67,68

20% of Total Equity (of this amount, 10% may be funded with an Equity Bridge Loan)

37.5% of Net Equity remaining after initial installment

62.5% of Net Equity remaining after initial installment (cumulative)

B. Equity investors may fund all or part of the required equity pay-ins defined above, except for half of the first 20% payment (10% of Total Equity), with Equity Bridge Loan proceeds that meet the requirements described in Section 14.15 below. Investors may not substitute any grant or loan funds,

66 This schedule does not apply to equity derived from New Market or Historic tax credits.

67 Additional equity is acceptable at each benchmark date shown, as well as at other interim dates at the investors’ discretion.

68 With the exception of the first equity payment, which is calculated as a percentage of Total Equity, all percentages used in this column represent percentages of Net Equity.

69 The repair escrow is not required to be funded at 100% at the time of closing if tax credit equity is being used to fund repair costs. The gradual pay-in of tax credit equity is allowed per the benchmarks in the chart above. The Assurance of Completion, however, must be funded at 100% at the time of Closing.

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other than funds in the form of Equity Bridge Loans as described in Section 14.15 below, for the equity payments. The equity installments noted above may be used for mortgageable or non-mortgageable costs.