syndication ad regulatory compliance. ‘Expertise in Ioan packaging, layered financing and leveraging federal & state affordable, historic and new market tax credits. Also develop condominiums, office, retail space. Project Development Site selection, financial analysis and loan packaging. Suocessfully syndicated over three dozen affordable and/or historic and/or new market tax eredit developments. Property Management — Previously responsible for 1400 + housing unis, $0+ commercial spaces at 45 sites in four southern states, including personnel, project operations and regulatory compliance. CURRENT BUSINESS AFFILIATIONS: 2001 - Present Sari and Company ~ President and Sari Investments, LLC ~ Managing Member Developer of 20+ market rate and affordable housing & mixed-use developments inthe southeastPREVIOUS BUSINESS AFFILIATIONS: 1995-2009 ‘Landmark Asset Services, Ine. - Vice-President and Chiof Executive Office. Developer and General Partner/Managing Member of multi-family hosing snd mixed- use commercial projects through public and private partnerships, frem adaptive reuse of historically significant structures to new construction. Specializing in downtown renewal and public partnerships 1991-1995 Sari Enterprises, Inc. ~ Vice President ‘Co-Ownee/Operator of 6,500 SF upscale billiard parlor in Greensboro, NC. Responsible for daily operations including; management of personnel, scheduling, inventory, merchandising, and preparation of all financial reports. Sold business in March 1995 for substantial gain. EDUCATI 1985-1990 BS Management Clemson University — Clemson, SC AFFILIATION Hovsing Credit Certified Professional Designation since 2001TAB E (Nonprofit Questionnaire)‘THIS TAB/SECTION IS NOT APPLICABLETAB F (Architect’s Certification)Soon VHDA INSTRUCTIONS FOR THE COMPLETION OF APPENDIX F ARCHITECT'S CERTIFICATION (This Form Must Be Submitted Under Architect's Letiorhead and included in the Application ~ Ta F) |wate. Wr dovsopmot ices any Smainaaon a New Consrucion Rebiltaton & [Adaptive Rouse, then separate Ahlec\ Comicon Meet be Dra eh etm pe The proper completion of hs creation le rico slate te average un square {ct end net conte squsre fet of each unt ype, to document amenty kes for wth pants vibe ewerdad, and to caievatecartan eemont of acer we of resaroes sine "this ceticaion i nt comptes coracy there may be loss of pono squalltion of te ‘pplnbon to compete for lx cram. Iie cn olgnment wesives an elivation of ‘Mama ere net nrored a nds on iis cenlcation then VIDA ri. aa oaton require {he oasment bx he Gwar ofan amount uae 1% lth Taal Duslosmant Gast fan sa for in negocios af the dvelovmen! 2» quésiot demeags fr suek salon of wat wil be pent roi fran aster of cred, Each vacton of tis carticaion contain insctions an ou ha lefasae should ba te Fer Unit Sie Calevations, the Average Unk Sauer Feet ard Ns Retable Square Feet ali led {two (2) deckmal places. The number of units inated shouldbe ony he ils ce which rent wa be a 4 Betooam Garden a 7 J Say2 BR Foon a == Suny 3 BR Townhoure ‘ = 2 Shr 4 BK Tomahoase ot ‘Tien tet jet * inca post hare of etd eset wai : vinas_Z UeARCHIECT'S CERTINCSTION, cei 2 NerRentable Square For purrees of cleluing Nt Renable Sar: Best. the wis were masared um he fave of sch nero wall. Ths ‘alae bow theorist hw ail squire tag ofeach ut Boar pln (For ctmpl, hoe maybe inet ‘stro Doo plas, 3 ditt bed Ao pl, ee The ppc is ston a the Ait Certain doce al ctu Gor mace webu eid reat ain he espa) recap ot Rea Sy Feet Deen Te New Renta pace cans Litton od Tiny 3978.00 cy ie Eien Tso tckecy Tain ieee a0 een) sa Eee aa bic ‘om Hieiy co tfcy om Hoey on Flew = Eiemy =a Essay ae Hiviney a ed aus Bam Tiss Bedroom Taine re a {Do iis00 ee Taaz08 one 2 "eto ao Reo = 1 Reto =a ied 8 ‘Been a 1 ates on Teton ar "Desices Sao wisaonr “(et Rebs Squre Fest coil) 2Bedoon igo, ae soso, 2 Redo i 035.04 2 edu 0 2 Boon a 2 Bocroum oo 2Bovreom = 2 Rede wr 2 Bodom au 2Redoom ‘io Bede aie Deda Ti 2Decom as 2edoom a 2 Boor a0 2 Pleo, ‘a 3 sto 900 ° 008 2 Betecom, ‘a % Beaker: ae oi Bacon ou @ strc oa 2 7 4 Rodoor as @ as Peder ae @ ea 3 Beso ‘at it au 3B == © oc Bada =e a au SBesou Sa of aa Seedwon 2 Bedeoue, Noa. 38d 4 Relea A 2ean00 SResivo cre Benes SBedner Beda 4 Reieos | Bedexer Deco “Beisort 4 Resnwas 4 Benn Tea x gps van GULARCHITECT'S CERTIFICATION, coal Development Amenities: 1 cea the deere plas a pies work writap an pops ast ‘corporat items eon VED nn ca Mina Dogan Caen Reese Ith veut pos nt sift: andor av rg ds site VEDA Minion Den snd Conarvton Rogues then thse ese: sill mabe mt. ven hah to applica Inanvepred fr ceed ene ms that ths may cause ti Applswion eb tine ere The Reirancassrply toy new, lative usc snl enclopment Ainsatng os ing lds en pally dich tls) ‘The Monica Design & Cone Racor nny be fou on VIDA bi sexta, or ae dsepunnt wpa completion ofeensnston eabisaion tonmandsiny sei) TOO 10) Perce uf 2 Dolrons ai wl ne 1 or mote bors TRE": 042) Pare tS rans ben els th i ae 2 ore tte 2) 0 The deciopnest wil hive communi mec on vith arms 79 quire et M4 Percommpe of eater wa cena y rik ening mag ahs seer eins and cing a) «ntact a bam agin et he FFAS Ey Str quai gre Je all widows nm fe BPs Enony Siar quali progcaegezenss FEL sey um a theovcoent baat acu wih ther hea pp ep vi Duh a SER sg of 15.0 oe areal SPE ing ofS a, ce i om scpaprieswitha SEFR rade 15.0 on. omthnsd vias fas wh sw AFUE Wir eopons lb hs ran yw ney ay i) mms) 25) passin) |. Provide meso itis nal wi Ng ps ab, Se j. Alwar wll net he EP Lzory Sar qualified gen reps 1 ery ain tbe developmen: wilh este ar ae with 2 ger et ump tht eth EPA Energy St qualified progr reurceds [The develo il ne x oa lcs at wil rein shed yeu rad, beeen to yah 1S deresof te veut, al be an erty within 1 gre fain ayes Tol ea Land dices eersproa ETT erent of Exposed Load ttt Dy Solar Elec: Se saz0n .ARCHITECT'S CERTIFICATION. cota "eval developwensexchvely suv eX andorhascappa tnt spin cmpleon of fmsmetiim alan: Courant mca) Za Allscoking ramos wi he oa councts [2 b.Alveeds aillveanemergeney call nets Be. Altbabrooms et hw an wskpenda or agpetco ba soc (Dd Alteureacedires hare te eye emerson 5a th ota dd ise For allebaitaion and edusive ue desepmeat upon curpinicn ef contin teabliaon: Inoemsndes) 2) Thesimenne hulls he Noo Reger of Hii laces tetrad eared Neve dit sd ceed hy he Seay he Toten Big at sek agiieane wo th te ake eit bcomplcnd sich amc 2s to Deel ese ela Met ae eis Baling Strostur: amarok sss tate (15 sn wth am aera eae sdf Mle wie (7 srs wih saz ees bine wo Fas cota By Wiese or mare ais wit gg erect siemens being mon ae cei} ioe GL wazenARCHIECT’S CERTIFICATION, contsasé Acces: exit he degen pens pial ml pees of the ea Assicta Wh Dies Art "cary that he Jeetnpment pens an spc etal agers of HUD seus ‘aureugbe acm coq uf sete 4 of he Reubiatcn Mt Peso ree atom Fadel Accsablty Sted (EAS) fears parca rsk one cr ane te fll poi aes 8 apo [ED fo ny rn rons les oh proeny, wtich he gre oe 1G he ie be sbjcrto fell ret bun xis equivalent ems sepa by scl lowes poss oe the rent of 10% th atl cea HUD eas seumesog acca ogiemcat ese 94 Reabitron et nd Bently ued pect wnt seca ards ceonnn plan abated as part fhe Appian frees. AlLet theese in (above mt cds ah Sows, 2 eer ith a os et as, nee agen toby re Ati ee heapptiant absiorofiagplcuon} SOE (for ay meekly ppt ay eld clad rope, hich the gree ofS 1% of te us \ivbave na sds HUD sing Choice Voucher CUCY” Yous sata seal to HUD. reguasins eyeing scents sre of ctcn SO othe Reahatin Ata 8 ae teely marked people wth planets cdi HCV hey accordance th en {aba pt the Apa 20 YS, a or ay nw ty propery ran eed a poser in whieh tho on pees 0) hes eos 0 HUD sein zeny access veqaeae f sing 9M fe Rohan At "oe ately asad pape ah Baoan ocean ok lan sd a tHe Appleton Spe Acari of se fre shoves despa he she crabs te ‘ot th ow of ay Ames, Sige ria ae Tes Vig Resor Faso ase NOTE YO ARCHITECT: Any ehemue this fon may revue sentient reduction of punt une the aortg te, 39m bev ay @ucwtoms plane eal di (Chunar at VIDS (894) 34-574. ‘Kota sae eration on Arche’ Sete ond to Te daslope for etn a he {as credit apptcation pechagetien ‘VHDA Appendix F_~ VEIDA's Universat Design Standards Certification {2 nisin the laze illaet VINA Unvereal Desige Stanéards, Defoe ES ome B09, apiean il yesh domretin VHIDA A idence at a eis eet VLD Univer on tard he wade of cil ui at wil et hee nda ‘The otal ase feat ans inhi vera % NOTE: For Ek Develonmns 100bof te wis athe dersopnnl ms ees eer Desens deo Lr pore Foc Fem Dewlopminis as ae aval iat parca tthe ‘aber of uns eng ti User Deng anda ‘Yer botas ced aie ogi ar pieced with vere esi, the icht of roo nt oe VIDA tcf Union ese etek wees, stan ®> EnrthCraft or LEED Certification of Development Bartheraft Certiliation Th deveposn’s ign meets th els Lar om, Ache urs het ets sac of TS Foun, apc wl ain ‘sd provid Easel Cetieton ts VADA. [New Contraction 1% moe eeey ein shan fe 3604 Tatrains nei Conse Coe 1) Mew Comeunion 20% mr eu fest dun he 290 scar Enegy Connon Ce Ey New Consrction 25% ams ten eB fn the 2964 Teer! brngy Conse Ces G1 Ren 30% moe cozy ihe po eabitatar meses by antes {E)_Reban. tors moe eee flea psc ttabivoon ssmeneed by Fata 1B) Rats Ss une overgy cB entalataion ae wesc Wy Eanbea LEED Corileation The éensopuets despa mesh tea For he US. ‘psn Buin Conn LEED grees bua tienen, Avie gers ta bore fnaaons of For BS, appli wil in ev eile LD Caicos © VD (D> LEED stverCeitetion LED att cereasen FF Une Paw Cotcuinn * NOLE J: Applies sekiag Patou caiiatis MUST atic ts comple ant Signed Fartheraft Aekaowsdgensn! eins Rc Ate Cota ‘biti hos eyes, Ts Eno oo ‘lori pase ‘NODE 2: so pnt i poet ams i eset. he rect oT nsond re be ca VHD ino onan Ge Haney Prosi Tring costae ty Fates Vi Date:tie. ‘VHDA™ Appendix F__- EarthCvaft Acknowledgement An Fathenftereente hasnt wth te developments esp am an breve he long, {At of pn incur al achtectur, mecha and plumbing plans rontion rojas evi the “developments pre-wd postrecstion lane) 2 ConsrcionSpecifcaton Shes) (rena reat equi bith an xing condone Set and a prepa cp of wrk spc set) 3. Pret information Sheet ‘Base on review ofthe shove, Eartheral ares tat he development anata th flog ere of energy elec: Now Constzuson Suet on th 206 Itraonl Ems Contention Ce TEC 15% teers oer CC By 20%trpreverent er OC 2 teprvement over EOC ‘Rauzatian Rast on iproveent er exiting ceeds ofthe evelopment 2% mprvament ver eiingcntons sos amprovenent ver etting estos 2 so Improvement ve exsing cometsJojeUprocg wesBaig Yoea.No AyunULHED 422010 Buysno} Ayunwiuog owas re ED Cd “eI "3 WENA, PB LIM 20H S15 amon 190pLOY VGHA ae Auouyny juswdojeneq Bulsnoy eiulbu1,, g00Z ‘g equieAcN UO MON SJEUM,, UBISEG |eSJOAIUA UI aSINOD e pajajdiuog Aljnysseoong se} Aasyrq yowwy UOHa|CwUOD JO aJEdyISD| =o sala 1 C oroz ‘o¢ saguiaidas sampaooud pir sotoyod mf ut poreanpa st puw wesBong asn0H] Yee np 20g Samus adoppnoc yesDyG amt Jo SMo4 FF porotdaioo éqryssooons sey Casfizy nomuy, Bururpsy, Grunfiynys run, YosdyunD(Relocation Plan)RENOVATION & RELOCATION PLAN For ‘The Virginian 718 Church St, Lynchburg VA Sari Virginian Investments, LLCOverview Sari Virginian Investments, LLC (the proposed “Owner") wishes to acquire the property lorated 0718 Church Stin Lynchburg, VA (the "Property”) and fully rehabilitate it. The projec is dependent on being awarded and alloated Low Income Housing Tax Credits (LIHTCs) fram Virginia Housing Development Auhorty (VIDA). Notice of sich award is scheduled for June 52011. Should VEDA NOT award LIHTCs to Sari Virginian Investments, LLC, this pla shall Decome void asthe project would not proceed ‘The nature ofthe rehabilitation would be substantial enough to warrant “permanent Sisplacement” ofall tenants, as defined by VHDA and the Uniform Relocation Asistance Act of 1970 (URA). Relocation provisions and assistance will be provided forall tenants (descrited further below). However, upon completion ofthe Property's rehabilitation, current tenants that {qualify will be encouraged to reapply for residency. ‘sallenant will be permanently displaced, Sari Virginian Investments, LLC in conjunction ith Sentinel Properties, Ine. who wil continue to manage the Property, (here, “management") wil provide Advisory Services and Full Relocation Assistance tal eligible tenants and make ‘ver attempt to make the location process fair and equitable 1 Se The project will fully rehabilitate all ground Noor and upper levels. This includes unit -eeonfiguration to yield 76 units, New heating and ar conditioning systems willbe put into each Init as well a all kitchen appliances and other fitures such as bathroom vanities, toilets, Showers, flooring, ee ‘The basic projec timeline is forecasted tobe as follows: + June 8, 2011 Notification from VHDA whether project will or will nt receive LIATCs, Again, if LIHTCs are NOT awarded, the project and this plan become void as the project would sot proceed, IFLIHTCs are awarded: ‘+ July, 2011: Management will provide all emaining required notices to tenants. All notices willbe 120 days or more fom the date to vacate. Advisory Service activites (Gescribed below) will bein at this ime. ‘© September, 2011 Sari Virginian Investments, LLC acquires the Property ‘December, 2011: Tenants will be required to bepin vacating units ‘© January, 2012: Rehabilitation construction activities begin ‘November, 2012: Lease up of rehabilitated property begins ‘December, 2012: Rehabilitation construction activites conclude . Residents begin moving in Post-Rehab i {Upon rehabilitation, the property willbe both (1) age restrict to residents over 65 years o° age and (2) rental assisted, Rental assistance refers tothe Section 8 renal payments tat the Property turenly receives, The renal assistance will thus enable residents to pay no more than 30% of their monthly income for rent and ues. ‘The rehabilitation wil result ina new unit configuration resulting in21 Efficiency Units {9 One Bedroom Unite Two Bedroom Units 76 TOTAL Units [As wel the property will also be restricted to residents earning upto 40% and 50% of Area Media Income Advisory Services Fora permanently displaced tenants, Advisory Services willbe provided to ensure a minimally disruptive transition. Advisory Services will include at lease following: ‘Providing referrals for tenants to replacement properies + Providing tenants with write information ‘Providing appropriate translation and counseling for nants who are unable to read and understand notices ‘+ Communicating the name and telephone number of acontact person who can answer questions or provide other needed help for tenants needing to look a other housing, especially those ied ‘+ Giving special consideration tothe needs of families with school age children ‘+ Extending regular business hous, including evenings and weekends, o that tenants won't have to miss work Additionally, management will maintain alist ofall curent residents who express an interest in returning upon project completion and reach otto them during Lease Up so that they may reapply Local organizations that management will reach out to for preperty referals and other available services include, but ae nt limited to: ‘© Lynchburg Redevelopment and Housing Authority Edward H. McCann, Director 918 Commerce St Lynchburg, VA 24505 434-845-9011 + Lynchburg Department of Socal Services "Mark Johnson, Director PO Box 6798) 9998 st Lynchburg, VA 24505 434.455.5850 ‘+ Lynchburg Area Center for Independent Living 500 Alleghany Ave Lynchburg, VA. 24501 434-528-0971 ‘+ Lynchburg Community Action Group '926 Commerce St Lynehburg, VA 24504 434806-2778‘Budget: $14,000 is included inthe Development Budget for Advisory Services costs, ull Relocation Assistance Full Relocation Assistance wil be provided to all curent tenants who move themselves. The “Moving Cost Reimbursement amount will be calculated based onthe Federal Highway ‘Administration's Fined Residential Moving Cost Schedule, per the following: [UnitType | Caveat Unit [Relocation] Toad ] Cont Payment | L Standard Eiiiensy [10 5380 B00 {Bedroom} 90 3550, $18,500 TOTAL [100 $55,000 ‘Actua tenant names re available from management bu excluded in this version of the plan a it willbe publi information at VEDA sigono $55,000 '869,000 Other “Al requirements and responsibilities ofthe VHDA Relocation Assstarce Guidelines will be met including, bu not limited to: ‘= A tslation ofthis plan will be develope for any non-English speaking tenant ‘+ This lan will be made availabe tothe organizations listed in Advisory Services section ofthis plan + This Plan will be revised and re-communiated to current residents as information changes. {Al equited communication notices wil be delivered in the timeframe and withthe ‘conten required in the Relocation Assistance Guidelines, Thi incldes all notices ‘deserbe inthe “Tenant Notices" section ofthe Relocation Guidelines ‘+ The Owner will document compliance, including in each tenis file all documentation related to relocation, including notices and cancelled checks. No later than 30 days after the ast tenant is elated (based on timeline provided to VHA in the Renovation and Relocation Plan), the owner will provide to VHDA, the final summary schedule of ‘moving costs made to tenants (ent ol format; by tena, by writ) along with a CCertiation by the owner that it has met VDA Moving Cost Reimbursement and Relocation Assistance Guidelines ow. will be “The comet person at Sentinel Propet (Grant L.Claterbuck PO Box 21667 Roanoke, VA snesag-6t6“The contact person at Sari Virginian Investnents, LLC willbe Jim Seek 2741 Biting Rd ‘Winston Salem, NC 27104 336.972.4182TAB H (PHA/Section 8 Notification Letter)PHA or Section 8 Notification Letter DATE: March 6, 2011 TO: Lynchburg Redevelopment & Housing Authorly 918 Commerce st Lynchburg. VA 24504 Attention: Ed MeCann & Section @ ar PHA Walting List Administrator RE PROPOSED AFFORDABLE HOUSING DEVELOPMENT Name of Development: _The Viginian Name of Owner: Sari Viginian nvesimenis 1 | would lke to fake this opportunity to notly you of a proposed olferdable housing development fo be completed in your jurisdiction. We are in the process of applying for federal lowincome housing tox credits from the Viginia Housing Develooment Authoxty (VHDA], We expect fo make a representation in that application that we wil give leasing preference fo households on the lacal PHA or Section 8 walling Ist, Unis are expected fo be ‘completed ond avaliable for occupancy beginning on December 31, 2013, ‘he folowing iso bri description ofthe proposed development: Development Address: 718 Church St “ynohurg, VARS Proposed Improvements: Chew const: units 4 aldo Total Gros Foor Area Giadopiive Reuse: unis 4 Blas Total Gross Rear Area QRenabitiaton: FE — # unis #8igs | “G25 Total Goss Foor Aveo Proposed Rents: Beticiencies: —§_a75 ment By 1 Becroom Unis: § “440 month BE 2eedroom Unis: § 7525 ‘menth 1 38eaoom Unis: § Iori C1 ABecroomunis: § menth Other Descriptive information: Rent above reflect the HAP contract payment emounts on all units. Actual tenant rentswill pot exceed 30% ef tenants’ incomes. Tenants will pay all unt electricity (heating. A/C. range, water heating, and ciher Development wil pay all cold water, sewer, and fash. TOR of the units willbe targeted to Eidery residents at 40% Area Median Income. Tre remoining 50% of unis willbe targeted to Elderly residents a S0% of Area MedionPHA or Section 8 Notification Letter “Thcome. The development wilnol impose an annual minimum income requrement on such households that exceeds the graater of $3,600 of 25 mes the portion of rent fo, such households, Currently there ore 100 unis in the Building. Unit configuration wil change To @ Total oF 76 units. All curent resents wil be treated as permanently displaced. though upon construction completion the development will market to and weleome os many Curent residents back who wish to reluin and otherwise quality. The owner wil have and communicate fo you a Relocation Plan and welcames the opportunity 10 work wth you further in assisting these residents. We appreciate your assistonce with identiving avatfied tenants. ltyou have any questions about the proposed development, pleate call me at (334) 972-4182. Please acknowledge receipt ofthis letter by signing below and returring i tome, To be completed by the Local Housing Authority or Sec 8 Adminisrator: Seen and Acknowedged 8y: ER rreed {i Ca PintesNome: Fdeonvd HM. M&lawa ie: Exfeuhve piacere Phone: _$BY— ¥BS- 7200 Date: Marek £201TABI (Local CEO Letter)THe City oF LYNCHBURG, VIRGINIA ‘nO Chueh Set, yeh. VA 208 q awmiyrrtngee go Locality CEO Suppor Letter aren 7.2011 Jim Chondier \Viriria Housing Development Authorly 601 Sounsemesere street Richmond, Viginio 23220 \VHDA Tracking Number: 2011-C-128 evelopment Name: The Viginion Name of Owner/Applicant: “Sori Viginion Investments, 1G, Dear Mr, Chandler The constuction or rehabiltotion of the above-named development ond the alecation of federal housing tox credits available under IRC Section 42 for said development wil help to meet the housing needs and priotiies of The City of Lynchburg. Accordingly, The City of Lynchburg supports the allocation of federal housing fax crectis requested by Sari Viginian hvesiments, LLC for this development, Linbltd pes. \ Kimboll Foyne ily ManagerTAB J (Homeowners hip Plan)THIS TAB/SECTION IS NOT APPLICABLETABK (Site Control Documentation- Documentation of Most Recent Real Estate ‘Tax Assessment ~ Acq. Rehab. Only)PURCHASE AGREEMENT “This Purchase Agreement (“Agreement is made and entered into this 29” day of November, 2010, by and between The Virginian Building, LP» a Virginia limited psnership (Selle), and Sari and Company, a Neth Carolina corporetion (Buyer) RECITALS. A. Soller owns info eimple tht certain pooel of land contening appeoximately SS scres, located in the City of Lynchbute, Viepni, designated by Tax Map No. 02434012 end having a maling adévess of 718 Church Steet, Lynchburg, Virginia. The land has been improved by the construction of «100 unit apartment building together with retiVeormercal space all of wach is known as The Virginian Building. The land and all improvements thetcon NOW, THEREFORE, in consideration of te premises and mutual covenants hereinafter set forth, the parties heroby agree es follows: 1, Burchasorice, The purchase peice (the “Purchase Price") forthe Property it Two Million One Hundred Thousand Dollars ($2,10,000.00) payable in immediately available funds at Closing, ‘Buyer's Juupection and Dus Dilieoce, | Buyer shall have until June 15,2011 vitro ato a Beers cton peloton af he Proper, including, bt not limited to, (8) environmental, engieerng, stuctural and zoning reviews, (©) ite anc survey examination ad () financial, leasing and Jegal document review, ll ‘Buyer ints sole judgment, deems appropriate (the “Due Diligence Period”) 3. Deposit, ° Upon the execution ofthis Agreement by Seller and Bu ‘Buyer will deposit a fully refundable esrow deposit of Five Thousand Dollars ($5,000) (the “Deposit” with Seller's attomey, Richard R. Sayers, Esquire, as escrow agent (the “Estrow Agent"). The Escrow Agent shall hold and administer the escrowed funds in accordance [At the conclusion of the Due Diligence Pesiod, Buyer may terminate the Agreement for any eason or no reson whatsoever and the Deposit shall be refunded to Buyer. ‘The Deposit shall be applied toward the purchase price at Closing. Excep as otherwise provided herein including, without limitation, Paragraphs 4 and 9, if Buyer docs not terminate this ‘Agreement prier t0 the end of the Due Diligence Period, the Deposit shall become non ‘efindable, 10f9[Notwitastanding anything herein to the contmry, in the event the Buyer tecninstes the ‘Agreement at or before the conclusion of the Due Diligence Period, the Deposit will be jmmedately returned to Buyer and Buyer and Seller shall have no further obligation to cach other Inthe event of default hereunder by Seller or failure of performance hereunder by Sele, then ‘Buyer shal give Seller writen notice specifying Seller's default or failure of peformance, and Seller shall have ten (10) business days to cure the dofult or fare of performance. In the vent tat Seller fails to cue Seller's default or failure of performance within the ten (10) day petiod, then the Deposit shall be immediatly refunded and returned fo Buyer, and, in addon, Buyer may enforce and exercise its igh and remedies avaiable at law or in equity, inching ‘withou limitation an action for specific performance of this Agreement. Inthe event of adafalt hereunder by Buyer or failure of performance by Buyer, then Seller shall ive Bayer writen notice specifying Buyer's defhut or failure of performance, and Buyer shall Fave tes (10) business days to care the deiul or flue of performance. Inthe event that Buyer fails to cure Buyer’ defelt or failure of performance within the ten (10) day peti, thea the Deposi ball be immediatly freted by Buyer, and retained by Seller as and for liquidated damages, and as Sellers sole end exclusive remedy; and thence the partes shall have no futher rights, duties o obligations hereunder 4, Tex Credit Contingency, Seller acknowledges that Buyer is epplyng, for low income tax credits in conjunction with ite acquisition ofthe Prop. Notwithstnting ‘anything herein tothe canary, i Buyer has not received notification from the Virginia Housing Development Authority thet it has been awarded e sufficient amount of tx credits for this projecton or before June [5,20]1, Buyer may termiaate this Agseement no later than 5:00 pan, ‘on June 15, 2011, by wetten notice to Seller and receive a fll refund ofthe Depot 5S. DateofClosing, The closing on the purchase of the Property Closing”) shall take place no later September 8, 2011 (tue “Closing Dat"). 6 Broker Fee, Seller and Buyer represent and warrant fo each othe that ‘eit bas dealt witha broker, agen orotber person in connection with his ansaction, Seller ‘and Purchaser shall each indonnity ‘be ther against, and shall bold eachother banaess for, ‘any and all sits, claims, demands, judgments, damages, costs or expenses of or for ay fet of ‘ontmlasione which are tb rexponsisiiy ofthe interning party, and sall pay all oss of Sefeading any action or lawsuit brought to recover any fxs or commissions incurred by the ‘other, inclading reasonable atiomeys' es, 7. Confidentiality, This Agreement isa privileged communication and is not for dstebution by Buyer to Saller’s lender, brokers or clint, nor sito be rezone 8, Seller's Representations. Seller represents thu: (0) the Property consists of 100 apartment wits (i) this owned the Property for « minimum often years; 200and Gi) it has not applied for or received any tax credits of any kind pertaining to the Propery. Seller agrees to execut: the extifcate attached hereto as Exhibit A as of the Closing Date (the “Seller's Catiiate") 9 Title, (©) __Sellerat te time of Closing shall furnish » good and marketable te to ‘the Property. For the purpose ofthis parr, a “good and marketable ile” i.a title which is insurable by a naiogally-recogaized tile insurance company at its slandard rates without ‘exception other than the Permitted Exceptions expressly allowed for herein. Buyer shall have Unt the expiration of the Due Diligerc= Period in wich to examine tte tothe Property and ‘hall promptly notity the Seller ia wit ag of any objections to or defets of te other than the Permted Exceptions hereinafe set forth), Upon reovpt of seid notice, te Seller shall proceed promplly to have the defects cued within a reasonable time provided the cost to cue such ‘efects doesnot exceed $25,000.00. Ifthe Seller shall il to cure or satisfy the said legal defects Within a reasonable time, then Buyer shall have the choice of accepting the Property with said ‘defers or declining to acept the Property with such legal defects, and either one of the ssid to choices shall bo exercised by writen notice fom the Buyer tothe Sele. If Buyer shall decline to accept the Property subject the said legal defects aod if to that date Buyer shall have performed in good faith its duties and ablgations under this Agreement, thea the Deposit shall be promptly retuned tothe Buye:. (©) AtClosing bereuer, the Property shall be conveyed fee and clear ofall Jiens, encumbrances, easements, restrictions, assessments and encroachment, except for the following (herein collectively the “Per:ited Exceptions”) 4, zoning ordinances affecting the Property provided tht the use to ‘which the improvements are being put is permitted; Lully easements that serve the Property; il, sights of parties in postesson under existing Lenses: and iv. alld valorem texes which constitute alien on the Property but ste ot yet due and payable, (© On the Closing Date, Seller shall execute and deliver to Buyer the ‘folowing: (1) Wazanty Deed, transfering and conveying to Buyer marketable fee simple tile tothe Property, subject only tothe Permitted Exceptions. @) FIRPTA Afidavit. ©) AIL plans, specications, surveys, blueprints and engineering and/or architectural drawings teling to the Property in Seller's posession o contol 30t9 Z(4). Such affidavits or ther evidence of tle fom Seller or ther third parties as may reasonably be required by the tile company selected by Buyer (the “Title Company”) or in forms customarily used bythe Tile Company in oder tissue the Title Policy. (3) Pursuant to an estigument instrument, Seller shall ansfer and sssig to Buyer all of the Permitted Leases and shall deliver to Buyer original copies of the Permitted Leases in force on the Closing Date, together with all current tenant files, security and ‘other deposits, estrows andor prepaid rets, (©) Pursuant to an assignment instrument, Seller shall transfer and sssign to Buyer all of the maintenance contracts for dhe Property, and shall deliver to Buyer ‘original copies of the maintenance contmets in fore on the Closing Due, together with all cueret maintenance fs. (Notice (i form provided by Bayes) from Seller to the tenants of ‘the Property, notifying the tenants ofthe sale nd conveyance ofthe Property to Buyer. (@) Bill of sale ffom Seller tansfrting tile to the fixtures and personal property used in operation of the Property by Seller o be conveyed fee from all lens land encumbrances to Buyer. (© Anupdated version ofthe Seller's Certificate. (©) On or before the Closing Date, exch of the partes shall execute, provide end deliver to the otler party and tothe Tide Company: (1) such indicia of tuthorty and related customary documents nd inrumeats as may be sequied by the Title Company or ar may be reasonably requested bythe ater party and (2) such oter documents and instruments a5 are necessary to coosummate ie transactions contemplate by this Agreement. 10. “As Io" Statuz. Buyer shall purchase the Property in its “As Is" condition. 11, Costs, Seller shall pay the grantor’s tax on the transfer ofthe Property and all ‘costs for deed preparation. Buyer thal bear al ther costs and fes ineured with respect to the ‘tansactions contemplated hereunder. Each pry shal ear its own legal costs. 12, Financing. Seller hesby authorizes Buyer, or Buyer's afin, to purse any and all means of financing for the Proper, including public and/or private funding mechanisms, Including tx credits andor tax-exempt bond financing. This aufhodzaton includes Buyer ing spplications for financing using this Agreement as evidence of ste contro, I 13, SiteDocumentaton, Sele shal provide Buyer uring the Due Diligence Period with copies of all inspection report, tile polices, site surveys, and capital neds studies done With respect to the Property and which Seller has in its possession or contol All inspection ‘epot,ste surveys, and capital needs studies shall become the propesty of Buyer at Closing at Pema sos HE14. RiskofLoss, Risk of loss or damage ftom fre or otber casualty or asa result of| «condemmation uni the deed of conveysnce is recorded is assumed by Seller. Inthe event the Property is damaged by fire or other cxsuaty in any material respec, ox a portion oral of same is condemned, prior to Closing, either Buyer or Seller may (2) void this Agreement in which ‘event Seller shall retum the Deposit fo Buyer and thereupon nether party shall aye any further rights ot obligations hereunder, or (6) complete the transactions contemplated by this Agreement without reduction of the Purchase Price, provided Seller agrees to transfer and assign all of Seller's rights othe applicable insurance or candemnation proceeds to Buyec. 15. Insurance, Seller shall use its best efforts to maintain continuous propety and ‘esualty insurance on te Property in amounts and with coverages similar to its curent polices ‘ntl Closing and shall deliver copies o ll such polices to Buyer upon request. 16, Information Access. Aer the execution ofthe Agreement by all partes, Seller will make evilele to Buyer and its cgents and representatives al information relating to the ‘Propety end its business operations at the Property that may be reasonably requested by Buyer. Buyer shall keep confidential any such information that is confidential and propcietary in nature, ‘xcept for diclosure that is required by law aad disclosure to the employees, accountants, ‘enkers and counsel of Buyer necessary to effectuate the transaction. Buyer shall not contact ‘ny of Seller’ limited pariners ots lenders nor attempt to ute Seller's lende() as a financing source forthe purchase ofthe Property. Seller will provide Buyer wih ist ofits lenders and ‘ill obtain all necessery payoff information petinin to the Proper. 17, Accesttp Propet, Slice wil allow Buyer adits agent frm and fer he date of tis’ Agresment continuing acces if reasonable tines to te Property, for te purpose of ‘conducinginspeedons; provided hat (1 allen and cess by Buyer ll be ding eplar busines hours; (2) Buyer shall provile Seller with rewonsble advance prior notice of ary desired entry or accss; and (3) Seller shal have the right to roquio that a repesenctive of Seller accompany Buyer dorog any en into any tena spartsents. Buyer sal indemaiy snd fold Sele bees fom al bility os, damage, cost and expense, ashing resonable storey’ fs and court cost which Siler may sur or incr by reson of any sch acess or Jnspectons. Following any such Invest ations or ington conemplued by tis Ageement, Bayer shal, at Buyers expense, romp rere the Property to lis condition prior to such inpetion or investigation, and Buyer shall defend, indemnify end hold burmess Selle fom all cst or expense of every fe ane description Goong resonable trey es) ring out of any personal injury or propery damage caused by any aget, seri, employe et contactor of ‘Baye orig any such venation or nepection. 18. Disclosure, Except and to the extent required by law, or as may be necessary ‘under tt terms of tis Agreement, or unless the paris shal otherwise agree, each ofthe partes hereto shall maintain the other party's enfental information in a confidential manner and not disclose it to any person not entitled to have access (except for Buyers lender or potential lenders, Buyer's employees needed to assist in closing the transaction, applicable government agencies related to tx credits or aceountants and altomeys providing professionel services) -Exoopt a permitted above, Buyer shall ot disclose or pert the disclosure to any party the sot9, A‘existence or nature of any discussions regarding «possible transaction between the partes except ‘Buyer may indicate to such parties itis looking at an investment inthe Virginia Building, 19. Adistments, The partes agree that the following items shall be preated nd otherwise adjusted on the Closing Date (@) Ad valorem real property tax and personal property tax asessments payable in respect ofthe Property forthe calendar year in which the losing Date ooo shall be [rorted ona per diem bass based upon the mos recent availabe information regarding assessed ‘value and applicable tx rate. Seller stall cause al special assesaments constituting a en upon the Property and all taxes for all rir tex years tobe paid by Seller on or before the Closing Date. (©) __Buyer shall be ented to al ret and other income from the Propet forthe period ftom and after the Closing Date and shal be responsible forall expenses of the Property ‘tributable to th period fom and ater the Closing Date Seller shal be ent to all ent and other income fom the Property atubushle othe peiod prior tothe Closing Date and shall be responsible forall expenses ofthe Property atibutabe to the period prior the Closing Date. Promtions and adjusments of any ofthe foregoing monthly charges or receipts which cannot be sscertained by the Closing Date shal be based upon an agreed upon estimate. A reprontion ond ‘readjustment of suc estimated charges or receipts shall be made no later than sity (60) ays afer the Closing Date. (©) _ Except as expressly provided elsewhere in this Agreement, Bayer and Seller shall pay their ovm respective costs and expenses, including attorneys fees, inclenal to ‘his Agreement and the transactions contemplated herby. 20. Notice, Any notice required pursuant to the tems of this Agreement shall be leemed maffefent if in siting ae male hy ested mal, postage peepaid, retire recipt requested, All notices required tobe given to Seller orto Buyer shall be addressed Inthe case of Sellerto: The Virginian Building, LP. lo Giant. Claterbuck P.O. Box 21667 Roencke, Virginia 24018 ‘With «copy to ‘Richard R. Sayers, Fag. ‘Magee Goldstein Lasky & Sayers, P.C. 4310 Fest Stee, S W., Suit 1200 Roancke, Virginia 24011 Inthe case of Buyer to: Sari and Company lo Tin Sari 2741 Wiking Read ‘Winston Sater, NC27104 we JE‘Todd C. Brockmann, Esq. 8037 Corporate Center Drive Site 100 (Chasiote, NC 28226 1 20. NetWonth, With respect fo its indemnity obligntions to Seller frouuder, ‘Buyer hereby represents tet ths a mnimum net worth of $2,500,000.00, With copy [IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth below. Da L2fr4jeo By. “Grant L. Claterbuck, President “BUYER” ‘Sar and Company, H-24, 12 7069Exhibit ‘SELLER'S CERTIFICATE ‘The undecsigned does hereby cetfy to SARI AND COMPANY, ¢ North Cerolina corporation, and is menbers, successors and assigns, collectively, the “Buyer that he is President of Virginian Building, nc, a Virginie corporation, the sole General Parner of THE VIRGINIAN BUILDING, LP,» Virgin limited partnership (he “Selle”. In such capacity, ‘he undersigned is familie with the properties, affairs, operations, end records ofthe Sele with respect to the 100 unit apartment com plex located at 718 Church Stee, Lynchburg, Vir ‘oown os The Virpintn Building (ho “Real Property"). The undecsigned further ceils as follows: 1. The Buyer is purchasing; the Real Property, andthe Seller i transferring the Real Propeaty tothe Buyer on r before September 8, 2011 (the “Closing Date") 2, The Seller as held record title to the Real Property as «limited partnership, during the ten (10) year period which ended on the Closing Date (he “10 Year Period”), aad Seller has operated the Real Property through a partneship fr federal income tax purposes. 3. Selle oily cgur=d the Real Property by a waranty deed recorded on Decenibee 28, 1988 fram J. Alber Ellet, Subatinte Trusts end Chuls 0. Comelisn, Subst True, and Fst Virginie Popes, Ie, Viena corporation inthe Ceca Cour Cletk’s Otic for the Ci of Lynchburg, Virginie n Deed ook 740, Page 681. 4, Seller and each person comprising Seller contributed capital or services and capital accounts which have been maintained for each partner in. accordance with the sequrements ofthe Intemal Revenue Code of 1986 (the *Cods') and the aplicable Treasury Regulations. 5. Sellec has maintained separate books of accounts forthe partnership, 6 Throughout the 10 Yea: Ped, Seller filed federal income tax returns inthe name ofthe Sele sefletng() the income, gin lost and dedetonatibuable to th Real Property ineluing depron, (i) that ach parte ownel a percentage intrest in he profits, loses, end capital ofthe Selle, and (i) an allocation among th pstners of profit wad oss stbnable othe Real Propet 7.__Ater Seller acquired the Real Property, the building was placed inservice rir to the 10 Year Period, Seller has operated. floors 2 trough 6 ofthe Real Propety as residential zal property andthe fist floor and basement area ss commercial venta property at all times uring the 10 Year Period During the 10 Year Period, the only changes in the ownership of he Seller were:9. _ The undersigned acknowledges thatthe Buyer intends to claim low-income ‘housing tax credits pursuant to Section 42 of the Code with respect to the acquisition of the Project, that the truth ofthe cetifcations made herein ae tcl to quliffing for such credits ‘nd that the Buyer, its members and their successors and assigns, and thet respective legal ‘counsel shall be entitled forall purposes to rely filly upon this Certificate, (WITNESS the band and seal ofthe Seller his_/4 "ay of Decombar_, 2010, Virginian Building, In, Virginia corporation snd the gale general partoer of The Virginian Building, LP, «Virginia limited B COMMONWEALTH OF VIRGINIA) ) ACKNOWLEDGMENT counrr or Avanoke ) 4 VonerA.Spente’ _, a Notary Public in and for the County and ‘Commonwealth aforeseid, do hereby centfy that GRANT L. CLATTERBUCK, in his eapacty 18 President of VIRGINIA BUILDING, INC., a Virginia corporation, the sole General Pariet of ‘THE VIRGINIAN BUILDING, L.P.,« Virginia linited partnership, personally appeared before ‘me this day and voluntarily acknowiedged the dus execution ofthe foregoing instrument forthe purpose described herein. Ph yh an sy so i _ ty ot_ Nera 2010. \ Bye ee VOR Roiay Pt ona puae 3 Oonmerimeml Vins fg ascone My commission expires_ 2/2 9069o7naro10 aiosr2010 osrz1r2010 28/2010 rorar2010 ovos:2011 o1vosi2011 ovorra014 ovzzor1 ouzrnott ost1r20%4 owor20%4 owtz014 owzaz01t ossu2011 owe2011 owroer2011 woaz011 saner2014 LOW INCOME HOUSING TAX CREDIT PROGRAM 2011 SCHEDULE 2011 QAP Forum Rolease 2011 QAP changes for public comment 2014 QAP Focus Group mesting - VHDA Housing Center 2011 QAP Public Hearinglelose public comments \VHOA Board of Commissioners Approve 2011 QAP How-to-Apply - Wytheville How-to-Apply - VHEA Housing Center How-to-Apply -Chesapoako How-to-Apply -Northern Virginia CEO notification ltier info deadtine ‘Application for Resarvation deadline! “Market Study Deadline CEO support lator deadline Protiminary Rankings! begin comment period End comment period! begin rebuttal comment poriod End rebuttal commont period Review fina rankings with VHDA Board [Announce fra rankings Application fr Allocation deadline Finalize Allocations seals aaADDENDUM TO PURCHASE AGREEMENT DATED NOVEMBER 29, 2010 ‘This Addendum to Purchase Agreement (‘Addendum’), dated March 9, 2011, by and between The Virginian Building, LP. (Seller, and Sari and Company ("Buyer") RECITALS "A. This Addendum is the first supplement o tht certain Purchase Agreement by and between the partes hereto dated November 29, 2010 (“Agreement”) and is entered int, in part, far the same consideration therein recited. In each instance of conflict between the Agreement, and this Addendum, the terms and provisions of this Addendum will contol. Unless otherwise indicated herein, all capitalized terms shall have the same meaning as ascribed to them in the ‘Agreement. ‘The Agreement and Addendum shall be refered to collectively as the “Purchase “Agreement” B. ‘The partis hereto wish to amend the Agreement as provided herein and hereby execute this Addendum to evidence their agreement to do so. AGREEMENT NOW, THEREFORE, in consideration oftheir mutual promises hereinafter set forth, and other good and valuable consideration, the receipt and suiciency of which are heseby mutual facknowledged, the parties hereto agree as follows: 1. Assignment. Buyer hereby assign all ofits right, tie and interest in and to the ‘Agreement to Sari Virginian Investments, LLC, a North Carolina limited lisbilay company, andor is assigns, Seller hereby agrees to Such assigament. Wherever the term “Buyer” appears in the Agreement, it shall be deemed to refer to Sari Virginian Investments, LLC and/or its assigns. 2 DueDiligence, The Due Diligence Period set forth in Peragiaph 2 of the ‘Agreement is hereby extended to July 15, 2011 3. Property Description. The parties hereto hereby acknowledge and agree that the {ollowing sets forth the legal description ofthe Property to be sold to Buyer by Seller under the terms ofthe Agreement: Beginning at a point at the imersoction of dhe northern fie of Eighth Stret and the easter line of Church Stret, thence along Church Stree N 31° 00° W. 169.59 feet to an iron pin; thence leaving Church Street N. 59° ‘00° E, 132.00 fet to a point; thence S. 31° 00" E. 169.59 feet to an ron rod on the north side of Eighth Street thence along Eighth Steet S.59° (00° W, 132.00 feet to the point of beginning, all as shown on a platentitled “Physical Survey of Portions of Lots Nos. 23 and 31, Sheet No. 14, Map of the City of Lynchburg, Virginia” dated December 5, 1988, by R. Lloyd Mathews, Dublin, Virginia (the “Plat”, which Plat is attached to that certain Deed dated December 22, 1988, of record inthe Clerk's Office ofthe Cireut Court of the City of Lynchburg, Virginia in Deed Book 740, page 681 4 Affirmation of Agreement, Except as specifically amended herein, the terms and provisions ofthe Agreement shall remain in full force and effect, 6. Ente Agreement. The Agreement, as amended by this Addendum, contites the entre agreement and understanding of the parties with respect to the purchase of the Property. 7. Recitals. The Recitals re hereby incorporated by this reference, IN WITNESS WHEREOF, each of the parties hereto has caused this Addendum to be executed in its name pursuant to due authority as ofthe date st forth above. “SELLER” ‘The Virginian Building, LP, Virginia limited partnership By eoaa a ts ‘SEE SEPARATE SIGNATURE PAGE, “BUYER” Sati and Company, ‘4 North Carolina corporation By Is: ‘SEE SEPARATE SIGNATURE PAGE‘SIGNATURE PAGE FOR PURCHASE AGREEMENT v ‘BY AND BETWEEN ‘THE VIRGINIAN BUILDING, LP. AND SARI AND COMPANY, Date_ 341) ‘SELLER’ ‘The Virginian Building, LP, Virginia limi sship By: nian Building, Ine. GP. L. Claterboc, PresidentSuriand Company, J ff) Noh Cusine cortoThe undersigned hereby accepts the assignment ofthe Purchase Agreement by and between The Virginian Building, LP. and Sari and Company, as amended hereby. SARI VIRGINIAN INVESTMENTS, LLC By: Sari Investipegts, LLC, Managing Mente 7 a Va6627 seo 740 cB THIS DEED, made this 22nd day of December, 1988, by and between J. ALBERT ELLETT, Substitute Trustee, and CHARLES 0. CORNELISON., Substitute Trustee, Grantor, and THE VIRGINIAN BUILDING, L. P., a Virginia Limited partnership, Grantee, and sy} FIRST VIRGINTA PROPERTIES, INC. a Virginia corporation, party of the third part. WITNESSETH By deed of trust dated December 17, 1984, and recorded in the Clerk's Office of the Circuit Court of the City of Lynchburg, Virginia, on Decenber 19, 1984, in Deed Book'652, page 418 “Virginian Associates conveyed the property hereinafzer described to Ellis L. Gutshell and Janes N. Hinson, Jr., Truszees, either of whom was authorized to act, in trust to secure for First Virginie Bank - Southwest, successor to the First Vizginte Beuk Rownoke - West and First Virginia Bank of the Southwest, the payment of a certain indebtedness therein described, said deed of trust providing for sale of the property hereinafter described in the event of default in the payment of eaid indebtedness or in the event of 4 breach of the covenants and conditions contained therein; and Default was made in the payment of the indebtedness secured by said deed of trust, and Piret Virginia Bank - Southwest, holder of the note evidencing said indebtedness in accordance with the provisions of said deed of trust, substituted Grantor in the place of Ellie L. Gutehall and James N. Hinson, Jr., Trustees, whichsoot 740 rec B82 substitution took place upon the resignation of Ellie L. Gutshall and Janes N. Hinson, Jr., Trustees, and prior to any action being taken by Grantor under the terms of the aforesaid deed of trust and ts evidenced by an Appointment of Substitute Trustee dated September 2, 1988, and recorded in the aforesaid Clerk's Office and in Deed Book 734, page 147 First Virginia Bank - Southwest requested Grantor ro advartiae and sell the property conveyed by the aforesaid deed of trust in accordance with the terms thereof; and ions of Grantor, in accordance with the provi the seid deed of trust, having first advertised the time, place and terns of sale once a day for three consecutive days im The News and Daily Advance, a newspaper in general circulation in the City of Lynchburg, Virginis, and after having given written notice of such sale by certified mail to the owner of the said property and those obligated on the underlying note, at its last known address as required by statute, did offer the property hereinafter described for sale at public auction to the highest bidder at the Church Street entrance of said property on Decenber 12, 1988 at 11:30 A.M. and At said sale First Virginia Properties, Inc. a Virginia corporation, made the last and highest bid received and thus becane the purchaser of the property hereinafter described.aco 740 ce 683 First Virginia Properties, Inc. has contracted to sell the property to The Virginian Building, L. P. and accordingly has directed the grantor to grant the property directly to The Virginian Buflding, 2. P. NOW THEREFORE, IN CONSIDERATION of the premises and the sum of Ten Dollars (310.00) cash in hand paid by the Grantee to the Grantor and to Firet Vireir Properties, Inc. and other good and valuable consideration, the receipt and sufficiency of which consideration sre hereby acknowledged, J. Albert Ellett and Charles 0, Corne:ison, Substitute Trustees, Grantor, do hereby grant with Special Warranty of Title unto The Virginian Building, L. P., Grantee, all that certain tract or parcel of and lying and being in the City of Lynchburg, Virginia, being nore particularly deserted as follows Beginning at a point at the intersection of the northern Line of Eighth Street and the eastern Line of Church Street, thence elong Church Street N, 31° 00° W. 169.59 feet to an iron piny thence leaving Church Street N, 59° 00' £. 132,00 feet to < point; thence $. 31° 00" E. 169.59 feet to ag. iron rod on the north side of Bighth Street; thence. along Eighth streets. 59" 00" W. 132,00 feet co the point of Beginning, all ce shown on’a plat attached hereto entitled "Physical' Survey of Portions of Lote Nos. 23 and 31, Sheet No. 14, Map of the City of Lynchburg, Virginia” dated December 5, 1988, by R. Lloyd Mathews, Dublin, Virgint and BEING the same property conveyed to Virginian Associates, a Virginie Lintted partnership, from the Lynchburg Redevelopment and Housing Authority by deed dated August 17, 1982, of record in the Clerk's Office of the Circuit Court of the City of Lynchburg, Virginia, in Deed Book 617, page 51. ‘The party of the third part joins in this deed to release grant and quitclaim to The Virginian Building, L. P., ite right,see 740 rec 694 title and interest to the hereinabove described property. This conveyance is made subject, hovever, to all easenents, restrictions and covenants of record that affect the property just hereinabove described. ‘The parties refer specifically to that certain Reguletory Agreement dated as of August 17, 1982 and recorded in the Clerk's Office aforesaid in Deed Book 679, page 632 to which Lynchburg Redevelopuent and Housing Authority ("Authority") is a party end which provides, anong other things, that Virginian Associates and its successors and assigns will not sell, transfer or other- wise dispose of the property hereinabove described without obtaining the prior written consent of the Authority. Such weisten consent to thie transfer has been obtained, as is evidenced by the writing attached hereto as Exhibit A. WITNESS the following signature and seal: FIRST VIRGINIA PROPERTIES, INC. B “eftie t freeSTATE OF VIRGINIA seo 740 e685 City of Roanoke, to-wit: The foregoing instrument was acknowledged before me this 22nd day of becenber, 1988, by J. Albert Elfete, Subseituce Trustee. coumiseion expires bier STATE OF VIRGINIA City of Roencke, to-wit: The foregoing instrument was acknowledged before me this 22nd day of December, 1988 by Charles 0. Cornelison, Substitute ‘Trustee, ? y commission expires: STATE OF VIRGINIA City of Roanoke, to-wit: lotary Putte iotary e The foregoing instrument yas acknowledged befere we thie 2and day of Deconbor, 1588 by Elite t Gutahell, President oe Fisee Virginia fropertieny ines) a'visginis corfeesties on Sonali of the corporation: : Si My commission expires: Hfvow TAO 1 38 CONSENT TO TRANSFER BY THE LYNCHBURG ‘REDEVELOPMENT AND HOUSING AUTHORITY ‘The undersigned, Lynchburg Redevelopment and Housiny Authority, @ Political Subdivision of the Coomonwealth o! Virginia, by ite duly authorized officer, has consented to the Uratsfer of certain property in the City'of Lynchburg, Virginia {uated at the intersection of the north side of Eighth Street Gnd the east side of Church street; commonly known as the Gizginian Building ("Property") by that certain deed of trust Gated Decenber 17, 1984, recorded in the Clerk's Office of the Cireuft Court’ of Lynchburg, Virginia in Deed Book 652 page 418, from Vixginfan Associates to Ellis L, Gutshall and Sakea N. Hinson, Jr., eruatees, and by that certain proposed deed dated December 22, 1988 from J. Albert Ellett, substitute Efcstee, Cherles 0. Cornelison, substitute trustee, and First Virginia Properties, Inc., a Virginia cozporation, ‘as party Of the third part, to The Virginian Building, L.P., a Virginia Yiaited partnership, and executes this statement in evidence of auch consent. The Property 1s more particularly described in the aforementioned deed dated December 22, 1988 to which this consert is attached as an exhibit. This Consent is executed as of the 27th day of Decenber, 1988 ty ite duly authorized officer. LYNCHBURG REDEVELOPMENT AND HOUSING AUTHORITY, 2 Politicel Subdivision of the Connonwealth of Virginia By: STATE OF VIRGINIA) coowtts Sty OF Pytiasy } tthe foregoing consent was acknowledged before me by cote Sn behelt of Lynckburg Redevelopment leita fcr es a Volitiea subdivision of the Coumonwealth Br viseinis, thie ase day of Decenber, 1988. Gantry 8, Pa Notary Pévl: My commission expires: fadrnnny SOFcoe 740 nci6 Lmtd A Telephone Lo: Ql | gee cane Ferme ALBEE en ier tomes | ot lig rN 3 1 qe ] \e> WE avameasesesate Bh ge | tener ak x 3 ge ua) QSEVEN STR wee og SR 3 at BEICK richer || X yt Asie Q AraerEnT M9) Woe S yh Heese WN “guru ie RY GR ae g Ni sie URES yt pene) se 4" S38 set | i ; Sat eriheg Somer Sebel oteph segoning dent pene SN AR SOO Bea Se jae (fins.amie ya | ZEYH. STEEET , ZO WDE PUISIEAL SURVEY of Partions of Lots Nos. 2 and 3} as showin o7 Shot Nal Map oF; ie ary LYNCHBURE, MEGINIA yor THE VIRGINIAN BUILDING, LP, Date perpertes yi, A ieé ind demiséD PARTNERSHIP, 5 ay SN. 5, (988 Sf eapd Mares Surdetan Aan: ‘VOHRA, Ta he Cnn Oia ft Cutt Cost of the City of Lyon. Te Togo ane sen na ths day penal he of form nd eth he esd nid ng OEE tLe a ‘Tho ta imped by 355-564 a the Oe hasbeen ai inthe annus of #2. ce 120Te Ciny oF Levcnuns Viast TILLNG & COLLECTIONS.“ REAL ESTATE acre Po Boe 000. Assessment Questions; 424-455.820 ‘ymenturg WA 24806-0000 nen Sao Rages Instaliment #1 Bill Date: September 21, 2010 Due Date: November 15, 2010 BRR onions "Ta Desai TENE ees Pah a tats eae eae fey ree ‘Grand Total Due Ae Pid ow a uo a Mil aa lil #4 fi) Ge)TAB L (Plan of Development Certification Letter)THIS TAB/SECTION IS NOT APPLICABLETAB M (Zoning Certification Letter)Zoning Certification THE City OF LYNCHBURG, VIRGINIA xs ya, 900 Sch tet enmity Deeopment yet, Vegi 24506 (3) 4553009 Dison oF Zong & Naural Resmces DATE March 7.2011 TO: Virginia Housing Development Authority 401 South BeNicere Street ichmond, Virginio 23220 Attention: Jn Chandler RE: IONING CERTIFICATION Name of Development The Veginion Nome of Owner/Appicont: _Safl Vigjoion Investments LLC Nome of eller/Curent Owner: _The Viginian Suing. LP. The cbovereterenced Owner/Appicant hos asked this office to complete this form letter regarding ‘ne zoning of the proposed Development (more fuly descibed below). This certcation is rendered ‘02 forthe purpose of confiming proper zoning forthe ste ofthe Development. Is understood that this latter wil be used by the Viginia Housing Development Author solely for the purpose of _27ISTIG aaa ee Tene 2 ein pate pine 2 nia yo z Tease tants etn el ck ‘repent bi boson recente" ya eat ty (02.1602 MD oe seen Qo, Wena pone cen tage ba cn a 2) | Bieber : sat 4, acetate eo "s twnramaran cts sates" > [Suances iin’ «iy fsa rei oie aa pnp tnd are ot Auth Hous Crd Ay Ol - Condy Hsing Col g67 Oy P| = Cage Bug ORS wh apo Vas i Gd Pa T apoe skh EWR) cee ec ese ~ ive 2a | 4.002, 262 te ve erences reste et eo 4 fhntaertrbi aha orem ition 7. NTA 5 Fiend ne bom beep gi tee ti do os (reaenlsintceiy enone os orannhameneenrna 5159 FB, 90 Gaderer uthoedze ‘eter Orr ye tl 4 Sedbtnin cal plot etcyerinhisnt han on ANY =.=. Yor BD 1 Setaetmben etapa rte xt. = ee A { Stenmaanampetbecaaetnain) Cee el ene Fs Dos eeen= 8609 Low-Income Housing Credit Allocation peer ‘and Certification ete ee Seater > se seourae neater a ‘eek 7) aden Onin Gua [1 Pre Fore 1 SSiex etna or we Ot baw Te Saat Tina at oer Johan Lakes Apartments Fonda Housing Finan Corporation ‘Woo ene Sonnson Avene BAIN Bronough Set Ste 5000 Penasosis ford 35% ‘atatasece, Fri 2501-1320 Johnson Lakes Escambia imied Pastors Saas py Ta Te ON rusesores 10 ste of atocaton bb Asx housing ert dota amourtalowabla | 1b|__ $562,380 2 am % 12 Maxim spp crt prcrtage slows (be ston) aa] _s105s338400 3 Haimum uses bass eee Hie age bat ned nh computation of re 3a wos ireeases, check to eppleabe Box ert percentage to wach he age Dai was cra oe econ] Bicunang ncoted te Gat Oppomuny (GO Zoe, ita GO Zoe, We GO Zane 1 Sectn 42.19 gh coe arn ores 44 Peceninge ol he sppepte bl anced by at oxamgt tors. (1280, err} aut {Coe buling pind serie I 5 anand Gru the bone at drecrbe e loco bul he tase hat se) (Zi newy conor srs tay ident b ) vl cara a net ede subaws ©) Big bung Ser rnaatnin pene aierysubedand a} Sax 2) asta xprdres note sso 1B Rotnceuy mbt by ment 40 $0 nl ras ae KART Neston ses te nel sce uno, ‘Signature of Authorized Housing Credit Agency Ofcal~Corpeted by Housing Crh Agency Only ‘Seer pyaes af pian at i eo de eh SOTOATS wiki enarenats oaon of Dara Rv Coe GRE ine sel n'a maw nt af ny noi ed ae oman i. ae. cor June 12,2009 Tet FR Yaw de Cra Pos mls 7 gle bas of bung fas euros) {bs Orgel quad bess a lng wlan tert pid > Are you taing ths baling wx pat ef @ muse bung pre! ox pupose ct secon 42 (a ‘rowel? ar Dye Bie fn tbo to box 6 cacao jou soto mance age bans uncer scion Goan’ CO Yee Ko formes sore ba ues guy eof rene uns blr 3 ot {Sincere bate by taproporona ena ot navu Pear ante nea non 2ayBT =») Yar No 10 Check i spropte box fr each clon: ‘Gator: Once maa te fleing abcde ar meocatia. 1 Eecttobegincedt prod rl year ati hw Dung pcan seniceecson ent » C1 Yes Ne © fc att test brgn prt omayeronton A205). > Ove. 1 fect mitman a-sode mquremen! clon

pon natin= Low inom Housing Croat Aocation ee wm 8609 "nd CartBsaer SS a Sane a ea ora a =e Ese eer ieee eae Sura frie ee eee a Sennen eas ns — Foca [Sons i oa ee [Si te emnemn, age iresselentrepneogeerrenemancseaerneunaa Sedna eee rs ves Btu Sees THaSreEPOPPESs eeose urea ete + sev oen eo a ‘ciao 4. che ent nst gb p + Tho anmenesananianacs "eG enact mt hinted Clears $B Sees cir ry ening" aca nyse Sane aan et a en a ee Se eee eee »-----efe wek Sec bry ve vin pra ta ath Peer dh tie [855.07 ticle cero ci dnd apie amet eee Bm > Eee eae in BS 3 Sistceiee etyaeetnnemn esos pata Bs an + Siiaeanaitetmareangepnnarenminag «ve Cm ts or oh fs see se Al-044 \o0 » —2alzalon reer ee ‘ComaLowdncome Housing Credit Allocation ‘and Certification ‘Alocaion f rea Caut Ue asa nae 2 dw 9 ae Ts eed wa {octsen toch an ned oct tnd sn 0 ore ‘mse_Cl asic oat ba Csi Form PSrmasaag een ara TTT fro se ——— Sunnie 80 BT mm Camb 9 2210 aS REN a a Sin Fa et STO Teioome ue Sree 12010059 bm bote eter art tne we] sere 2 Mem pie et peg oi. 2[ ww 3 atm ge est Wess * cect Cite ett etn engin in ws ont te horas ror anton 151) er porns oie be ‘tsar nonnelpeieeco). 2] 4 Pecan en sano barred cen et) | SA 5 cea cas een > 6 Oct tesume atc te ater kt bul (ec hoe at 1s Clinay conn hora eset bho crear ct een une [Eg “Ci seedze itt eens cory sbsaed [So wala spurs nt edly skein 1 het tray side by a0 tO rund ane ANE) ] baton suse ergs ainda 205) ‘Signature of Authorized Housing Credit Agency Oficial ~ Completed by Housing Crest Agency Only ‘der patos Fat te alan made ey ample he waar of Sen tb nas Reon Cae, ‘Sesh Sit nao ben ry tnwtarg a ese one, eaves sd Cola » Lele fae ee 13/0le = Firat-Yoar Certiiation~ Completed by Bulding Owners wih respect othe Fst Year ofthe Gredt Period ibs ofr tc. [1 S24, 725 eee eee eer eae gece eee : ae ie ie a Tmotatintedel pain astiabeaieanapien oye Rte T inmiuetomieradierpagrntnaenanccconen team Ete Et ieee eee ree Goce eet cae f See esceee acess ee cee { SatSiclcpaenonmerenae tee i { Saietancatrenreece Serotec” Ese wa” PS Sepuvnom j_ Stren seat) oa aa at toe Pung corns au a br os unas ew ame aang pie rua Be earn. te ears tm acne, aaa Sano roe rca Pay gg lic09s\0% > Hey So aT Fa as aTLow-income Housing Credit Allocation ‘and Certification See rm 8609 room) = “Allocation of Credit, Caulon’ Une fr afocatons made e 2006 and inter oo te cate of buliings hanced with = ‘Siete og and tars sono ‘Sesc_C ston wea Base Ll sence Fm a ST aT Soon ae aaron {2 Lo Ca ens {Doc ost rn ah — se soe oa Gaus 250 Ta aS | Se a TOT Gentegevins ae ssasee rot ot Pease Thy 7agae ta Onecstcton > 12012003» nee est tr aes | seaasszn 2 otra apie sprang nai 2[ 21 Mau ile —— eee (=| Meas © chet p itn tt is cet tm cong na ean oan ne ‘Shgnestta pours anc e091) ttre potage nen Re ie os nz ow vase) 2] 4 Peat aon ce acy texan. on 3 A A 6 anna en a eee > smaacs rea cea teens at ceote ne ston ne sn (ek Pas FE 3 C] aay carved rosa ibeind BA ty nares an nt ay indo) Erg lg Seca ean eer oraly ubend [So wnbitater exter nt estos 1 China bean nen of 0b ce ANE) a) Aan se er tai und <2 ‘Signature of Authorized Housing Credit Agency Oficial ~ Completed by Housing Cred Agency Oniy ‘ae Seats toe | ee ab osaton rade compan wi euler of Seen te ral Reve Oe, SOUT celina sta ty tn Si ee aa sce sn atone » Lida IN W .- wa dat TDD reser contin ~ Condy Burg Owar wh ara iwr o be GaP Sects = 2 one esr scm ease 1S Aeeyou nigh blr apts malts ulin poet puroan sckn 8 ‘mess Oe Bw (eocea rb 8 eho, ou St ec gba dr aon Sve Cw > Doyos eta ris lg tsb apepto cn crrnaneescto c2aNafp] Yee] No "Sr Sean, ong see rm roca Tae pow 14 Bectinep ret nse fit ear air eb pacain sec stan 2) Oe Fr 1 Best nota vstage prverip wtp con 298) owe [ectmninum tance meteor econ 2) ceehucsn) (3080 BS wea” () aseneev. ony et dope strode nae 20195) on rar) teas ‘hae prat tp et bc blag conus aaa 2 uli aw ang hang jo ae Pa sare ota acon 1. ina want tam an acre, adn Bs tyrone settTABQ (@ocumentation of Rental Assistance)U.S. DEPARTWENT OF HOUSING AND URBAN DEVELOPMENT Office of Buble and indian Housing SECTIONS HOUSING ASSISTANCE PAYMENTS. [MODERATE REHABILITATION PROGRAM [RENEWAL OF HAP CONTRACT [BACKGROUND Prevousy, the PHA entred info 8 HAP correct wih the nner under he Section 8 Moderate Renebiitaton Program. The HAP conrst proved for Secon 8 housing {assistance payments by te PHA the une The HAP contract rified covered Contact units end spectied the trm ofthe HAP contact for such nts ‘The term of the HAP contract emires during federal fiscal year 2010. Under Secon 524 five Mutttamy Asslted Housing Reform and AlordabUty Act of 1997 (MAHIRA)(PubSc Caw 108-65, October 27, 1997, 111 Stal 1344 et seq) os amended, HUD i authorzed to renew expiing Section 8 contaes. This renewal contact Is enaredin accordance with Section 524()3) of MAHA as amended, “The one-year term of he renew contact commences on the day aftr the HAP contract “expires, The commencement dale sspectied te “correct infermaton" attached 3s fan exhibit otis renewal contrat, DEFINMONS. ‘Commencement dete. The begining ofthe one-year renewal tm, (The Sommencerent dao is spectled Into contract oration eit) sraton. An exhib attached to and made a par ofthis renewal contact ‘Fhe ext species the amoun'of budget authory, commencement cate of renewal term, numberof uns, numberof bedrooms ad eave en Contractunts, The units covered by this renewal contact. ‘Eederal fiscal var 2010. The pared from September 1, 2010 through August 31,2011 HAP contract Section 8 Housing Assistance Payments Contac HUD. The U.S, Department of Housing and Urban Development. ‘One ver. 965 days. HA, Publ Housing Agency ule Housing Agency (PHA). The agency tht has entered this renewal contract wit the owner.‘Sexlon 8. Section 8 ofthe United Statos Housing Act of 1987 (#2 USC. 14379. ‘TERM OF RENEWAL ‘The exping HAP conractis renewed for prod of one yea (955 days) beginning on the commencement date. (CONTRACT RENT ‘Duing the cnewel tr, the menihy contrac rants fer he cortract units deserved inthe xh of contract information shad be tho aroun specie athe oxibk. The owner ‘hal not tecehve anyother payment or compensation for rental ofthe wns. Notwithstanding the amounts of he contrac rents spect in the exhibit of contract Invormaton, contract rete ehall inno event exceed the rent evels permed by Section SSuDKG) of MAFIRA os amended. Such ent lvels shal be calculated in accordance wth HUD instructions, During the renewal term, th fotlonng provisions ofthe exping HAP contact donot moot ‘a. Provslons concerning annual and special adustments of contac rent. Provisions concerning bese rent. [the renewal term commences on a date other than the first day ofa calendar ‘month, or ends on date other than the last day ofa calendar month, contrat rent shall be pro-rated. RENEWAL OF OTHER TERMS. ‘Except as provided In section 4 ofthis renewal conract, tems of the exping HAP contract ae renewed, MAXIMUM PAYMENT [Notwthstanding any other provi of the exping HAP contract or this renewal coiract, _2pgregat payments by the PHA te owner under hs renewal contact shal nro eaert exceed he amount of budget authorty specfied inthe exhib of contract information (ora HAP contract renewod In stages, aporepate payments fora stages uncer tis (Grewal contract, shal inne event excsed such amount) ‘OWNER RESPONSIBILITY Housing ually sandare, The onmer warrants thal the contract units comply with HUO's Having Guy Standards, anc wil so comply tal mes dung the ter of is renewal contrat. ‘Conditions forhousing assistance aayments, Unless the owner complies wih the HAP ‘entact and tis renewel contract. te owner doos not have aright to receive housing ‘ssalstanee payments,8. EXCLUSION OF THIRD PARTY RIGHTS, “The PHA does not aatume any responsibly fr nur to, oF any ably to, ary ersan Inlured as a result of he ower tcton or fale to actin connection withthe Implementation of te HAP contact or renewal contac, or as a result of any other action br faiure to ae by te owner. ‘The owner is net the agent ofthe PHA, and the HAP conract or renewal contract doo Tol crete or affect ny relationship between the PHA and any lender tothe ona any ‘Seppless, employees contactors or subcontractors used bythe gore, ‘Nothing in the HAP eenrat or rowel contract sha be constued es creating any Hot ‘fan asisted foriyer oer hr party (other than HUD) to enforce any provision othe HAP contactor renewal conract, orto assert ay claim against HUD, the PHA or te ‘umer under he HAP cosrct or “neval cont. Norice, In accordance wi Section 8(¢)XA) and (B) of he Unted States Housing Act of 1997, ‘a amended, tye owner shal provide, ata minimum, 2 one year writen notice tothe PHA nd fe assisted family to norm the amy ofthe pending HAP contract termination. ‘Fhe term termination’ means the expiration ofthe HAP contractor an owner's refusal to enews contrat. The nice eval comply wih HUD requirements, and other ‘eauirementy eluding ony amencments and changes nthe law or HUD requements [Fine owner falato provide th noice rs accordance wih HUD requrements, HUD moy Fegue thal te owner per each assisted fal to remain in te uni forte ful notice peta witout ereasing the fey portion ofthe rent under the expnng cont ea‘Signatures: PUBLIC HOUSING AGENCY ec BH r Print Name of PHA By: aa wep —_______—— Executive Decor ard H McCann Executive in ame and Tito of Signatory er Date owner A ant Name and Tite of Snalory sy 10,2210 Date 7CONTRACT INFORMATION Contract Number: VA901MR0002 HUDICNT# 0011 Project Name: Address: 718 Church Street City and State: Lynchburg, VA Budget authority amount: $594,360.00 Commencement Date September 1, 2010 Number Number Contract uulty Gross ‘ofUnits of Bedrooms «Rent (per month) Allowance Rent 10 ett $375.00 $51.00 $426.00 90 1 $440.00 $63.00 $503.00 Moderate Rehabilitaion Program Renowal of HAP Contract: 2010‘Section 8 Moderate Rehab 2010 Rent Analysis RENT ANALYSIS #1 Wot Bedrooms ota Conse Rent X Adjusted Rea OGAF Per Unt ° w 900 x.1% (18) sss0.00 1 0 4195.1% 21) ‘$440.00 RENT ANALYSIS #2 Wot Reto sotwin MR. son an. Fan Uity UnstyAowance ‘Alamance PIU ° 0 oa 616-51 $565.00 ‘ 0 was 5668.00 RENT ANALYSIS #3 +o Bedrooms otucits CConparbi Reat Pani ° 10 $3780" 1 0 s4sz00r “The mew contract rent for each un't size must be set at the lower ofthe three rent analysis. OBR-$375.00 BR. $440.00‘SECTION 8 MODERATE REHAB 2010 GOMPARABLE MARKET RENTS ‘VIRGINIAN BUILDING 0 BR — 200 square footage 1 BR — 325-700 square footage COMPARABLE UNITS 0.Bedroom: Name of Property Square Footage __Contaot Rent owt Earty 00 $400.00 Frank Roane 375 $389.00 Holly Run Apartments 4 $376.00 Bedroom: pacts Square Footage Contract Rent Nottingham Apartments 600 ‘$460.00 LLocksview Apartments 700 $485.00 Lexington Apartmonts 650 $462.002010 MOD-REHAB BUDGET AMOUNT CALCULATIONS: OBR ‘Number of unis contrac: Rent Total itn ‘Yearly Tot » 37500 33.780 ‘$48,000.00 1BR 90 440.00 $39,600 ‘$475,200.00 Grand Total. OBR 45,000.00 ABR $475,200.00 $520,200.00[9 CHURCH ST, LYNCHBURG, VIRGINIA 2504-0) 580, Ot: (od ee woetncibargragm senor ae March 8, 2011 Sari Virginian Investments LLC 2741 Biting Road ‘Winston Salem, NC 27104 Dear Me. Sai ‘One of the local incentives thats applicable fo the proposed project at 718 Church Stret, parcel id (2434012, isthe Real Estate Tax Exemption Program, approved in 1982 8 City Ordinance Section 36-177. This program provides tax relief for substantially renovated commercial, industrial, multifamily or residential real estate. In order to qualify, building must meet the following criteria: = Mist beat least $0 years ol = Must be improved so as to increase the assessed value by atleast 40% for muli- family buildings having 6 or more unis = Improvements mast be completed within two years from the date of application. ‘The resulting property qualifies for tax relief for a period of 15 years. The amount of relif is equal tothe increase in assessed value resulting from the rehabilitation, According to these guidelines, your proposed project at 718 Church Street appears to ‘qualify forthe Real Estate Tax Relief program. If you want to pursue ths program, please complete the enclosed application, lease cll me at 434-455-3821 if you have any questions or concerns. Sincerely, Lhagy A Dem ‘Gregory H. Daniels, CAE, City AssestorAllowances for YS Bee ttre Tenant-Furnished Utilities ite nd ne Nag and Other Services Lynchburg, Virginia Le eT EFF 48R “eating, a Natural Gas | 0 3 Bote Gas & OiBeciie seret_| 48728 | eae | 80147 | arse €, CoalOtner ooking: a. Natural Gas ae a Bolle Gos & Elect a[«tel7]es CoavOrher ihr ecto ma [es | o |e Sr Condtoning Water Het. aia es 3 [7 | | [ar @: Bote Gas = OWEvectie Baie | sae | war | same | cane .Coallther ater 7a [os Sewer @ [| | | 3 | 71 Trash Colton 3 {5 | 0 | 1 | 20 Range 7 Mirowav Retigeraor atual Gas Costner Charge 2 [ete le]. ACT onpule alana Conte BSU EP ty or Path oor t= aS Eerereereee |e Helng ESEPEEETa |r Cooking ‘Other Eleeo Tale oa ‘Ar Condtoning Water Heating Water Sewer “Tash Coleton Range/vioowave Retigeator Other SSL Cr HSSRERSRRTORET ig ESTEETABR (Documentation of Operating Budget)The Virginian Lynchburg, VA Low Income Housing Tax Credit Reservation Application ~2011 Documentation of Operating Budget Administrative Line 5. Management Fee Calculated at $49 per unit per month Line 6 Manager Salaries 40 hours per week at $14 per hour + bonus Line 11, Telephone & Answering Service ‘$400 per month estimate for office phone, fax & internet, fire protection, and elevator Line 13, Bad Debes Usitities Line 15. Electricity ‘Based on development's current usage ($14,269 in 2010). ‘Common areas and elevator should remain approx same. Line 16. Water ‘Based on development's current usage, adjusted for new size. Line 18, Sewer ‘Based on development’s current sage, adjusted for new size, Operating Line 19. Janitor/Cleaning Payroll ‘38 per hour at 12 hours per week Line 22. Exterminating ‘$6 per unit per quarter Line 23, Trash Removal ‘Current contract already in place Line 26 and 27. Grounds Supplies & Contract $23,926 $32,000 4,800 8,600 $14,500 $10,224 $15,336 4,992 81,824 $10,418 $5,700Minimal grounds ~ urban setting; small lot; occasional repairs Line 28, Maintenace/Repaits Payroll 40 hours per week at $11/hr Line 31. Elevator Maintenance/Contract elevator Line 37 Miscellaneous Servize Coordinator and service supplies $20,900 Fire Alarm Maintenance $1,500 ‘Common area and community room $3,800 fixtures and supplies Taxes & Insurance Line 38. Real Estate Taxes Based on current tax bill of $22,868 with abatement on future improvements Line 39. Payroll Taxes Payrell X 0863, Line 41. Property & Liability Insurance ‘Comparable property rates $22,880 $86,000 $26,200 $22,868 $5,167 $16,000TABS (Documentation of Project Budget)@ATA Document A102” - 2007 ‘Standard Form of Agreement Between Owner and Contractor where the basis of ‘payment isthe Cost ofthe Work Plus @ Fee with @ Guaranteed Maximum Price | AGREEMENT mae as ofthe seventh day of Mach nthe year two sed and etn (tn words, nate day, math and ear) BETWEEN emer. (ame, egal sats, ares nd other informatie) Sai Virgninlnvetmens Lina Listy Congty 2141 Biting Fons. ‘Winston Salen, NC27I04 she Contr (ime, oa a, arated athe information Reta Builds, ne 401 EFourt Swe Sate 200 ‘Wisin Sle NCZT101 Telephone Neer 3367226132 Fax Nomber 367239672 {or he flowing roc (ame, loan and dled description) The Vegi ‘Te Charch Sect Lynas Vi “The Aeiece (lame lege oat, rs nd ther formation Caton Scns Moar West 1030 Main Sout “ynahorg VA 24504 “The Oper en Cntr gree ows ‘npn Tehama aso ereedibeime he ante get rca ind Fomine eis AA ‘Soy enonrged a pc eiscorpete bain ‘etwenaen adaein Sueno remer bela ‘svar gua conan veTABLE OF ARTLES 1 THEcomRAcr pocuMENTS 2 THE WORKOF THs cowTRAcT 2 RELATIONSHIP OFTHE PARTIES 4 DATEGF COMMENCEMENT AND SUBSTANTAL COMPLETION 5 conTmAcr su 6 chANGES IW THE WOR 7 costs Tose RemsuRseD #COSTSNOT TO BE REMBURSED SCOUTS, REBATES AND REFUNDS 40 SUBCONTRACTS ANO OTHER AGREEMENTS 41 AccoUNTING RECORDS 2 PaNMENTS 19 _iSPUTE RESOLUTION ‘+4 TERNNATION OR SUSPENSION 15 miscetLaweous PRovions 16 PMUMERATION OF CONTRACT DOSLMENTS {7 INSURANCE AND BONDS ARTICLE THE CONTRACT OOCUMENTS ‘The Contact Dooomers cone of as Agrement,Codas ofthe Cant (er, Supementany ad eter Cndiens) Dving Spctesbons,Addods ian iro exceton ef is Agee oer decent ited ‘ie Apecment snd Modenicon tied eer eeaton a hs Agra al of eh fm te Contes, tics ily apr of he Cott on itched oe Agreement or peed ere. The Conese te ‘hire and ineguad egret hetnen te prs sed persis por epttonsreresnros er (tprenns cer wn cr orl I anhng nh eter Cnr Dae, be thas» Moston, {Seon wih Os Agrees Agresent shal pve ARTICLE? THE WORK OF THS CONTRACT ‘The Contac sal ly eet te Work esrb inthe Coaact Documents, eps special inden he Contec Dotnet tobe he espns ofthe ARTICLES RELATIONSHP OF THE PARTIES ‘he Conc seeps the ea op frat sod confer subishe by this Agreement and covenants wit Tbe Owperto cope wi he Aces and eerie be Const sla juga fathering he inte (FiscOwoar a amie es Donne asses an sper fs a a anew eh aden ‘twos ad snl anda pero the Work na expedited cence mae esi wi ‘Gwe’ ier The Ove eso si od apr rely many, irate regaled ye (Ctr nd tome pment tno Clase in osariane with he roquranmis he Caact Dosmets. Saree ee ee[ARTICLE 4 DATE OF COMMENCENENT AND SUBSTANTIAL COMPLETION [TET datect conmenccnant ofthe Wak sal beh ate of is Arent i erent te sted ower pron ead fre ae toe ied ow ote a prceed snd by the Owner (mr teste of ommencomen ft ifr fom the ate of hs sgreemen or, applet ta he date tn Be fred he naticeo roca) 1 Nate Pred wil Be aby the oun 1 ror to somenncet he Work, the Owner reir times mxenges nd ber secu he (mer tine requirments bes lows {42 The Cone Tinea e messed fr he dt of ommenoeme. § 42 The Coca sal ashieeSubtanal Capleton of he ene Wek tate thn ee une ity Fie (36s) aaj fon date of eomeoerent Flows: (ser numberof clndar day Alternate calendar date mz be wad hen cordimad withthe date of ‘Smmencoment appropri intr requrement for crter Santa Compton oferta portion the Peotone Work ‘Subtatal Compton te sb! oats of hit Cott Time x provide inh Caneat Document (Amer provisions f any for liudted damages eating faire achieve State! Compton oni or for bona pament for sar complaion of he Work) ARTCLES conTRACT SUM 51 Ta Over thal ay the Contactor he Cont Sum in caret fad forthe Conners perfomance fhe ‘Senmct Te Gant Su eth Cost of th Work ms Sefnedn Arle? ps the Canc Fee. $511 Te Ceameors Foe [ic anp non perentag of Cot of the Warkor ete provision fr dri he Convacr's Fee) | wigttpereen 69 {$512 The method of gusto the Carat’ Fee fo change i te Woke {£12 timation ing on Satsoneactrs vee ad rot facets inthe st of ts portion of he Woe {$8 Renae fr Contalorawnedeqipmen al nat ceed percent (ofthe sand tepid athe ice ofthe Project, $818 uni pres fay. ‘tof ant the wa pre; tate the quant Eto, an which the wit ice il be eppice) eee Ser ate eee cay eee aum Unt anéLiniions Pee aru 0.00) s2cuaRwuTesD Maun PCE $521 Tae Contac Sts gard by the Conractor not etcnd Fe min fe hand seventy he ‘ett four and se fou (65,573 458, sje! wo atns nd dedoions by Change Ode as rove inthe Cavin Damen’. Sich maximum ra fered ith Cnr Deserts te ‘Gomaced Maxi rice, Cnt which would cate he Guarsted Mean iso be exceeded sal pad by he Conaatr without eimorsane! by th One. (ser spec pronion the Contractor para a svg) {822 Te Garand Masimizn Pci tse ote flowing erates ony, wich rds in the tear Docume le imeby map y he Ore (Sir the mambo other doin of acaped rater. Big or proposal decent permit he ‘Gomer ore tc abences epun' tthe eeatn of tae Areoment. ach schedule of ch er ‘lematr showing amour sac and he dee the amo ere) 9:23 wane cade te Guranzes Mam Fre ey (idem atlononce and te exons, a from he allowance ric) ood ee {5524 Asuna on which the Grantee’ Maxima Pri ise {)528To he ext he Drawings ad Spins rancid agi fare develop byte ‘cits te Conver bs pea nn Cuscantoed Nani Prie ir frte deeepment consent ‘tik be Contact Docent ad reaonbiy fee etm Sach ater delet Jo otnlee wh ‘imoses changer in copes Kind abd gato tral, beso eye ale which iru, ‘Sate inept by Change Ode ARTICAE®. CHANGES N THE WORK {TetAdjeunont to the Guanzod Maximum rie ca nsnt af hans inthe Work may be ernie by ny ‘fete nebodstdin Seen 73.3 of AIA Decuent A201-207, Gena Condon oth Cnt or Conan 6.20 clang jure to mhcontnes (ep those mudd wth he Owner pre ententon he bs of Ecplse ln, Oct "owt sod ee ar wed in Seson 7333 of AIA Document A201-2007 wl he tem ‘Sse ein Seton 73.7 of AIA Docent AZ0-207 cll ave te meatingsasged otha ATA ‘Document 20-2007 ud shal ote modified by Aries, 7a is Apesment. Adjutnens 0 ‘Bicertectsavared wah the Owners pr cnet othe bis of co pl ae sl cael acondance ‘hh ts of ose boinc 1631 cut suena 0 be Guarentee Manon Pre te ais “ta ta wc in ‘hove shreead roves of AIA Dounet 201-207 sal ean he Coto he Wark defint in Arle 7 Pain Apeomen’aed be en le shall em te Contact's Fe a ened ig Scien of Ns Apert {§64 fro spec rovislon made in Aree adjust fhe Contraci's Fe int ase of hangs nthe Work if tect cf changes ache ogra at aplcnton of be wus provi [Ari wil cen stu into he nero Cana, he Canc ee sal eeu aed a ee Sa eenthe sume buss at was used teach Fs fr hoi! War, an he Gurnee Maximum Pie all eadised accoringly. ARTICLE COSTS 10 BE REMBURSED ‘Siscosr OF He WoRK ELLE Theta Cott he Wark sl mena cons neces icure by he Cnc inh rope peformance EF Work. Soc cot hl Sew nfo not he tan he stand pi athe plac othe Pret exept ith. ‘roc ameni fhe Owner, The Cnt he Perk shall ca nye tes orth in is rie. $24.2 Wher any soni sts the Owns ra appro Cra loti ts pyro ror cating te con The parte shal cdervoro ently ay such oes prt execing tis Agee. §72tAs0R costs 1.21 Woes of enareton vrkrs ren played bythe Cntr tn perform he coon othe Wark [Nites arma be Owner's por sprva afte wrkbope 47.22 Wages rare of he Cott’ pervinry dadninisve pene when stone at the te with {be Owners lr apron (tr imcnce ha Te nage or alae fcr personal ana atthe Contras principal ote (Shee th be ned nt Cost of he Werk, ey irri 1 te promel be ichded, whether fora Pea pre ht nde teh th ea Be hg the Wok) 67.23 Wages nd sare of te Contactor ssepersry or sdniistsve pasos ena at tre, \ikshops or on fe oan expediting he peda wunspraon of arias rumen rege te ‘Works bat cly ar pron hime ered othe Werk 67.24 Coss ado incre bythe Centra fr ts, nas, cottatons essen od beet ued Efibw or solve barging apesmests un, fr proae not covered b S02 ronments cstrany Beets des sot lene metal nd het beet, bol, racaons md pene, proved nh cons re acl co ‘Tages end slars included nth Conf the Work dr Soins 72.1 ooph 723, 7.28 Bonuses, profi sing incentive conyesaton and ay ete dscrionary payments paid syne hired Fhe Contac or pido any Sobecnract vendor, ih Se Overs rr ae 7 SUBCONTRACT COSTS Fate mdety the Coneactoro Sucontacts in acsrdance wth he equiemens of te scons |57COSTS OF MATERALS AND EQUPMENT INCORPORATED THE COMPLETED CONSTRUCTION 14S rs ng tung ented pes eon bere bh compte const, {4742 Cons of mtr dsr nh rsadiag Seton 741 neces ths stay instil alow for SLS2abic wan ond psoge Une ees atl fo alba the Ove’ operat he ‘imple che Wok era he Over open, ll be sold bythe Catactor,Any acon ela om such ‘Sirah credited he Omer ar eduon am te Cot of ie Work {§75OSTS oF OTHER MATERIALS AND EQUPMENT, TEMPORARY FAILTIS ANO RELATED TEMS $781 cou of emuporaton stage rates eitenace,csmaing end reve of ater spin, EXfperuy flies chine}, equipment md fa tol tet casts owned ty cosrarn wakes hat [rove by the Conretr at eed fly coool ine eornmnc f te Wok, Cov of aa Fee oo iy lic, macy, ental ods Lat eno ly cose Sl be aed on he et eklac or he tea he tts ft aa te Pret tas hale oe ten when i Tg ed ‘tbe Projet Cer fr rr not ly cane by th Cots sll en i at ai, {4782 Rena chars orton filter, quips and hands tsar owned by {UsStvoion wath re fovded bythe Cenactort he te nt eas of transporte, sino, mice ‘Spas dana adrenal Te lve ot fy Cntactar-omed mayne ced the purchase sas rnp sea Nr sac pene UR cvs een ac on igre ean tana Eenrice ony comparable, Rates of Conte omned equim ad quits of eupment sal beset to (be ume por approa $753 of remo fds hm he sof the Work ais operand ll put {5754 Cons of donment erodatins, fesinile anenimions end lang sans eons all postage and fare evey charge phone srs atthe ste and resonable pty sh expense of eee 57.86 Cons of mati nd equipment aly staff thes ata mally ena aon, abject he ‘Gamers espa. §76misceu.aneous costs 7.61 Prensa cha: porn ofinertace ai ands ogre by he Contest Docume tan be cy ‘efeedots Contec Sinus for ie fl or pra mots he coverages rue bythe Cac ‘Dacomens wth he One's ir approval {9782 St, wees mpd by goverment ahr ht reeled wo he Work nd fr which > Conese 1763 Fes and semen forthe aliing permit ad fr ter prt, enet nd inpectons fo which be ‘ctr reel the Contest Deans 1. 784 Feat fabri fer tnt equ bythe Cnet Doin ce hse rete det of ‘eauning Work br ch ricrvn roxio by Schon 13.33 ef ATA Document A201-207 ear ‘ier provesoe of the ona Decent ad hich do me fal win sep of Sston 7.73. |§ 745 Roya nd iss pal tee of paral desi, proceso pect es the Cott Steam he cot feng tr di fr niger of punt igi asig fom mach eset of ‘be Contact Document nd payments made mn accerdance wih lel odes asin th Constr ring [maul sur ces and pment of etlements dew the Owner's cosa. Hower rch emt eg {tess jgei a certs sl ote nleded ee clon ofthe Contact Fe ibe 1 be Maxim eich oye, fe anos eed by he ast etente of Secon 3.17 |StA Docent AIDT_2007 er er poise of the Cart Decent, the fey sal tbe node inthe Con of ie Wk {788 Coss fr eernic eqn nd star, rectly lato he Wark wit the Ove’ ror apo. {5767 Depo lot fo cae oer Ban the Contact’ mglpne or fren ai pei expos ‘be Conte: Docent. 768 Leg, madinon end titres concluding stern es er an os wing ro pes ‘tween be Owner snd Contntr easosiy incur bythe Contact ser he exciton of this Apeemextn ‘he perhemane ofthe Wark aod who Owner ie aprva, hich snl note usescbly wil. 789 Soe tothe Owne' pra prvi, expenses incure io scorns wt be Cote’ snd ‘itn personel ply fr elonton and verry ving lownoe of te Commas pane requ or Be Work {47810 That prion of te eta eapene of ne Contact's sapervisry or nse perso! nad ‘thle tavelogn charge a es comeced wth te Work 427 OTHER COSTS AND EMERGENCIES {ELA other cons cared inthe perrmanc of he Weeki an teeta proved in avec in wig by ‘be Owner 4712 Cet ined kingston roe resend dng nary ros incase of em ers ting [neta of persons eng propery a provid Seaton 104 of ATA Decent A20-2007, dps mites nee nos ao on A ae697.73 Cont ofrepninng oc comeing melo soncoafening Wok exe by the Comet, Stents {wsupplicn, rove th ach damaged or toncentaening Work was ol ase oglu oR ‘pend rspaaliy of he Contact and only the ett a he cat fea er crTeson ot espera the Contactor tom nunc, es Sincrncary, spe oF aes |g 8RELATED PARTY TRANSACTIONS {G71 Foe purposes of Sesto 78, the er "eae pry” shal mean a parent, afin ety asf cuca cmmesip or manapenen vite he Coscia ean whch ny laden cr Imunagaceat employe of the Cocca owns ayes rexel atx prone geste Fan pco (reiy which is hgh tocol he beso afire ofhe Cmacter Tae term eel paride hy merber fhe insite mayo any pa anid above 78210 of te crt oe eimbure rie rom arcs wens he Courter ind elas pry, Eepestr thal atty the Omer of he pesticna of oe contemplated asain, nding eet of he ‘ented party nd he stipe tobe oro, befre ny vsh anno cnmumnte of st eared ‘de Owner eer od osconaufeznte popose ntsc, te the cst red sl cued os 8 eat be emburec wt fe Cvs aa pace Wark, equipment pod or sence om he led fpr, ave Sobor, sssdingo the terme of Arle 10th Ove fae to arizona te acc sal recut War egupmen ses or eis rom some person or city te ane ees party azrding he toms of Arle 10 ARTICLE COSTS NOT TOBE REMBURSED $81 The Cont athe Work shal notin te as Hist owe 1 Saar sod lh sess of i Cooaco' perme scot whe Cntr rine) tee ele tar an the ae fe, ropa pecally reied in Sen 72 or may De proved in arle 8, pene of be Contr’ icp fc and oes eh ha he i fie: (Overhead an general expenses, excep sy be expres ind it Are ‘Re Comets capa pos tng etn Cnr soi ene ete rk vce s proidd in Seton 773 of hie Agreement casts du be egret Concer, Subeoneatrs a ea o aye del a ney empyema thm or feehone ay ahr ry ale aa pes rp the Conn ‘Aa cost specie and expe dace in Arie 7a ‘Cabs eer hn cos len Chge Orde prove ty the One a weuldeaus the ‘Gutaled Mainum Price be ceded ARTICLE DISCOUNTS, REBATES AND REFUNDS {8:1 Cash dsr ones on pean made y the Cnt sal cro the Ovni) bef making {be prone the Cantntr nll them nan Apean fe Parent od ecvedpaymet fon he Owe (2 be Owner has depot de wth te Crane Wis whch Wo ake payments tei, ca dscns Spuacoe te Cac Trade Gent rebates finds ad anounced om ales fap ‘teal aed eument ll actu tothe Owney ane Coat shall mae ovis wt oy an be Shain. 8.2 Arnis ta sco he Onner in esordanc wt the poisons Section 9.1 sal be crite tthe Bree ars deduction fam the Cot ofthe Wark ARTICLE 10 SUBCOMTRACTS AND OTHER AGREEMENTS. {01 Those porns of he Werk a the Cntr dos not astray prom wi te Conic’ om arson sl be permed under beens or by fer preteens wth te Conic The Owe ‘icy dgrate pene prone os wn oes fom in he Cota Sal oben bis, The Conese ‘hat saa tde a Sorc and fom upper of aes or eupnet ritd eptialyfrhe ‘Work and sal Sliver ec to he Arie The Owner shal hr determine, ith the aie ofthe Conair testhe Ache, wach lt tomes. The Comractar al ot eed cna with anyone 0 ‘thon the Conractr bs eso ojo. kee{102 When a speci bid (1) cern tothe Owner the Contact; (2) uli opera Gt tin othe Werk end (ba suas that ofoa fote ecurenens fe Cnc Doses ‘thus eseans ar exons, bu! the Owner equ tht the i eee, tha he Contract ay {ogre tnt a Change Ore ete ad the Ouran Ma Pre by Oe flac: between th td of ‘te pemon or ny recommended oe Overy the Contac andthe moun’ fe estat her ‘ten soba send isthe person ar eal Sst by he Ove. § 103 Sutconimsts reer eseonent shal conform te apie paenent provisions his Agree nd hata be nwurded onthe bs feos pl fo without te ier eons of fe Over. Fhe Subcontract {vurdl cn acon lusts the Contr hal provi ne Subcontract othe Ome vorecsive He ne i opt wi ror oe Suicontactar ea he Ova rsiver wired oe Coorcor in Arie 1, ARTICLE‘ AccoUNTING tECORDS ‘The Contr tl hep filed eld sore nd acne rue the cost fhe Work nd excise ich Centr ar yt necator rope final manage ude i Contacts to ane lcs {Seamed The accounting an nel ees shal be sete t te Oar Tbe Ont nde Overs ‘eto al, dring ope Burs and pen ease pod baffle ad shal ‘erited tei ead ey he Canasta and acou, fcoding complete octane ‘Trauing eaten, k, onespondene, scion, wings eet abcnracs, uber pops, ‘urns order voucher, erurands doh dt ning as Cnt. The Contac sal ote fee ‘ors ora poo of trcyene afer na permet er sch longer pri arn be rege aw ARTICLE 12_PAYMENTS {121 PROGRESS PATENTS E1214 Bred upon Applian for Pent stmted othe Architect bythe Contactor and Cains fr meat iced Wythe Arete Ose dal make regress ements on acount ef tr Conc Suto fe Contest s provide lov and acer inthe Contact Does. {41212 The prod covered y ech Apion fo Payment sal bane lend mond xing on est dy ‘Bement cea flows $1212 Provided ta an Appin fr Pret ier by he Arhet ot ater thn fe ent ith, dy of {ad the Ove sl ke payne ff ef mount he Cx nt atti he twenty hy be towing, month fan Arpt hx Pome reseivl by he Arauet fe Ge application die fc ‘Soe, pom il be mde bye Owner solar ho ry (30) ys ae te Artest receives ‘pple fr Pee (Pera ste cal ewe may regirepeymet within acer prio eftine) {12.14 Wits ach Aplcatnfr Payment te Coat hal aes pals pty cash neon ead [ices acs ih check voucher aca any ter evidence eqd ty he Over or Archie (eponet tt cath dabrseret sendy made te Contra on sont of he Cox fhe Work eal ‘exe (I prgress penn iady ote bythe Cac, es 2) nt pron of thse payments ebtabe {tae Canracie's Fet ps) pyle fre prod covee by the present Apo fo Pym. 1215 Bach Aplcton fr Pmt tal be asd on he mst eet schedule of als bit bythe acter io wcrdance wit Conc Documents Teckel of ales Salle entire Gurnteod ‘Manama ice nang he racy parses he Werk exept hal he Cantata’ Fell te ahown 8 gle Spree tem Ta hele of ale sal be prepared ssh frm nd eer by wch Gao bari ‘Siting stn Arcates ay ore Thi shells betes by he Arie sal eed ns revening th Coors Appliain fr Pre {512.18 Appian Payne shal show he pacetage of competion of each pron tbe Work gf he nd EEK pad eve by tn Alton fer Payment The percentage of cmpleton sul bee ester) the ‘kdaeonen T-Bar aaa ee a a re Et wy sors un sr od nnd oo rem rane a coe pal esa Wntpercentage ofthat porn ofthe Work shih has actly ben completed (2) he pentagon by ‘Giving (0) te expense hat a cl bee ince by he Canc cae tat poten ofthe Werke ‘ic the Conca mae cr neds oma acl payment wor te next Applicaton Pye by) ‘eae ofthe Garant Mau Pc alloetd ot pen of he Wain he sched of alan, {51217 subject cer proviso he Contnet Documents, hema fac ropes payment sal be ome ws “Take at porn ofthe Ournted Maximum ie pop lle o completed Wosk ot Arteria by malilyng the centage of canal ech pron ef the Work bythe Sara ‘be Guarnec Maninen Picea to tpn of he Wart ne sched of es Pending sl Seen of cot he One fae be Wok sont tn ate ‘Salle incladed provide Sion 79 ef ALA Docent 201-2007, 2 ad hat portion otc sare Manin Pie ropa seal tomate equlpnat ‘iver nd sisi stra athe site or sbsequentinepra inthe Wor cr agproved a ‘sano bythe Owner, uty stored ff the ae ta ladon greed pen wring 3 Add the Conrcter's Fe, as rieage of seven ec all perm (7.59). The Conor's ‘ech be computed pon he Cot he Wark atte re taeda Sesion Ses tie (Conese a tla Gd sum ha Secon al be wou haben same rao {othe faed rm ath Cot othe Work bas esonae maf he reba Casto {War pens ample, A Strat retainage of sve anda alt percent (7S 1) fom hat portion oe Work that he Contetr el pears Sibonct he pret of peo payments made te Ones, ‘Sobre be share ian nae bythe Conran docretainregued by Secon 12.1 mbar pier Appian be ayes or renting fem cers Sse

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• Print Preview - Full Application: Project Description

  

  Document26 pages

  Print Preview - Full Application: Project Description

  Ryan Sloan

  No ratings yet