SILVER CREEK ST. AUGUSTINE LLLP FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT. December 31, 2015 and 2014

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1 FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT

2 TABLE OF CONTENTS INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS: BALANCE SHEET STATEMENT OF OPERATIONS STATEMENT OF PARTNERS' CAPITAL STATEMENT OF CASH FLOWS SUPPLEMENTARY SCHEDULES: FUNDS AND ACCOUNTS UNDER MASTER INDENTURE DEBT SERVICE COVERAGE RATIO CALCULATION DA Y'S CASH ON HAND CALCULATION

3 FARMER, FUQUA & HUFF P.C. Accountants and Consultants 2435 N. Central Expy, Suite 700 Richardson, Texas P F INDEPENDENT AUDITORS' REPORT To the Partners of Silver Creek St. Augustine LLLP Report on the Financial Statements We have audited the accompanying financial statements of Silver Creek St. Augustine LLLP, which comprise the balance sheets as of and the related statements of operations, partners' capital and cash flows for the year ended December 31, 2015 and the period December 18, 2013 (inception) to December 31, 2014, and the related notes to the financial statements. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Public Company Accounting Oversight Board (PCAOB) AICPA Center for Public Company Audit Firms Private Companies Practice Section of the AICPA Division for CPA Firms

4 Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Silver Creek St. Augustine LLLP as of and the results of its operations and its cash flows for the year December 31, 2015 and the period December 18, 2013 (inception) to December 31, 2014 in accordance with accounting principles generally accepted in the United States of America. Report on Supplementary Information Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The supplementary schedules are presented for purposes of additional analysis and are not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. ~ ~...,.,.1-y, It-(. Richardson, Texas June 21, 2016

5 BALANCE SHEETS December 31, ASSETS 2015 Property in development Construction in progress $ 23,666,099 Land 1,893,100 Furniture and fixtures 333,336 25,892,535 Cash 60,286 Restricted cash and funded reserves 7,736,671 Grant escrow 221,753 Deferred financing costs, net 1,374,408 Total Assets $ 35,285,653 LIABILITIES AND PARTNERS' CAPITAL Liabilities Bonds payable of $29,615,000 less discount of $1,300,913 and $1,406,744 in 2015 and 2014, respectively. $ 28,314,087 Accrued interest payable 1,219,700 Construction and development payables 2,558,661 Accrued liabilities 293,733 Due to related party Total Liabilities 32,503,371 Partners' capital 2,782,282 $ $ $ ,563,482 1,893, ,471,582 48,269 24,006, ,753 1,386,285 34J ,208,256 1,413,281 1,013,569 9,855 30,644,961 3,489,465 Total Liabilities and Partners' Capital $ 35)85afi53 $ 34ll 34l42g The accompanying notes are an integral part of this financial statement. 3

6 STATEMENTS OF OPERATIONS For the Year ended December 31, 2015 and the Period December 18, 2013 (inception) to December 31, OTHER INCOME Interest income $ $ Total income 71,140 EXPENSES Legal 607,201 General and administrative 66,125 Amortization Total expenses 728,323 NET LOSS $ ( ) $ , ,278 54, ,601 (272~514) The accompanying notes are an integral part of this financial statement. 4

7 STATEMENTS OF PARTNERS' CAPITAL For the Year ended December 31, 2015 and the Period December 18, 2013 (inception) to December 31, 2014 General Partner Limited Partners Total Balance at December 18, 2013 $ $ $ Capital Contributions 1,500,000 2,261,979 Net Loss (2,725) (269,789) Balance at December 31, 2014 $ 1,497,275 $ 1,992,190 Redemption of Partnership Interest (45,000) Distribution (5,000) Net Loss (6,572) (650,611) Balance at December 31, 2015 $ 1,485,703 $ 1,296,579 $ $ 3,761,979 (272,514) 3,489,465 (45,000) (5,000) (657,183) 2,782,282 The accompanying notes are an integral part of this financial statement. 5

8 STATEMENTS OF CASH FLOWS For the Year ended December 31, 2015 and the Period December 18, 2013 (inception) to December 31, CASH FLOWS FROM OPERA TING ACTIVITIES Net loss Adjustments to reconcile net loss to net cash used for operating activities: Amortization Increase in: Accrued liabilities Due to related party Net cash used for operating activities $ (657,183) 54, , (344,238) $ (272,514) 54,997 9,855 (207,662) CASH FLOWS FROM INVESTING ACTIVITIES (Increase) decrease in restricted cash and funded reserves Payments to grant escrow construction fund Land costs Construction in progress costs Furniture and fixtures acquisitions Net cash provided by (used for) investing activities 16,269,866 (15,595,275) (318,336) 356,255 (24,006,537) (221,753) (1,893,100) (3,583,753) (15,000) (29,720,143) CASH FLOWS FROM FINANCING ACTIVITIES Deferred borrowing costs Capital contributions from partners Proceeds from bonds issued Net cash provided by financing activities NET INCREASE IN CASH CASH beginning of year CASH end of year 12, $ (1 441,282) ,208,256 29,976,074 48,269 $ 4~L269 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest Taxes $ 2, $.==== The accompanying notes are an integral part of this financial statement. 6

9 NOTE A - NATURE OF BUSINESS AND ORGANIZATION Silver Creek St. Augustine LLLP (the "Partnership") is a Florida limited liability partnership that was formed on December 18, The Partnership was organized to purchase certain undeveloped land in St. Augustine, St. Johns County, Florida, and to develop and operate thereon a 120 unit senior assisted living/memory care facility to be known as Silver Creek St. Augustine (the "Project"). The Partnership entered into a Regulatory and Land Use Restriction Agreement as of May 1, 2014 whereby it agreed to make at least 20% of the units available to low-income tenants whose incomes do not exceed 50% of the applicable area median income. The Partnership commenced construction on the project in 2014 which is still being developed as of December 31, NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting The financial statements of the partnership are prepared on the accrual basis of accounting and in accordance with generally accepted accounting principles. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash and cash equivalents The Partnership considers all investments purchased with an original maturity of three months or less to be cash equivalents. Concentration of Credit Risk The Company deposits its cash with high credit quality financial institutions. At times, deposits may exceed federally insured limits. The Company has not experienced any losses in such accounts. 7

10 NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued Capitalized Costs Costs directly related to planning, developing and constructing the project are capitalized. Capitalized development costs include interest, property taxes, insurance and other specifically identifiable direct project costs incurred during the development period. The interest costs associated with the development and construction of the facilities are capitalized and included in the cost of the project. Capitalization of interest ceases when the project is substantially complete. Total interest of $2,525,488 and $1,430,556 has been capitalized as construction costs for 2015 and 2014, respectively. lmpairment of Long-Lived Assets Long-lived assets are reviewed for impairment when circumstances indicate the carrying value of an asset may not be recoverable. An impairment loss is recognized when the estimated undiscounted cash flows associated with the asset or group of assets is less than their carrying value. If impairment exists, an adjustment is made to write the asset down to its fair value, and a loss is recorded as the difference between the carrying value and fair value. Fair values are determined based on internal and external appraisals, discounted cash flows or other valuation techniques. No impairment loss was recognized for 2015 or Amortization of Deferred Financing Costs Debt financing costs of $1,441,282 are deferred and amortized using the effective interest method over the life of the loans. Accumulated amortization at December 31, 2015 and 2014 amounted to $109,994 and $54,997, respectively. Amortization of deferred financing costs is separately stated in the accompanying statements of operations. Amortization for each of the next five years is estimated to be $54,997 in 2016, $54,579 in 2017, $54,133 in 2018, $53,650 in 2019 and $53,140 in The balance of deferred financing costs at December 31, 2015 includes $43,120 of costs related to the 2016 bond financing which has not yet been amortized. See Note 0. Income Taxes Income taxes on partnership income are levied on the partners at the partner level. Accordingly, all profits and losses of the Partnership are recognized by each partner on its respective tax return. 8

11 NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued Income Taxes - continued The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Partnership to report information regarding its exposure to various tax positions taken by the Partnership. The Partnership had determined whether any tax positions have met the recognition threshold and have measured the Partnership's exposure to those tax positions. Management believes that the Partnership has adequately addressed all relevant tax positions and that there were no unrecorded tax liabilities. Federal and state tax authorities generally have the right to examine and audit the previous three years of tax returns filed. Economic Concentrations This property is located in St. Augustine, Florida. Future operations could be affected by economic changes or other conditions in that geographical area or by changes in the demand for senior housing. Reclassifications Certain items in the 2014 financial statements have been reclassified to conform to the 2015 presentation. NOTE C - CONSTRUCTION CONTRACT The Partnership entered into a guaranteed maximum price construction contract with the general contractor. The original contract guaranteed not to exceed $18,300,000 subject to change orders. Due to significant construction delays and cost overruns with the Project which resulted in several change orders, the current guaranteed maximum price under the construction contract is now $20,179,752. The substantial completion date required under the contract is now June 27, Included in construction in progress at December 31, 2015 and 2014 is $16,561,550 and $3,421,769, respectively, of construction costs incurred under the contract. NOTED-LONG-TERM DEBT The development of the project is being financed by the issuance of $28,615,000 Series 2014A tax exempt bonds and $1,000,000 Series 2014B taxable bonds (the "Bonds") issued by Capital Trust Agency. The Series 2014A tax exempt bonds were issued at a discount of $1, 110,324 for net proceeds to the Partnership of $27,504,676 and the Series 2014B taxable bonds were issued at a $296,420 discount for net proceeds of $703,580. 9

12 NOTED- LONG-TERM DEBT - continued SILVER CREEK ST. AUGUSTINE LLLP The Partnership entered into a loan agreement with Capital Trust Agency ("Bond Issuer") which provides the terms and conditions for the use of proceeds of the Bonds. The loan agreement requires payment of principal and interest sufficient to meet sinking fund requirements for payment of amounts due under the Bonds as set forth in the Indenture of Trust. Interest payments are made on a semi-annual basis beginning January 1, The Partnership has the option to prepay all or a portion of the payments due under the notes without penalty. The obligation of the Partnership to repay the loans are evidenced by Series 2014 promissory notes issued under and entitled to the benefit and security of a Master Trust Indenture, Deed of Trust and Security Agreement between the Partnership and U.S. Bank National Association, as Master Trustee. The Series 2014A bonds are comprised of the following: $ 1,085,000 mature on January 1, 2024 bear interest at 6.50% $ 4,735,000 mature on January 1, 2034 bear interest at 8.00% $ 10,680,000 mature on January 1, 2044 bear interest at 8.25% $ 12,115,000 mature on January 1, 2049 bear interest at 8.25% The 2014A bonds are subject to optional redemption prior to maturity at the direction of the Partnership in whole or in part on January 1, 2021 or on any date thereafter at redemption prices set forth in the Indenture of Trust agreement. The Series 2014B bonds mature on January 1, 2020 and bear interest at 7.00%. The 2014B bonds are subject to optional redemption prior to maturity at the direction of the Partnership in whole or in part on January 1, 2016 or on any date thereafter at redemption prices set forth in the Indenture of Trust agreement. Pursuant to the Master Indenture, the Partnership has pledged and granted to the Master Trustee, a security interest in all revenue, accounts receivable and Gross Revenues with certain limited exceptions, a lien on the mortgaged property, and a security interest in all personal property and amounts on deposit in any fund established by the Master Indenture and a security interest in any other property from time to time subjected to the lien of the Master Indenture. The Partnership is also subject to certain restrictive covenants concerning debt service coverage, liquidity and occupancy. 10

13 NOTE D - LONG-TERM DEBT - continued The tax-exempt status of the interest on the Series 2014A Bonds is conditioned upon the Partnership complying with the Internal Revenue Code, as amended, and applicable Treasury Regulations as they relate to the issuance of the Bonds. Failure to comply may result in the loss of tax-exempt status of the interest on the Bonds retroactive to their issuance. Among other requirements, the project must assure that least 20% of the independent living and assisted living units will be occupied by tenants whose incomes do not exceed 50% of the applicable area median income in Gregg County Texas. Aggregate principal payments required to make mandatory sinking fund redemptions for the next five years are as follows: Amount See Note Thereafter $ 225, , , ,000 28,615,000 $ 29,615,000 Restricted Deposits and Funded Reserves The Master Trust Indenture and the Bond Trust Indenture require the establishment of Funds and Reserves to be held by the Trustee. The funds and accounts are described as follows: The Construction Fund consists of the Funded Interest Accounts and the Project Account. Moneys in this fund will be used to pay the costs of the project. The balance in the Project Account at was $1,606,619 and $14,959,687 respectively. The balance in the Funded Interest Accounts at December 31, 2015 and 2014 is $361,614 and $2,896,067, respectively. See Note E The Debt Service Reserve Fund is comprised of the Tax Exempt Reserve Account and the Taxable Reserve Account for an aggregate balance at December 31, 2015 of $2,618,269 and of $2,618,271 at December 31, Amounts on deposit in the accounts shall be used to provide a reserve for the payment of the principal and interest on the bonds. See Note E 11

14 NOTE D - LONG-TERM DEBT - continued The Working Capital Fund has a balance of $2,391,125 and $2,382,508 and the Liquidity Support Fund has a balance of $759,044 and $1,150,004 as of December 31, 2015 and 2014, respectively. The Partnership also has a Bond Fund which is comprised of the Senior Principal Account, the Senior Interest Account, the Subordinate Principal Account and the Subordinate Interest Account which will be used to pay debt service. The balance of all accounts in the Bond Fund is $-0- at. A Rebate Fund is established for the purpose of complying with Section 148 of the Internal Revenue Service Code and Treasury Regulations. The money that is required to be deposited into this fund shall be for the sole benefit of the United States of America and the Borrower, Issuer, and the Bondholders have no rights in or claims to such money. The balance in this fund is $-0- at. Should an event of default occur as defined under the Master Trust Indenture, the Partnership will be required to make deposits into the Revenue Fund equal to its gross revenues until no such default exists. This fund has no balance at December 31, 2015 or The Master Indenture provides for the establishment of a Collateral Land Proceeds Fund for the deposit of sales proceeds should the collateral land be sold in order to provide additional collateral for payment of the principal and interest on the bond obligations. There was no balance in this fund as of December 31, 2015 or NOTE E - EVENT OF DEFAULT During 2015, the Project began to experience construction delays and cost overruns which resulted in change orders to the construction contract and delayed the original expected completion date in July 2015 to mid As a result, the Partnership was unable to make required debt service payments after July The Partnership was notified in October 2015 by the Master Trustee/Bond Trustee of an event of default under the Master Indenture, the bond indenture and under the related notes. The Partnership failed to make monthly payments into the Funded Interest accounts in order for the balance of these accounts to be sufficient to make the interest payment of $1, 199,956 due on January 1, Monthly payments of approximately $199,993 should have been made from July 2015 through December 2015 into these restricted cash accounts. As a result of the deficiency, the bond holders directed the Trustee to release $838,342 from the Debt Service Reserve funds in January These released funds along with the remaining balance in the Funded Interest accounts of $361,614 will be used to make the January 1, 2016 semi-annual interest payments. 12

15 NOTE F- CERTAIN PROVISIONS OF THE AGREEMENT OF LIMITED PARTNERSHIP Generally, profits and losses are allocated in accordance with the partners' ownership interests as noted below. In certain circumstances, the Partnership Agreement provides for special allocations of income or expense items. No partner has an obligation to advance the Partnership any additional funds except with the unanimous consent of the Partners. No Partner will be entitled to withdraw any part of its capital account or receive distributions from the Partnership unless the General Partner determines that there is Available Cash, as defined in the Partnership Agreement. Upon the determination of Available Cash, the Partnership Agreement provides a provision for the priority of distribution of such cash. Effective December 31, 2015, the Partnership entered into an agreement whereby ZKV LLC, the limited partner entity that owned 42% of the Partnership, sold its partnership interest back to the Partnership for $45,000. The limited partnership interest was reallocated amongst the remaining limited partners and the general partner. The effect of this partnership interest redemption increased the general partner's interest from 1 % to %. The aggregate limited partners' interests decreased from 99% to %. An additional agreement was entered into effective the same date whereby ZKV LLC sold its 50% interest in Silver Creek Genpar, LLC, the general partner of the Partnership, back to Silver Creek Genpar, LLC for $5,000 in a redemption transaction. Effective, January 1, 2016, MRM - Genpar, LLC was issued 10% of the interests in Silver Creek Genpar, LLC. The results of the agreements removed ZKV LLC from having any direct or indirect ownership interest in the Partnership and removed Jerry Green as Chief Executive Officer of the general partner. NOTE G-TRANSACTIONS WITH RELATED PARTIES Settlement Agreement and Due to Related Party A Settlement Agreement ("the Agreement") was entered into between the general partner entity, ZKV LLC, Zerga Development LLC, Zerga Management LLC, the Partnership, U.S. Bank National Association, as Master Trustee and as Bond Trustee, and participating bondholders. Effective December 31, 2015 under the Agreement, (1) the ownership interests were transferred as noted in Note F above, (2) the Development Agreement between the Partnership and Zerga Development LLC and Montgomery Land Company was terminated and (3) the Management Agreement between the Partnership and Zerga Management, LLC was terminated. In accordance with the Agreement, the Partnership agreed to pay the ZKV LLC, Zerga Development LLC and Zerga Management LLC ("Zerga Entities") the aggregate sum of $100,000 and legal fees not to exceed $17,190 for full and complete settlement of all claims, fees and expenses of 13

16 NOTE G - TRANSACTIONS WITH RELATED PARTIES - continued Settlement Agreement and Due to Related Party - continued Zerga Entities and their affiliates, owners and officers. The $100,000 settlement fee included the $50,000 paid to redeem the limited partner and general partners' interests as noted above and $50,000 as settlement for all remaining amounts due the Zerga Entities. The Development and Management fees ceased and are considered paid in full by this payment. The Zerga Entities have also been released from the terms of the bond obligations under the Agreement. As of December 31, 2015, the $117, 190 has been paid to the Zerga Entities under this Agreement by an individual who owns 100% of the general partner entity and 100% of one of the limited partner entities. This amount is presented as due to related party at December 31, 2015 on the accompanying balance sheet as it will be repaid in Development Agreement Prior to being terminated under the Agreement as referred to above, the Partnership had an agreement with two companies that were affiliated with the original general partner to provide development services. Developer Fees of $81,072 in 2015 and $283,750 in 2014 have been capitalized as construction costs prior to determination of the agreement. Management Agreement The Partnership had a management agreement with an affiliate of the general partner and the limited partner that were removed from ownership. Prior to the cancelation of the management agreement as noted above, the Partnership incurred management fees in the total amount of $80,000 and $70,000 for 2015 and 2014, respectively. Project Coordinator Fee Project coordinator fees for 2015 in the amount of $72,000 payable to the managing member of the general partner have been capitalized as construction costs and are included in accrued expenses as of December 31, 2015 in the accompanying balance sheet. Other Fees Placement fees in the amount of $214,998 paid during 2014 have been included in construction in progress at December 31, The fees were paid to an individual and entities related to or affiliated with the general partner and original developer. Additional fees of $83,793 were paid in 2014 to an individual who was an officer of the original developer and a member of one of the limited partners. 14

17 NOTE H - DEVELOPMENT AGREEMENT The Partnership entered into a new development agreement with Greenbrier Development Company, LLC on August 18, This Amended and Restated Development Consulting Agreement provides for a total Development Fee to Greenbrier in the amount of $375,000 payable at $17,500 per month. Total developer fees for 2015 to Greenbrier amounted to $105,000. This amount is included in construction in progress at December 31, Unpaid developer fees of $70,000 are included in construction and development payables at December 31, Greenbrier is not a related party. NOTE I - MANAGEMENT AGREEMENT The Partnership entered into a new management agreement with Greenbrier Senior Living LLC, an unrelated party, on June 24, 2015 which specifies the monthly management fee to be $12,500 and it also includes a monthly administrative fee of 2.5% of the management fee. The total fees to Greenbrier for 2015 under this agreement are approximately $87,000. This amount is included in construction in progress at December 31, 2015 in the accompanying balance sheet. Effective January 1, 2016, the Partnership and Greenbrier entered into an amended and restated management agreement which changed the pre-opening management fee to $20,000 per month. After the first move-in, the fee changes to the greater of $15,000 per month or 5% of the gross monthly operating revenue. NOTE J - CONSTRUCTION MONITORING AGREEMENT Construction Monitoring Fees of $55,000 are to be paid to an entity engaged by the Partnership to serve as the construction monitor of the project. For the years ended, fees of $27,000 and $1,400, respectively, were paid and capitalized as construction in progress. NOTE K - COMMUNITY DEVELOPMENT BLOCK GRANT The Partnership has an agreement with the Board of County Commissioners of St. Johns County whereby the county has agreed to provide a grant of $750,000 from the Florida Department of Economic Development for certain infrastructure improvements related to the project. In return for the grant, the Partnership has agreed to create jobs for members of low to moderate income households. As security for the grant agreement, the Partnership entered into an irrevocable letter of credit in the amount of $750,000 should it fail to perform its obligations under the terms of the agreement. 15

18 NOTE K - COMMUNITY DEVELOPMENT BLOCK GRANT - continued The Partnership paid the county $221,753 during 2014 to be held in escrow for any change orders that might arise and for the excess of the construction contract bid amount over the amount of the grant. As of December 31, 2015, approximately $ 717,000 has been paid directly by the County from the grant for infrastructure construction costs. NOTE L - ECONOMIC DEVELOPMENT GRANT AGREEMENT St. Johns County has agreed to provide the Partnership with economic grant payments towards the project's ad valorem taxes and tangible personal property tax for the period 2014 through The annual payments are estimated to be approximately $165,000 but the total grant total may not exceed $619,682. In order to remain eligible for payments under the grant agreement, the Partnership must comply with the provisions set for in the agreement, which includes completion of the project no later than October 18, NOTE M - NON-CASH FINANCING AND INVESTING TRANSACTIONS Construction in progress at includes $3,828,361 and $2,426,850, respectively, of accrued construction period interest and accrued development costs. Interest capitalized as construction in progress in 2015 includes $105,831 of bond discount amortization. Deferred financing costs of $43,120 have been accrued at December 31, At December 31, 2015, the distribution to the general partner of $5,000 and the $45,000 for redemption of the limited partner interest are included in the balance of due to related party on the accompanying balance sheet. Noncash contributions from partners during the period ended December 31, 2014, total $552,879 for development costs. NOTE N - DATE THROUGH WHICH SUBSEQUENT EVENTS EVALUATED The date to which events occurring after December 31, 2015, the date of the most recent balance sheet, have been evaluated for possible adjustment to the financial statements or disclosure is June 21, 2016, which is the date on which the financial statements were available to be issued. 16

19 NOTE 0 - SUBSEQUENT EVENT On January 28, 2016, the Partnership obtained additional financing for the project through the issuance of Series 2016A tax exempt bonds in the principal amount of $7,140,000 and Series 2016B taxable bonds in the principal amount of $3,460,000. The Series 2016A bonds will bear interest at 5.75% per annum and will mature on January 1, Scheduled principal repayments begin in The Series 2016B bonds will bear interest at 7% per annum until December 31, 2018 and commencing on January 1, 2019 and thereafter until maturity at 9.75% per annum. The Series 2016B bonds will mature on January 1, 2025 at which time the entire principal amount will be payable by the Partnership. Semi-annual interest payment on both bonds are to be made by the Partnership each January 1 and July 1. 17

20 SUPPLEMENTARY SCHEDULES 18

21 FUNDS AND ACCOUNTS UNDER MASTER INDENTURE December 31, 2015 Working Capital Fund General Account $ $ Revenue Fund $ $ Liquidity Support Fund $ $ Collateral Land Proceeds Fund $ $ !15Q!QQ4 19

22 DEBT SERVICE COVERAGE RATIO CALCULATION There was no calculation of the Debt Service Coverage Ratio required as of December 31, 2015 or 2014 as "Stabilization" had not been achieved since the Project is under construction. 20

23 DA Y'S CASH ON HAND There was no calculation for the Day's Cash on Hand required as of December 31, 2015 or 2014 as the "Stabilization" had not been achieved since the Project is under construction. 21

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