Description

Property Valuation Analysis

Property Name Building I Want
Units 160
Total Sq Ft 258,656
Transaction Date 3/31/2017
Scenario 1 1 2 3 Must cycle through all options for returns (B30:M54) to work.
Purchase Price $ 80,000,000 $ 80,000,000 $ 75,000,000 $ 70,000,000
Loan $ 52,000,000 $ 52,000,000 $ 48,750,000 $ 45,500,000
LTV 65% 65% 65% 65%
Equity $ 28,000,000 $ 28,000,000 $ 26,250,000 $ 24,500,000
Hold Period 7 Years
Unleveraged Return 6.03%
Leveraged Return 9.00%
Returns Summary - Current Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
Unleveraged 7 YR IRR 6.03%
Leveraged 7 YR IRR 9.00%
Capitalization Rate 6.12% 6.41% 6.59% 6.79% 6.99% 7.20% 7.42% 7.64% 7.87% 8.10% 8.35%
Leveraged Cash Return 9.40% 10.22% 10.74% 8.28% 8.85% 9.43% 10.04% 21.43% 22.07% 22.73% 23.42%
7 YR AVG Cash Return 9.57%
Returns Summary - Scenario Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
Scenario 1
Unleveraged 7 YR IRR 6.03%
Leveraged 7 YR IRR 9.00%
Capitalization Rate 6.12% 6.41% 6.59% 6.79% 6.99% 7.20% 7.42% 7.64% 7.87% 8.10% 8.35%
Leveraged Cash Return 9.40% 10.22% 10.74% 8.28% 8.85% 9.43% 10.04% 21.43% 22.07% 22.73% 23.42%
7 YR AVG Cash Return 9.57%
Scenario 2
Unleveraged 7 YR IRR 7.21%
Leveraged 7 YR IRR 12.05%
Capitalization Rate 6.52% 6.83% 7.03% 7.24% 7.46% 7.68% 7.91% 8.15% 8.39% 8.64% 8.90%
Leveraged Cash Return 10.55% 11.42% 11.97% 9.54% 10.15% 10.78% 11.43% 22.86% 23.54% 24.25% 24.98%
7 YR AVG Cash Return 10.83%
Scenario 3
Unleveraged 7 YR IRR 8.51%
Leveraged 7 YR IRR 15.18%
Capitalization Rate 6.99% 7.32% 7.53% 7.76% 7.99% 8.23% 8.48% 8.73% 8.99% 9.26% 9.54%
Leveraged Cash Return 11.85% 12.79% 13.38% 11.00% 11.65% 12.32% 13.01% 24.49% 25.22% 25.98% 26.76%
7 YR AVG Cash Return 12.29%

Confidential 05/14/2020 Page 1

 Projection

Cash Flow Projections

SCENARIO 1
High Mid Low
Pricing Total Scenario 1 Scenario 2 Scenario 3 Per Unit PSF
Purchase Price 80,000,000 80,000,000 75,000,000 70,000,000 500,000 309
Acquisitions Reserves - - - - - -
Loan Amount (52,000,000) (52,000,000) (48,750,000) (45,500,000) (325,000) (201)
Loan Origination Fee (1%) 520,000 520,000 487,500 455,000 3,250 2
Total Equity Required 28,520,000 28,520,000 26,737,500 24,955,000 178,250 110

New Loan Scenario 1 Scenario 2 Scenario 3

New Loan Amount 52,000,000 52,000,000 48,750,000 45,500,000
LTV 65% 65% 65% 65%
Interest Rate 4.25% 4.25% 4.25% 4.25%
Start Date Mar-17 Mar-17 Mar-17 Mar-17
Maturity Mar-24 Mar-24 Mar-24 Mar-24
Term 7 Years 7 Years 7 Years 7 Years
Amortization 30 Years 30 Years 30 Years 30 Years
Years of Interest Only 3 Years 3 Years 3 Years 3 Years
First Year Principal Payment Required 4 Years 4 Years 4 Years 4 Years
Amortization Period Years 4-7 Years 4-7 Years 4-7 Years 4-7
Annual Payment $3,069,705
Loan Constant 5.90%

Calculation of Residual Per Unit

Holding Period 7 Years
Exit Year 8 Years
Residual Cap Rate 8.00%
Gross Residual 76,391,801 477,449
Cost of Sale (% of Gross Residual) 1.50%
Cost of Sale (1,145,877) (7,162)
Net Residual Value 75,245,924 470,287
Outstanding Loan Balance (48,258,788) (301,617)
Net Residual After OLB 26,987,136 168,670

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
Gross Residual Value Calc. 61,150,145 64,071,483 65,896,239 67,873,126 69,909,319 72,006,599 74,166,797 76,391,801 78,683,555 81,044,062 83,475,383

Confidential 05/14/2020 Page 2

 Projection

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
INCOME
Effective Rental Income
Current Market Rents 9,558,520 9,940,861 10,338,496 10,648,650 10,968,110 11,297,153 11,636,068 11,985,150 12,344,704 12,715,046 13,096,497
Loss to Lease - - - - - - - - - - -
Gross Potential Income 9,558,520 9,940,861 10,338,496 10,648,650 10,968,110 11,297,153 11,636,068 11,985,150 12,344,704 12,715,046 13,096,497
Vacancy (382,341) (397,634) (516,925) (532,433) (548,405) (564,858) (581,803) (599,257) (617,235) (635,752) (654,825)
Concessions / Discounts (4,779) (4,970) (5,169) (5,324) (5,484) (5,649) (5,818) (5,993) (6,172) (6,358) (6,548)
Bad Debt (19,117) (19,882) (20,677) (21,297) (21,936) (22,594) (23,272) (23,970) (24,689) (25,430) (26,193)
Effective Rental Income 9,152,283 9,518,375 9,795,725 10,089,596 10,392,284 10,704,053 11,025,174 11,355,930 11,696,607 12,047,506 12,408,931
Other Income 565,600 582,568 600,045 618,046 636,588 655,685 675,356 695,617 716,485 737,980 760,119
GROSS INCOME 9,717,883 10,100,943 10,395,770 10,707,643 11,028,872 11,359,738 11,700,530 12,051,546 12,413,093 12,785,485 13,169,050
YOY Growth (%) 3.9% 2.9% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
EXPENSES
Variable Expenses 3,836,800 3,951,904 4,070,461 4,192,575 4,318,352 4,447,903 4,581,340 4,718,780 4,860,343 5,006,154 5,156,338
Management Fee 485,894 505,047 519,788 535,382 551,444 567,987 585,027 602,577 620,655 639,274 658,452
Real Estate Taxes 319,177 328,753 338,615 348,774 359,237 370,014 381,115 392,548 404,324 416,454 428,948
Property/Liability Insurance 144,000 148,320 152,770 157,353 162,073 166,935 171,944 177,102 182,415 187,887 193,524
Total Fixed Expenses 949,072 982,120 1,011,173 1,041,509 1,072,754 1,104,936 1,138,085 1,172,227 1,207,394 1,243,616 1,280,924
TOTAL EXPENSES 4,785,872 4,934,024 5,081,635 5,234,084 5,391,106 5,552,839 5,719,424 5,891,007 6,067,737 6,249,769 6,437,263
% of Gross Income 49.2% 48.8% 48.9% 48.9% 48.9% 48.9% 48.9% 48.9% 48.9% 48.9% 48.9%
NET OPERATING INCOME 4,932,012 5,166,919 5,314,135 5,473,559 5,637,766 5,806,899 5,981,106 6,160,539 6,345,355 6,535,716 6,731,787
CAPITAL EXPENDITURES
Capital Expenditures [Capital Reserves] 40,000 41,200 42,436 43,709 45,020 46,371 47,762 49,195 50,671 52,191 53,757
CASH FLOW FROM OPERATIONS 4,892,012 5,125,719 5,271,699 5,429,850 5,592,746 5,760,528 5,933,344 6,111,344 6,294,684 6,483,525 6,678,031
DEBT FINANCING
Debt Service 2,210,000 2,210,000 2,210,000 3,069,705 3,069,705 3,069,705 3,069,705 - - - -
CASH FLOW AFTER DEBT FINANCING 2,682,012 2,915,719 3,061,699 2,360,145 2,523,041 2,690,823 2,863,639 6,111,344 6,294,684 6,483,525 6,678,031
Debt Service Coverage Ratio 1.59 1.67 1.72 1.77 1.82 1.88 1.93

ASSUMPTIONS Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
Market Rent Growth 6.0% 4.0% 4.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
Loss to Lease 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Vacancy -4.0% -4.0% -5.0% -5.0% -5.0% -5.0% -5.0% -5.0% -5.0% -5.0% -5.0%
Non Revenue / Respite Units 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Concessions / Discounts -0.1% -0.1% -0.1% -0.1% -0.1% -0.1% -0.1% -0.1% -0.1% -0.1% -0.1%
Bad Debt -0.2% -0.2% -0.2% -0.2% -0.2% -0.2% -0.2% -0.2% -0.2% -0.2% -0.2%
Inflation Factor 0.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
Management Fee 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%

Confidential 05/14/2020 Page 3

 Projection

Unleveraged Return Acquisition Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
CF (80,000,000) 4,892,012 5,125,719 5,271,699 5,429,850 5,592,746 5,760,528 5,933,344
Capital Events 75,245,924
6.03% (80,000,000) 4,892,012 5,125,719 5,271,699 5,429,850 5,592,746 5,760,528 81,179,268 - - - -

Leveraged Return Acquisition Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
CF (28,520,000) 2,682,012 2,915,719 3,061,699 2,360,145 2,523,041 2,690,823 2,863,639
Capital Events 26,987,136
9.00% (28,520,000) 2,682,012 2,915,719 3,061,699 2,360,145 2,523,041 2,690,823 29,850,774 - - - -

Returns
Unleveraged 7 YR IRR 6.03%
Leveraged 7 YR IRR 9.00%
Capitalization Rate 6.12% 6.41% 6.59% 6.79% 6.99% 7.20% 7.42% 7.64% 7.87% 8.10% 8.35%
Leveraged Cash Return 9.40% 10.22% 10.74% 8.28% 8.85% 9.43% 10.04% 21.43% 22.07% 22.73% 23.42%
7 YR AVG Cash Return 9.57%
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
7 YR AVG Cash Return Calculation 9.40% 10.22% 10.74% 8.28% 8.85% 9.43% 10.04%

Confidential 05/14/2020 Page 4

 Trailing-12 & Pro Forma

Building I Want
Operating Statement
For Month Ending March 2017
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Trailing 12 Trailing 12
Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Total Per Unit
INCOME
Effective Rental Income
Rental Income 707,145 708,824 708,186 697,355 701,321 695,827 714,513 699,347 705,634 710,728 715,113 722,392 748,751 740,316 740,919 8,592,215 53,701
Gain/Loss to Lease - - - - - - - - - - - - - - - - -
Gross Potential Income 707,145 708,824 708,186 697,355 701,321 695,827 714,513 699,347 705,634 710,728 715,113 722,392 748,751 740,316 740,919 8,592,215 53,701
Vacancy - - - - - - - - - - - - - - - - -
Concessions (580) (473) (861) (943) (1,064) (1,059) (2,813) (3,472) (3,589) (827) (295) (477) (653) (1,845) (871) (17,907) (112)
Delinquency/Credit Loss/Bad Debt (1,193) (1,190) 3,134 (1,187) (1,188) 2,265 (1,206) (1,211) 1,598 (1,212) (1,213) 2,710 (923) (24) (178) (1,770) (11)
Total Rental Income 705,372 707,161 710,459 695,225 699,069 697,032 710,494 694,665 703,642 708,689 713,605 724,625 747,175 738,447 739,870 8,572,538 53,578
Other Income
Laundry 13,296 11,008 11,456 10,127 10,374 10,699 11,379 11,456 12,322 12,554 14,110 14,037 13,660 13,532 11,564 145,814 911
Parking 7,360 6,094 6,342 5,606 5,743 5,923 6,300 6,343 6,822 6,950 7,812 7,771 7,562 7,491 6,402 80,725 505
Late Fee Revenue 295 - 295 858 376 (884) 295 295 884 1,835 (19) 1,473 869 2,373 497 8,852 55
Other Resident Revenue 19,753 21,233 32,366 29,247 37,005 38,101 60,376 38,823 34,056 37,643 40,672 44,598 31,245 29,689 28,271 449,726- 2,811
Total Other Income 40,703 38,335 50,459 45,837 53,499 53,839 78,350 56,917 54,084 58,982 62,576 67,879 53,335 53,085 46,734 685,116 4,282
TOTAL INCOME 746,076 745,497 760,918 741,063 752,568 750,871 788,843 751,582 757,726 767,671 776,181 792,504 800,510 791,531 786,604 9,257,655 57,860
OPERATING EXPENSES
Administrative 238,193 213,364 232,260 241,930 261,709 245,349 290,107 245,595 240,869 280,327 245,127 274,841 270,735 247,076 271,205 3,114,870 19,468
Advertising 6,939 6,001 27,809 - 8,350 3,860 13,026 2,322 11,655 (1,285) 7,680 8,891 7,547 5,416 4,143 71,605 448
Supplies 11,483 11,546 12,353 10,513 11,719 11,161 14,759 14,166 15,505 10,674 12,109 13,850 11,752 20,313 10,493 157,014 981
Repairs and Maintenance 10,768 8,473 14,883 14,710 14,230 20,406 7,925 21,996 10,876 4,015 11,635 17,899 7,879 7,983 12,884 152,437 953
Electricity 16,013 18,930 20,472 17,568 18,073 18,742 23,329 25,559 22,517 23,104 24,017 22,815 19,003 24,409 21,573 260,708 1,629
Water 3,200 3,783 4,091 3,511 3,612 3,745 4,662 5,108 4,500 4,617 4,799 4,559 3,798 4,878 4,311 52,099 326
Trash Removal 800 946 1,023 878 903 936 1,166 1,277 1,125 1,154 1,200 1,140 949 1,219 1,078 13,025 81
Pest Control - - - - - - - - - - - - - - - - -
Contract Services 9,652 7,873 6,864 11,952 9,516 9,460 13,868 11,754 8,847 12,660 8,592 10,483 10,144 10,989 8,009 126,273 789
Telephone 6,641 6,129 6,862 9,074 6,937 6,200 6,359 7,693 6,264 6,598 6,249 7,887 6,404 7,026 6,336 83,028 519
Staff Development 5,316 2,467 6,979 3,621 4,876 3,710 2,453 3,950 5,149 4,191 2,871 2,508 3,586 2,316 4,741 43,970 275
Professional Fees 2,195 2,196 7,437 2,149 2,403 2,377 2,212 7,595 2,734 2,548 5,675 2,080 3,533 3,973 3,570 40,850 255
Miscellaneous 3,583 1,673 1,671 13,586 (4,920) 3,947 3,328 8,869 (1,133) 3,181 2,675 4,630 177 21,400 7,694 63,435 396
Security 3,600 3,600 3,600 3,600 3,600 3,600 3,600 3,600 3,600 3,600 3,600 3,600 3,600 3,600 3,600 43,200 270
Equipment Lease 1,247 1,829 2,007 1,441 1,214 2,259 1,354 1,663 1,820 1,746 1,415 2,091 1,480 1,825 1,304 19,613 123
Total Variable Expenses 319,632 288,809 348,312 334,532 342,221 335,753 388,149 361,145 334,327 357,131 337,644 377,273 350,587 362,424 360,942 4,242,128 26,513
% of Total Income 42.8% 38.7% 45.8% 45.1% 45.5% 44.7% 49.2% 48.1% 44.1% 46.5% 43.5% 47.6% 43.8% 45.8% 45.9% 45.8%
Management Fees 41,616 41,692 42,581 41,266 42,085 42,223 44,491 42,552 43,100 43,336 44,047 45,273 45,374 44,914 44,974 523,634 3,273
Real Estate Taxes 22,663 22,574 22,707 22,574 22,574 22,574 22,574 22,574 33,437 23,771 31,994 16,378 24,091 24,091 24,091 290,723 1,817
Property Liability/Insurance 12,594 12,959 12,136 12,500 12,518 8,812 12,396 12,387 14,482 12,387 12,430 12,175 11,027 11,206 10,994 143,313 896
Total Fixed Expenses 76,873 77,225 77,424 76,340 77,177 73,610 79,462 77,513 91,018 79,494 88,470 73,826 80,491 80,211 80,059 957,671 5,985
% of Total Income 10.3% 10.4% 10.2% 10.3% 10.3% 9.8% 10.1% 10.3% 12.0% 10.4% 11.4% 9.3% 10.1% 10.1% 10.2% 10.3%
TOTAL OPERATING EXPENSES 396,505 366,035 425,736 410,872 419,398 409,363 467,610 438,658 425,345 436,625 426,115 451,099 431,078 442,635 441,000 5,199,799 32,499
% of Total Income 53.1% 49.1% 56.0% 55.4% 55.7% 54.5% 59.3% 58.4% 56.1% 56.9% 54.9% 56.9% 53.9% 55.9% 56.1% 56.2%
NET OPERATING INCOME (NOI) 349,571 379,462 335,181 330,191 333,170 341,508 321,233 312,924 332,381 331,047 350,066 341,405 369,432 348,896 345,603 4,057,856 25,362
% of Total Income 46.9% 50.9% 44.0% 44.6% 44.3% 45.5% 40.7% 41.6% 43.9% 43.1% 45.1% 43.1% 46.1% 44.1% 43.9% 43.8%
CAPITAL EXPENDITURES
Capital Replacement / Capital Reserves 40,050 250
CASH FLOW FROM OPERATIONS 4,017,806 25,111

Confidential 05/14/2020 Page 5

 Trailing-12 & Pro Forma

Year 1 ProBuilding
Forma I Want Assumptions Check
Pro Forma & Assumptions
Operating Statement Validate Assumptions in Columns AI and AJ
Links toFor
'Projection'
Month Ending
Tab March 2017
Trailing 9 Trailing 9 Trailing 6 Trailing 6 Trailing 3 Trailing 3 Trailing 1 Trailing 1 Assumptions Assumptions Year 1 Trailing 6 Trailing 3 Trailing 1 Average
Annualized Per Unit Annualized Per Unit Annualized Per Unit Annualized Per Unit % $ / UNIT Pro Forma $ / UNIT $ / UNIT $ / UNIT $ / UNIT
INCOME
Effective Rental Income
Rental Income 8,663,617 54,148 8,756,438 54,728 8,919,942 55,750 8,891,027 55,569 6% 9,558,520
Gain/Loss to Lease - - - - - - - - -
Gross Potential Income 8,663,617 54,148 8,756,438 54,728 8,919,942 55,750 8,891,027 55,569 9,558,520 54,728 55,750 55,569 55,349
Vacancy - - - - - - - - -4% (382,341)
Concessions (19,788) (124) (9,934) (62) (13,472) (84) (10,447) (65) 0% (4,779)
Delinquency/Credit Loss/Bad Debt (2,213) (14) (1,682) (11) (4,504) (28) (2,141) (13) 0% (19,117)
Total Rental Income 8,641,616 54,010 8,744,822 54,655 8,901,966 55,637 8,878,440 55,490 9,152,283 54,655 55,637 55,490 55,261
Other Income - - - -
Laundry 152,819 955 158,915 993 155,025 969 138,770 867 950 152,000 993 969 867 943
Parking 84,604 529 87,976 550 85,820 536 76,824 480 25 4,000 550 536 480 522
Late Fee Revenue 11,336 71 14,057 88 14,954 93 5,963 37 60 9,600 88 93 37 73
Other Resident Revenue 460,496- 2,878 424,233- 2,651 356,815- 2,230 339,246- 2,120 2,500 400,000 2,651 2,230 2,120 2,334
Total Other Income 709,255 4,433 685,180 4,282 612,614 3,829 560,803 3,505 565,600 4,282 3,829 3,505 3,872
TOTAL INCOME 9,350,870 58,443 9,430,002 58,938 9,514,580 59,466 9,439,243 58,995 9,717,883 58,938 59,466 58,995 59,133
OPERATING EXPENSES
Administrative 3,154,509 19,716 3,178,623 19,866 3,156,061 19,725 3,254,456 20,340 19,800 3,168,000 19,866 19,725 20,340 19,977
Advertising 79,194 495 64,785 405 68,425 428 49,718 311
Supplies 164,828 1,030 158,382 990 170,233 1,064 125,918 787 980 156,800 990 1,064 787 947
Repairs and Maintenance 137,455 859 124,590 779 114,987 719 154,613 966 950 152,000 779 719 966 821
Electricity 275,100 1,719 269,841 1,687 259,941 1,625 258,880 1,618
Water 54,975 344 53,924 337 51,946 325 51,734 323
Trash Removal 13,744 86 13,481 84 12,986 81 12,933 81
Pest Control - - - - - - - -
Contract Services 127,127 795 121,751 761 116,566 729 96,102 601 725 116,000 761 729 601 697
Telephone 81,089 507 81,002 506 79,066 494 76,038 475 535 85,600 506 494 475 492
Staff Development 42,352 265 40,425 253 42,571 266 56,892 356 255 40,800 253 266 356 291
Professional Fees 45,228 283 42,759 267 44,303 277 42,834 268 280 44,800 267 277 268 271
Miscellaneous 67,762 424 79,515 497 117,084 732 92,331 577 330 52,800 497 732 577 602
Security 43,200 270 43,200 270 43,200 270 43,200 270
Equipment Lease 19,597 122 19,723 123 18,439 115 15,650 98 125 20,000 123 115 98 112
Total Variable Expenses 4,306,162 26,914 4,292,002 26,825 4,295,809 26,849 4,331,299 27,071 3,836,800
% of Total Income 46.1% 45.5% 45.1% 45.9% 39.5%
Management Fees 530,748 3,317 535,835 3,349 541,049 3,382 539,690 3,373 5% 485,894.16 3,349 3,382 3,373
Real Estate Taxes 297,334 1,858 288,831 1,805 289,089 1,807 289,089 1,807 1,995 319,177 1,805 1,807 1,807 1,806
Property Liability/Insurance 145,977 912 140,436 878 132,907 831 131,924 825 900 144,000 878 831 825 844
Total Fixed Expenses 974,059 6,088 965,103 6,032 963,045 6,019 960,703 6,004 949,072
% of Total Income 10.4% 10.2% 10.1% 10.2% 9.8%
TOTAL OPERATING EXPENSES 5,280,221 33,001 5,257,105 32,857 5,258,855 32,868 5,292,002 33,075 4,785,872
% of Total Income 56.5% 55.7% 55.3% 56.1% 49.2%
NET OPERATING INCOME (NOI) 4,070,649 25,442 4,172,897 26,081 4,255,726 26,598 4,147,240 25,920 4,932,012
% of Total Income 43.5% 44.3% 44.7% 43.9% 50.8%
CAPITAL EXPENDITURES
Capital Replacement / Capital Reserves 40,050 250 40,050 250 40,050 250 40,050 250 250 40,000
CASH FLOW FROM OPERATIONS 4,030,599 25,191 4,132,847 25,830 4,215,676 26,348 4,107,190 25,670 4,892,012

Confidential 05/14/2020 Page 6

 Rent Roll Summary

Rent Roll Summary

Building I Want
Status Market Lease Market
Type Unit Description Units % SF Total SF / Unit Occupied Vacant Rent PSF Rent LTL Monthly Rent Annual Rent
A 1 BR/BA 32 20.0% 43,520 1,360 32 0 $ 4,215 $ 3.10 $ 4,094 -2.9% $ 134,880 $ 1,618,560
B 1 BR/BA 32 20.0% 45,536 1,423 31 1 $ 4,305 $ 3.03 $ 4,148 -3.6% $ 137,760 $ 1,653,120
C 2 BR/BA 32 20.0% 48,640 1,520 32 0 $ 4,577 $ 3.01 $ 4,417 -3.5% $ 146,464 $ 1,757,568
D 2 BR/BA DEN 32 20.0% 58,080 1,815 30 2 $ 5,053 $ 2.78 $ 4,864 -3.7% $ 161,696 $ 1,940,352
E 3 BR/BA DEN 32 20.0% 62,880 1,965 31 1 $ 5,333 $ 2.71 $ 5,109 -4.2% $ 170,656 $ 2,047,872
160 100% 258,656 1,617 156 4 $ 4,697 $ 2.91 $ 4,521 -3.6% $ 751,456 $ 9,017,472

Confidential 05/14/2020 Page 7

Rent Roll Analysis
Property Name: Building I Want
Rent Roll Date 11/31/2016

Vacant Occupied
ID Type SF Status Move-In Start Market Rent Lease Rent Loss to Lease % Loss Unit SF
Unit ID Unit Type Unit SF Unit Status Move In Date Lease Start START DATE Market Rent Lease Rent LTL to Lease Count Count
1001 A 1360 l 1/1/2014 1/1/2014 1/31/2014 4,215.00 4,172.85 -$42 1.01% 0 1360
1006 A 1360 l 3/18/2013 3/18/2013 3/31/2013 4,215.00 4,004.25 -$211 5.26% 0 1360
1011 A 1360 l 6/30/2011 6/30/2011 6/30/2011 4,215.00 4,004.25 -$211 5.26% 0 1360
1016 A 1360 l 1/16/2015 1/16/2015 1/31/2015 4,215.00 4,004.25 -$211 5.26% 0 1360
2001 A 1360 l 11/19/2015 11/19/2015 11/30/2015 4,215.00 3,962.10 -$253 6.38% 0 1360
2006 A 1360 l 9/30/2012 9/30/2012 9/30/2012 4,215.00 3,962.10 -$253 6.38% 0 1360
2011 A 1360 l 3/12/2014 3/12/2014 3/31/2014 4,215.00 4,088.55 -$126 3.09% 0 1360
2016 A 1360 l 1/1/2014 1/1/2014 1/31/2014 4,215.00 4,088.55 -$126 3.09% 0 1360
3001 A 1360 l 6/18/2014 6/18/2014 6/30/2014 4,215.00 4,257.15 $42 -0.99% 0 1360
3006 A 1360 l 1/5/2016 1/5/2016 1/31/2016 4,215.00 3,919.95 -$295 7.53% 0 1360
3011 A 1360 l 8/1/2015 8/1/2015 8/31/2015 4,215.00 4,046.40 -$169 4.17% 0 1360
3016 A 1360 l 7/29/2014 7/29/2014 7/31/2014 4,215.00 4,004.25 -$211 5.26% 0 1360
4001 A 1360 l 3/31/2016 3/31/2016 3/31/2016 4,215.00 4,172.85 -$42 1.01% 0 1360
4006 A 1360 l 8/31/2012 8/31/2012 8/31/2012 4,215.00 3,962.10 -$253 6.38% 0 1360
4011 A 1360 l 7/31/2012 7/31/2012 7/31/2012 4,215.00 4,257.15 $42 -0.99% 0 1360
4016 A 1360 l 8/6/2012 8/6/2012 8/31/2012 4,215.00 4,046.40 -$169 4.17% 0 1360
5001 A 1360 l 1/1/2013 1/1/2013 1/31/2013 4,215.00 4,257.15 $42 -0.99% 0 1360
5006 A 1360 l 3/13/2013 3/13/2013 3/31/2013 4,215.00 4,257.15 $42 -0.99% 0 1360
5011 A 1360 l 8/17/2013 8/17/2013 8/31/2013 4,215.00 4,215.00 $0 0.00% 0 1360
5016 A 1360 l 12/10/2013 12/10/2013 12/31/2013 4,215.00 4,172.85 -$42 1.01% 0 1360
6001 A 1360 l 5/22/2015 5/22/2015 5/31/2015 4,215.00 4,215.00 $0 0.00% 0 1360
6006 A 1360 l 1/7/2015 1/7/2015 1/31/2015 4,215.00 4,215.00 $0 0.00% 0 1360
6011 A 1360 l 4/30/2014 4/30/2014 4/30/2014 4,215.00 3,962.10 -$253 6.38% 0 1360
6016 A 1360 l 6/30/2012 6/30/2012 6/30/2012 4,215.00 4,130.70 -$84 2.04% 0 1360
7001 A 1360 l 9/30/2011 9/30/2011 9/30/2011 4,215.00 4,257.15 $42 -0.99% 0 1360
7006 A 1360 l 6/30/2014 6/30/2014 6/30/2014 4,215.00 4,172.85 -$42 1.01% 0 1360
7011 A 1360 l 7/15/2015 7/15/2015 7/31/2015 4,215.00 4,088.55 -$126 3.09% 0 1360
7016 A 1360 l 10/13/2015 10/13/2015 10/31/2015 4,215.00 4,215.00 $0 0.00% 0 1360
8001 A 1360 l 11/30/2015 11/30/2015 11/30/2015 4,215.00 3,962.10 -$253 6.38% 0 1360
8006 A 1360 l 1/12/2016 1/12/2016 1/31/2016 4,215.00 3,919.95 -$295 7.53% 0 1360
8011 A 1360 l 4/15/2015 4/15/2015 4/30/2015 4,215.00 3,919.95 -$295 7.53% 0 1360
8016 A 1360 l 8/17/2013 8/17/2013 8/31/2013 4,215.00 4,088.55 -$126 3.09% 0 1360
1002 B 1423 l 10/27/2015 10/27/2015 10/31/2015 4,305.00 4,175.85 -$129 3.09% 0 1423
1007 B 1423 l 5/14/2015 5/14/2015 5/31/2015 4,305.00 4,132.80 -$172 4.17% 0 1423
1012 B 1423 l 8/31/2012 8/31/2012 8/31/2012 4,305.00 4,175.85 -$129 3.09% 0 1423
1017 B 1423 l 1/1/2013 1/1/2013 1/31/2013 4,305.00 4,261.95 -$43 1.01% 0 1423
2002 B 1423 l 12/7/2011 12/7/2011 12/31/2011 4,305.00 4,089.75 -$215 5.26% 0 1423
2007 B 1423 l 9/30/2013 9/30/2013 9/30/2013 4,305.00 4,218.90 -$86 2.04% 0 1423
2012 B 1423 v 12/30/1899 12/31/1899 4,305.00 4,003.65 -$301 7.53% B FALSE
2017 B 1423 l 3/14/2013 3/14/2013 3/31/2013 4,305.00 4,305.00 $0 0.00% 0 1423
3002 B 1423 l 3/1/2016 3/1/2016 3/31/2016 4,305.00 4,046.70 -$258 6.38% 0 1423
3007 B 1423 l 3/31/2016 3/31/2016 3/31/2016 4,305.00 4,003.65 -$301 7.53% 0 1423
3012 B 1423 l 12/31/2014 12/31/2014 12/31/2014 4,305.00 4,305.00 $0 0.00% 0 1423
3017 B 1423 l 6/1/2013 6/1/2013 6/30/2013 4,305.00 3,960.60 -$344 8.70% 0 1423
4002 B 1423 l 2/12/2016 2/12/2016 2/29/2016 4,305.00 4,175.85 -$129 3.09% 0 1423
4007 B 1423 l 8/31/2012 8/31/2012 8/31/2012 4,305.00 4,046.70 -$258 6.38% 0 1423
4012 B 1423 l 7/27/2012 7/27/2012 7/31/2012 4,305.00 4,046.70 -$258 6.38% 0 1423
4017 B 1423 l 2/3/2014 2/3/2014 2/28/2014 4,305.00 4,261.95 -$43 1.01% 0 1423
5002 B 1423 l 9/23/2014 9/23/2014 9/30/2014 4,305.00 4,046.70 -$258 6.38% 0 1423

Page 8 of 21
Rent Roll Analysis
Property Name: Building I Want
Rent Roll Date 11/31/2016

Vacant Occupied
ID Type SF Status Move-In Start Market Rent Lease Rent Loss to Lease % Loss Unit SF
Unit ID Unit Type Unit SF Unit Status Move In Date Lease Start START DATE Market Rent Lease Rent LTL to Lease Count Count
5007 B 1423 l 4/30/2013 4/30/2013 4/30/2013 4,305.00 4,348.05 $43 -0.99% 0 1423
5012 B 1423 l 3/12/2014 3/12/2014 3/31/2014 4,305.00 3,960.60 -$344 8.70% 0 1423
5017 B 1423 l 4/21/2012 4/21/2012 4/30/2012 4,305.00 4,132.80 -$172 4.17% 0 1423
6002 B 1423 l 11/15/2013 11/15/2013 11/30/2013 4,305.00 3,960.60 -$344 8.70% 0 1423
6007 B 1423 l 8/31/2015 8/31/2015 8/31/2015 4,305.00 4,348.05 $43 -0.99% 0 1423
6012 B 1423 l 1/9/2015 1/9/2015 1/31/2015 4,305.00 4,348.05 $43 -0.99% 0 1423
6017 B 1423 l 11/24/2015 11/24/2015 11/30/2015 4,305.00 4,132.80 -$172 4.17% 0 1423
7002 B 1423 l 12/11/2013 12/11/2013 12/31/2013 4,305.00 3,960.60 -$344 8.70% 0 1423
7007 B 1423 l 2/23/2012 2/23/2012 2/29/2012 4,305.00 4,003.65 -$301 7.53% 0 1423
7012 B 1423 l 12/20/2013 12/20/2013 12/31/2013 4,305.00 4,003.65 -$301 7.53% 0 1423
7017 B 1423 l 10/31/2015 10/31/2015 10/31/2015 4,305.00 4,132.80 -$172 4.17% 0 1423
8002 B 1423 l 12/2/2015 12/2/2015 12/31/2015 4,305.00 4,305.00 $0 0.00% 0 1423
8007 B 1423 l 2/4/2016 2/4/2016 2/29/2016 4,305.00 4,305.00 $0 0.00% 0 1423
8012 B 1423 l 4/15/2015 4/15/2015 4/30/2015 4,305.00 4,261.95 -$43 1.01% 0 1423
8017 B 1423 l 9/30/2013 9/30/2013 9/30/2013 4,305.00 4,132.80 -$172 4.17% 0 1423
1003 C 1520 l 9/20/2012 9/20/2012 9/30/2012 4,577.00 4,302.38 -$275 6.38% 0 1520
1008 C 1520 l 2/22/2011 2/22/2011 2/28/2011 4,577.00 4,302.38 -$275 6.38% 0 1520
1013 C 1520 l 11/30/2012 11/30/2012 11/30/2012 4,577.00 4,622.77 $46 -0.99% 0 1520
1018 C 1520 l 1/24/2015 1/24/2015 1/31/2015 4,577.00 4,439.69 -$137 3.09% 0 1520
2003 C 1520 l 1/30/2014 1/30/2014 1/31/2014 4,577.00 4,485.46 -$92 2.04% 0 1520
2008 C 1520 l 2/4/2016 2/4/2016 2/29/2016 4,577.00 4,577.00 $0 0.00% 0 1520
2013 C 1520 l 6/30/2014 6/30/2014 6/30/2014 4,577.00 4,439.69 -$137 3.09% 0 1520
2018 C 1520 l 6/23/2011 6/23/2011 6/30/2011 4,577.00 4,302.38 -$275 6.38% 0 1520
3003 C 1520 l 10/22/2014 10/22/2014 10/31/2014 4,577.00 4,485.46 -$92 2.04% 0 1520
3008 C 1520 l 9/30/2014 9/30/2014 9/30/2014 4,577.00 4,439.69 -$137 3.09% 0 1520
3013 C 1520 l 2/8/2016 2/8/2016 2/29/2016 4,577.00 4,256.61 -$320 7.53% 0 1520
3018 C 1520 l 6/30/2015 6/30/2015 6/30/2015 4,577.00 4,485.46 -$92 2.04% 0 1520
4003 C 1520 l 5/5/2015 5/5/2015 5/31/2015 4,577.00 4,622.77 $46 -0.99% 0 1520
4008 C 1520 l 5/7/2014 5/7/2014 5/31/2014 4,577.00 4,622.77 $46 -0.99% 0 1520
4013 C 1520 l 6/25/2015 6/25/2015 6/30/2015 4,577.00 4,210.84 -$366 8.70% 0 1520
4018 C 1520 l 3/28/2016 3/28/2016 3/31/2016 4,577.00 4,531.23 -$46 1.01% 0 1520
5003 C 1520 l 4/20/2015 4/20/2015 4/30/2015 4,577.00 4,577.00 $0 0.00% 0 1520
5008 C 1520 l 12/17/2014 12/17/2014 12/31/2014 4,577.00 4,302.38 -$275 6.38% 0 1520
5013 C 1520 l 4/18/2015 4/18/2015 4/30/2015 4,577.00 4,210.84 -$366 8.70% 0 1520
5018 C 1520 l 1/1/2013 1/1/2013 1/31/2013 4,577.00 4,348.15 -$229 5.26% 0 1520
6003 C 1520 l 3/4/2011 3/4/2011 3/31/2011 4,577.00 4,256.61 -$320 7.53% 0 1520
6008 C 1520 l 1/1/2013 1/1/2013 1/31/2013 4,577.00 4,210.84 -$366 8.70% 0 1520
6013 C 1520 l 1/12/2016 1/12/2016 1/31/2016 4,577.00 4,622.77 $46 -0.99% 0 1520
6018 C 1520 l 1/1/2013 1/1/2013 1/31/2013 4,577.00 4,622.77 $46 -0.99% 0 1520
7003 C 1520 l 12/9/2014 12/9/2014 12/31/2014 4,577.00 4,256.61 -$320 7.53% 0 1520
7008 C 1520 l 7/31/2012 7/31/2012 7/31/2012 4,577.00 4,210.84 -$366 8.70% 0 1520
7013 C 1520 l 1/15/2013 1/15/2013 1/31/2013 4,577.00 4,210.84 -$366 8.70% 0 1520
7018 C 1520 l 11/16/2015 11/16/2015 11/30/2015 4,577.00 4,393.92 -$183 4.17% 0 1520
8003 C 1520 l 12/12/2015 12/12/2015 12/31/2015 4,577.00 4,531.23 -$46 1.01% 0 1520
8008 C 1520 l 2/24/2015 2/24/2015 2/28/2015 4,577.00 4,348.15 -$229 5.26% 0 1520
8013 C 1520 l 4/18/2015 4/18/2015 4/30/2015 4,577.00 4,577.00 $0 0.00% 0 1520
8018 C 1520 l 10/28/2013 10/28/2013 10/31/2013 4,577.00 4,531.23 -$46 1.01% 0 1520
1004 D 1815 l 1/1/2013 1/1/2013 1/31/2013 5,053.00 4,749.82 -$303 6.38% 0 1815
1009 D 1815 l 6/5/2015 6/5/2015 6/30/2015 5,053.00 4,850.88 -$202 4.17% 0 1815

Page 9 of 21
Rent Roll Analysis
Property Name: Building I Want
Rent Roll Date 11/31/2016

Vacant Occupied
ID Type SF Status Move-In Start Market Rent Lease Rent Loss to Lease % Loss Unit SF
Unit ID Unit Type Unit SF Unit Status Move In Date Lease Start START DATE Market Rent Lease Rent LTL to Lease Count Count
1014 D 1815 l 3/4/2015 3/4/2015 3/31/2015 5,053.00 4,850.88 -$202 4.17% 0 1815
1019 D 1815 l 10/28/2011 10/28/2011 10/31/2011 5,053.00 4,699.29 -$354 7.53% 0 1815
2004 D 1815 l 12/12/2015 12/12/2015 12/31/2015 5,053.00 5,103.53 $51 -0.99% 0 1815
2009 D 1815 l 2/29/2016 2/29/2016 2/29/2016 5,053.00 5,053.00 $0 0.00% 0 1815
2014 D 1815 l 10/31/2015 10/31/2015 10/31/2015 5,053.00 4,901.41 -$152 3.09% 0 1815
2019 D 1815 l 2/28/2013 2/28/2013 2/28/2013 5,053.00 5,103.53 $51 -0.99% 0 1815
3004 D 1815 l 4/10/2015 4/10/2015 4/30/2015 5,053.00 4,648.76 -$404 8.70% 0 1815
3009 D 1815 l 3/22/2014 3/22/2014 3/31/2014 5,053.00 5,002.47 -$51 1.01% 0 1815
3014 D 1815 l 10/28/2013 10/28/2013 10/31/2013 5,053.00 4,951.94 -$101 2.04% 0 1815
3019 D 1815 l 2/24/2015 2/24/2015 2/28/2015 5,053.00 5,002.47 -$51 1.01% 0 1815
4004 D 1815 l 12/31/2012 12/31/2012 12/31/2012 5,053.00 4,951.94 -$101 2.04% 0 1815
4009 D 1815 l 1/17/2011 1/17/2011 1/31/2011 5,053.00 4,901.41 -$152 3.09% 0 1815
4014 D 1815 l 7/18/2014 7/18/2014 7/31/2014 5,053.00 4,648.76 -$404 8.70% 0 1815
4019 D 1815 l 1/1/2013 1/1/2013 1/31/2013 5,053.00 5,002.47 -$51 1.01% 0 1815
5004 D 1815 l 12/2/2015 12/2/2015 12/31/2015 5,053.00 4,648.76 -$404 8.70% 0 1815
5009 D 1815 l 2/8/2013 2/8/2013 2/28/2013 5,053.00 4,749.82 -$303 6.38% 0 1815
5014 D 1815 l 9/3/2015 9/3/2015 9/30/2015 5,053.00 4,749.82 -$303 6.38% 0 1815
5019 D 1815 l 2/25/2016 2/25/2016 2/29/2016 5,053.00 4,749.82 -$303 6.38% 0 1815
6004 D 1815 l 4/15/2015 4/15/2015 4/30/2015 5,053.00 4,749.82 -$303 6.38% 0 1815
6009 D 1815 l 1/1/2013 1/1/2013 1/31/2013 5,053.00 4,648.76 -$404 8.70% 0 1815
6014 D 1815 v 12/30/1899 12/31/1899 5,053.00 4,699.29 -$354 7.53% D FALSE
6019 D 1815 l 12/30/2014 12/30/2014 12/31/2014 5,053.00 4,901.41 -$152 3.09% 0 1815
7004 D 1815 v 12/30/1899 12/31/1899 5,053.00 5,053.00 $0 0.00% D FALSE
7009 D 1815 l 7/1/2015 7/1/2015 7/31/2015 5,053.00 4,850.88 -$202 4.17% 0 1815
7014 D 1815 l 12/17/2011 12/17/2011 12/31/2011 5,053.00 4,850.88 -$202 4.17% 0 1815
7019 D 1815 l 11/19/2015 11/19/2015 11/30/2015 5,053.00 4,901.41 -$152 3.09% 0 1815
8004 D 1815 l 12/28/2015 12/28/2015 12/31/2015 5,053.00 4,850.88 -$202 4.17% 0 1815
8009 D 1815 l 3/4/2015 3/4/2015 3/31/2015 5,053.00 4,850.88 -$202 4.17% 0 1815
8014 D 1815 l 4/20/2015 4/20/2015 4/30/2015 5,053.00 4,951.94 -$101 2.04% 0 1815
8019 D 1815 l 11/15/2013 11/15/2013 11/30/2013 5,053.00 5,053.00 $0 0.00% 0 1815
1005 E 1965 l 1/1/2013 1/1/2013 1/31/2013 5,333.00 5,066.35 -$267 5.26% 0 1965
1010 E 1965 l 1/1/2013 1/1/2013 1/31/2013 5,333.00 5,013.02 -$320 6.38% 0 1965
1015 E 1965 l 4/6/2016 4/6/2016 4/30/2016 5,333.00 5,333.00 $0 0.00% 0 1965
1020 E 1965 l 7/26/2013 7/26/2013 7/31/2013 5,333.00 5,119.68 -$213 4.17% 0 1965
2005 E 1965 v 12/30/1899 12/31/1899 5,333.00 4,906.36 -$427 8.70% E FALSE
2010 E 1965 l 4/30/2011 4/30/2011 4/30/2011 5,333.00 5,013.02 -$320 6.38% 0 1965
2015 E 1965 l 2/20/2013 2/20/2013 2/28/2013 5,333.00 5,226.34 -$107 2.04% 0 1965
2020 E 1965 l 11/30/2015 11/30/2015 11/30/2015 5,333.00 5,226.34 -$107 2.04% 0 1965
3005 E 1965 l 1/22/2014 1/22/2014 1/31/2014 5,333.00 5,333.00 $0 0.00% 0 1965
3010 E 1965 l 10/1/2014 10/1/2014 10/31/2014 5,333.00 5,066.35 -$267 5.26% 0 1965
3015 E 1965 l 1/5/2015 1/5/2015 1/31/2015 5,333.00 4,906.36 -$427 8.70% 0 1965
3020 E 1965 l 12/28/2015 12/28/2015 12/31/2015 5,333.00 4,906.36 -$427 8.70% 0 1965
4005 E 1965 l 11/1/2011 11/1/2011 11/30/2011 5,333.00 4,959.69 -$373 7.53% 0 1965
4010 E 1965 l 1/1/2014 1/1/2014 1/31/2014 5,333.00 5,279.67 -$53 1.01% 0 1965
4015 E 1965 l 9/19/2011 9/19/2011 9/30/2011 5,333.00 5,333.00 $0 0.00% 0 1965
4020 E 1965 l 6/30/2012 6/30/2012 6/30/2012 5,333.00 5,119.68 -$213 4.17% 0 1965
5005 E 1965 l 12/27/2013 12/27/2013 12/31/2013 5,333.00 4,959.69 -$373 7.53% 0 1965
5010 E 1965 l 4/15/2015 4/15/2015 4/30/2015 5,333.00 4,959.69 -$373 7.53% 0 1965
5015 E 1965 l 12/1/2014 12/1/2014 12/31/2014 5,333.00 5,226.34 -$107 2.04% 0 1965

Page 10 of 21
Rent Roll Analysis
Property Name: Building I Want
Rent Roll Date 11/31/2016

Vacant Occupied
ID Type SF Status Move-In Start Market Rent Lease Rent Loss to Lease % Loss Unit SF
Unit ID Unit Type Unit SF Unit Status Move In Date Lease Start START DATE Market Rent Lease Rent LTL to Lease Count Count
5020 E 1965 l 12/14/2012 12/14/2012 12/31/2012 5,333.00 5,013.02 -$320 6.38% 0 1965
6005 E 1965 l 10/12/2015 10/12/2015 10/31/2015 5,333.00 5,013.02 -$320 6.38% 0 1965
6010 E 1965 l 5/25/2015 5/25/2015 5/31/2015 5,333.00 5,279.67 -$53 1.01% 0 1965
6015 E 1965 l 1/30/2011 1/30/2011 1/31/2011 5,333.00 5,119.68 -$213 4.17% 0 1965
6020 E 1965 l 2/12/2016 2/12/2016 2/29/2016 5,333.00 4,906.36 -$427 8.70% 0 1965
7005 E 1965 l 11/16/2015 11/16/2015 11/30/2015 5,333.00 5,226.34 -$107 2.04% 0 1965
7010 E 1965 l 10/20/2015 10/20/2015 10/31/2015 5,333.00 5,119.68 -$213 4.17% 0 1965
7015 E 1965 l 10/1/2014 10/1/2014 10/31/2014 5,333.00 5,066.35 -$267 5.26% 0 1965
7020 E 1965 l 11/24/2015 11/24/2015 11/30/2015 5,333.00 5,386.33 $53 -0.99% 0 1965
8005 E 1965 l 1/5/2016 1/5/2016 1/31/2016 5,333.00 5,066.35 -$267 5.26% 0 1965
8010 E 1965 l 4/10/2015 4/10/2015 4/30/2015 5,333.00 5,226.34 -$107 2.04% 0 1965
8015 E 1965 l 5/5/2015 5/5/2015 5/31/2015 5,333.00 5,013.02 -$320 6.38% 0 1965
8020 E 1965 l 12/10/2013 12/10/2013 12/31/2013 5,333.00 4,906.36 -$427 8.70% 0 1965
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE
12/30/1899 12/31/1899 $0 0.00% 0 FALSE

160 1,617 258,656 $751,456 $723,913 -$27,543 -3.67% 184 156

Page 11 of 21
 Amort. Schedule

Debt Schedule

1st Mortgage $ 52,000,000 Term: 7 Years

Interest Rate 4.25% Start Date: Mar-17
Interest per Period 0.35% Amo Starts: Mar-20
Amortization Period 30 Date of Value: Mar-17
Number of Payments 360 IO Remaining: 3 Years
Monthly Payment $255,809 IO Remaining: 36 Months
Total Annual Payment $3,069,705

Fixed-Rate 7-Year Loan Beginning End

Year Interest Principal Balance Payment Month Month
1 2,210,000 0 52,000,000 2,210,000 1 12
2 2,210,000 0 52,000,000 2,210,000 13 24
3 2,210,000 0 52,000,000 2,210,000 25 36
4 2,193,054 876,651 51,123,349 3,069,705 37 48
5 2,155,062 914,643 50,208,707 3,069,705 49 60
6 2,115,424 954,281 49,254,426 3,069,705 61 72
7 2,074,067 995,637 48,258,788 3,069,705 73 84
8 0 85 96
9 0 97 108
10 0 109 120
11 0 121 132

Fixed-Rate 7-Year Loan

FYE 1 FYE 2 FYE 3 FYE 4 FYE 5 FYE 6 FYE 7
Principal 0 0 0 876,651 914,643 954,281 995,637
Interest 2,210,000 2,210,000 2,210,000 2,193,054 2,155,062 2,115,424 2,074,067
Total 2,210,000 2,210,000 2,210,000 3,069,705 3,069,705 3,069,705 3,069,705
Balance 52,000,000 52,000,000 52,000,000 51,123,349 50,208,707 49,254,426 48,258,788

Amortization Schedule
Amortization Year Principal PMT Interest Principal
1 2017 March 1 52,000,000 184,167 184,167 -
April 2 52,000,000 184,167 184,167 -
May 3 52,000,000 184,167 184,167 -
June 4 52,000,000 184,167 184,167 -
July 5 52,000,000 184,167 184,167 -
August 6 52,000,000 184,167 184,167 -
September 7 52,000,000 184,167 184,167 -
October 8 52,000,000 184,167 184,167 -
November 9 52,000,000 184,167 184,167 -
December 10 52,000,000 184,167 184,167 -
January 11 52,000,000 184,167 184,167 -
February 12 52,000,000 184,167 184,167 -
2 2018 March 13 52,000,000 184,167 184,167 -
April 14 52,000,000 184,167 184,167 -
May 15 52,000,000 184,167 184,167 -
June 16 52,000,000 184,167 184,167 -
July 17 52,000,000 184,167 184,167 -
August 18 52,000,000 184,167 184,167 -
September 19 52,000,000 184,167 184,167 -
October 20 52,000,000 184,167 184,167 -
November 21 52,000,000 184,167 184,167 -
December 22 52,000,000 184,167 184,167 -
January 23 52,000,000 184,167 184,167 -
February 24 52,000,000 184,167 184,167 -
3 2019 March 25 52,000,000 184,167 184,167 -
April 26 52,000,000 184,167 184,167 -
May 27 52,000,000 184,167 184,167 -
June 28 52,000,000 184,167 184,167 -
July 29 52,000,000 184,167 184,167 -
August 30 52,000,000 184,167 184,167 -
September 31 52,000,000 184,167 184,167 -
October 32 52,000,000 184,167 184,167 -
November 33 52,000,000 184,167 184,167 -
December 34 52,000,000 184,167 184,167 -
January 35 52,000,000 184,167 184,167 -
February 36 52,000,000 184,167 184,167 -
4 2020 March 37 52,000,000 255,809 184,167 71,642
April 38 51,928,358 255,809 183,913 71,896
May 39 51,856,462 255,809 183,658 72,150
June 40 51,784,312 255,809 183,403 72,406
July 41 51,711,906 255,809 183,146 72,662
August 42 51,639,243 255,809 182,889 72,920
September 43 51,566,324 255,809 182,631 73,178
October 44 51,493,146 255,809 182,372 73,437
November 45 51,419,708 255,809 182,111 73,697
December 46 51,346,011 255,809 181,850 73,958
January 47 51,272,053 255,809 181,589 74,220
February 48 51,197,833 255,809 181,326 74,483
5 2021 March 49 51,123,349 255,809 181,062 74,747
April 50 51,048,603 255,809 180,797 75,012
May 51 50,973,591 255,809 180,531 75,277
June 52 50,898,314 255,809 180,265 75,544

Page 12
 Amort. Schedule

July 53 50,822,770 255,809 179,997 75,811

August 54 50,746,958 255,809 179,729 76,080
September 55 50,670,878 255,809 179,459 76,349
October 56 50,594,529 255,809 179,189 76,620
November 57 50,517,909 255,809 178,918 76,891
December 58 50,441,018 255,809 178,645 77,163
January 59 50,363,855 255,809 178,372 77,437
February 60 50,286,418 255,809 178,098 77,711
6 2022 March 61 50,208,707 255,809 177,823 77,986
April 62 50,130,721 255,809 177,546 78,262
May 63 50,052,458 255,809 177,269 78,540
June 64 49,973,919 255,809 176,991 78,818
July 65 49,895,101 255,809 176,712 79,097
August 66 49,816,004 255,809 176,432 79,377
September 67 49,736,627 255,809 176,151 79,658
October 68 49,656,969 255,809 175,868 79,940
November 69 49,577,028 255,809 175,585 80,223
December 70 49,496,805 255,809 175,301 80,508
January 71 49,416,297 255,809 175,016 80,793
February 72 49,335,505 255,809 174,730 81,079
7 2023 March 73 49,254,426 255,809 174,443 81,366
April 74 49,173,060 255,809 174,155 81,654
May 75 49,091,406 255,809 173,865 81,943
June 76 49,009,462 255,809 173,575 82,234
July 77 48,927,229 255,809 173,284 82,525
August 78 48,844,704 255,809 172,992 82,817
September 79 48,761,887 255,809 172,698 83,110
October 80 48,678,776 255,809 172,404 83,405
November 81 48,595,372 255,809 172,109 83,700
December 82 48,511,672 255,809 171,812 83,997
January 83 48,427,675 255,809 171,515 84,294
February 84 48,343,381 255,809 171,216 84,593
8 2024 March 85 48,258,788 255,809 170,917 84,892
April 86 48,173,896 255,809 170,616 85,193
May 87 48,088,703 255,809 170,314 85,495
June 88 48,003,209 255,809 170,011 85,797
July 89 47,917,411 255,809 169,707 86,101
August 90 47,831,310 255,809 169,403 86,406
September 91 47,744,904 255,809 169,097 86,712
October 92 47,658,192 255,809 168,789 87,019
November 93 47,571,172 255,809 168,481 87,328
December 94 47,483,845 255,809 168,172 87,637
January 95 47,396,208 255,809 167,862 87,947
February 96 47,308,261 255,809 167,550 88,259
9 2025 March 97 47,220,002 255,809 167,238 88,571
April 98 47,131,431 255,809 166,924 88,885
May 99 47,042,546 255,809 166,609 89,200
June 100 46,953,346 255,809 166,293 89,516
July 101 46,863,831 255,809 165,976 89,833
August 102 46,773,998 255,809 165,658 90,151
September 103 46,683,847 255,809 165,339 90,470
October 104 46,593,377 255,809 165,018 90,791
November 105 46,502,587 255,809 164,697 91,112
December 106 46,411,474 255,809 164,374 91,435
January 107 46,320,040 255,809 164,050 91,759
February 108 46,228,281 255,809 163,725 92,084
10 2026 March 109 46,136,198 255,809 163,399 92,410
April 110 46,043,788 255,809 163,072 92,737
May 111 45,951,051 255,809 162,743 93,065
June 112 45,857,985 255,809 162,414 93,395
July 113 45,764,590 255,809 162,083 93,726
August 114 45,670,864 255,809 161,751 94,058
September 115 45,576,807 255,809 161,418 94,391
October 116 45,482,416 255,809 161,084 94,725
November 117 45,387,691 255,809 160,748 95,061
December 118 45,292,630 255,809 160,411 95,397
January 119 45,197,233 255,809 160,074 95,735
February 120 45,101,497 255,809 159,734 96,074
11 2027 March 121 45,005,423 255,809 159,394 96,415
April 122 44,909,009 255,809 159,053 96,756
May 123 44,812,253 255,809 158,710 97,099
June 124 44,715,154 255,809 158,366 97,443
July 125 44,617,711 255,809 158,021 97,788
August 126 44,519,924 255,809 157,675 98,134
September 127 44,421,790 255,809 157,327 98,482
October 128 44,323,308 255,809 156,978 98,830
November 129 44,224,478 255,809 156,628 99,180
December 130 44,125,297 255,809 156,277 99,532
January 131 44,025,766 255,809 155,925 99,884
February 132 43,925,882 255,809 155,571 100,238
12 2028 March 133 43,825,644 255,809 155,216 100,593
April 134 43,725,051 255,809 154,860 100,949
May 135 43,624,102 255,809 154,502 101,307
June 136 43,522,795 255,809 154,143 101,666
July 137 43,421,129 255,809 153,783 102,026
August 138 43,319,104 255,809 153,422 102,387
September 139 43,216,717 255,809 153,059 102,750
October 140 43,113,967 255,809 152,695 103,113

Page 13
 Amort. Schedule

November 141 43,010,854 255,809 152,330 103,479

December 142 42,907,375 255,809 151,964 103,845
January 143 42,803,530 255,809 151,596 104,213
February 144 42,699,317 255,809 151,227 104,582
13 2029 March 145 42,594,735 255,809 150,856 104,952
April 146 42,489,783 255,809 150,485 105,324
May 147 42,384,459 255,809 150,112 105,697
June 148 42,278,762 255,809 149,737 106,071
July 149 42,172,690 255,809 149,362 106,447
August 150 42,066,243 255,809 148,985 106,824
September 151 41,959,419 255,809 148,606 107,202
October 152 41,852,216 255,809 148,227 107,582
November 153 41,744,634 255,809 147,846 107,963
December 154 41,636,671 255,809 147,463 108,346
January 155 41,528,326 255,809 147,079 108,729
February 156 41,419,596 255,809 146,694 109,114
14 2030 March 157 41,310,482 255,809 146,308 109,501
April 158 41,200,981 255,809 145,920 109,889
May 159 41,091,093 255,809 145,531 110,278
June 160 40,980,815 255,809 145,140 110,668
July 161 40,870,146 255,809 144,748 111,060
August 162 40,759,086 255,809 144,355 111,454
September 163 40,647,632 255,809 143,960 111,848
October 164 40,535,784 255,809 143,564 112,245
November 165 40,423,540 255,809 143,167 112,642
December 166 40,310,897 255,809 142,768 113,041
January 167 40,197,857 255,809 142,367 113,441
February 168 40,084,415 255,809 141,966 113,843
15 2031 March 169 39,970,572 255,809 141,562 114,246
April 170 39,856,326 255,809 141,158 114,651
May 171 39,741,675 255,809 140,752 115,057
June 172 39,626,618 255,809 140,344 115,464
July 173 39,511,153 255,809 139,935 115,873
August 174 39,395,280 255,809 139,525 116,284
September 175 39,278,996 255,809 139,113 116,696
October 176 39,162,301 255,809 138,700 117,109
November 177 39,045,192 255,809 138,285 117,524
December 178 38,927,668 255,809 137,869 117,940
January 179 38,809,728 255,809 137,451 118,358
February 180 38,691,370 255,809 137,032 118,777
16 2032 March 181 38,572,594 255,809 136,611 119,197
April 182 38,453,396 255,809 136,189 119,620
May 183 38,333,776 255,809 135,765 120,043
June 184 38,213,733 255,809 135,340 120,468
July 185 38,093,265 255,809 134,914 120,895
August 186 37,972,370 255,809 134,485 121,323
September 187 37,851,046 255,809 134,056 121,753
October 188 37,729,293 255,809 133,625 122,184
November 189 37,607,109 255,809 133,192 122,617
December 190 37,484,492 255,809 132,758 123,051
January 191 37,361,441 255,809 132,322 123,487
February 192 37,237,954 255,809 131,884 123,924
17 2033 March 193 37,114,030 255,809 131,446 124,363
April 194 36,989,667 255,809 131,005 124,804
May 195 36,864,863 255,809 130,563 125,246
June 196 36,739,617 255,809 130,119 125,689
July 197 36,613,928 255,809 129,674 126,134
August 198 36,487,794 255,809 129,228 126,581
September 199 36,361,213 255,809 128,779 127,029
October 200 36,234,183 255,809 128,329 127,479
November 201 36,106,704 255,809 127,878 127,931
December 202 35,978,773 255,809 127,425 128,384
January 203 35,850,389 255,809 126,970 128,839
February 204 35,721,550 255,809 126,514 129,295
18 2034 March 205 35,592,255 255,809 126,056 129,753
April 206 35,462,503 255,809 125,596 130,212
May 207 35,332,290 255,809 125,135 130,674
June 208 35,201,617 255,809 124,672 131,136
July 209 35,070,480 255,809 124,208 131,601
August 210 34,938,880 255,809 123,742 132,067
September 211 34,806,813 255,809 123,274 132,535
October 212 34,674,278 255,809 122,805 133,004
November 213 34,541,274 255,809 122,334 133,475
December 214 34,407,799 255,809 121,861 133,948
January 215 34,273,851 255,809 121,387 134,422
February 216 34,139,429 255,809 120,910 134,898
19 2035 March 217 34,004,531 255,809 120,433 135,376
April 218 33,869,155 255,809 119,953 135,855
May 219 33,733,299 255,809 119,472 136,337
June 220 33,596,963 255,809 118,989 136,820
July 221 33,460,143 255,809 118,505 137,304
August 222 33,322,839 255,809 118,018 137,790
September 223 33,185,049 255,809 117,530 138,278
October 224 33,046,770 255,809 117,041 138,768
November 225 32,908,002 255,809 116,549 139,260
December 226 32,768,743 255,809 116,056 139,753
January 227 32,628,990 255,809 115,561 140,248
February 228 32,488,742 255,809 115,064 140,744

Page 14
 Amort. Schedule

20 2036 March 229 32,347,998 255,809 114,566 141,243

April 230 32,206,755 255,809 114,066 141,743
May 231 32,065,012 255,809 113,564 142,245
June 232 31,922,766 255,809 113,060 142,749
July 233 31,780,017 255,809 112,554 143,255
August 234 31,636,763 255,809 112,047 143,762
September 235 31,493,001 255,809 111,538 144,271
October 236 31,348,730 255,809 111,027 144,782
November 237 31,203,948 255,809 110,514 145,295
December 238 31,058,653 255,809 109,999 145,809
January 239 30,912,844 255,809 109,483 146,326
February 240 30,766,518 255,809 108,965 146,844
21 2037 March 241 30,619,674 255,809 108,445 147,364
April 242 30,472,310 255,809 107,923 147,886
May 243 30,324,424 255,809 107,399 148,410
June 244 30,176,014 255,809 106,873 148,935
July 245 30,027,079 255,809 106,346 149,463
August 246 29,877,616 255,809 105,817 149,992
September 247 29,727,624 255,809 105,285 150,523
October 248 29,577,101 255,809 104,752 151,057
November 249 29,426,044 255,809 104,217 151,592
December 250 29,274,453 255,809 103,680 152,128
January 251 29,122,324 255,809 103,142 152,667
February 252 28,969,657 255,809 102,601 153,208
22 2038 March 253 28,816,449 255,809 102,058 153,750
April 254 28,662,699 255,809 101,514 154,295
May 255 28,508,404 255,809 100,967 154,841
June 256 28,353,562 255,809 100,419 155,390
July 257 28,198,172 255,809 99,869 155,940
August 258 28,042,232 255,809 99,316 156,493
September 259 27,885,740 255,809 98,762 157,047
October 260 27,728,693 255,809 98,206 157,603
November 261 27,571,090 255,809 97,648 158,161
December 262 27,412,929 255,809 97,087 158,721
January 263 27,254,207 255,809 96,525 159,283
February 264 27,094,924 255,809 95,961 159,848
23 2039 March 265 26,935,076 255,809 95,395 160,414
April 266 26,774,663 255,809 94,827 160,982
May 267 26,613,681 255,809 94,257 161,552
June 268 26,452,129 255,809 93,685 162,124
July 269 26,290,005 255,809 93,110 162,698
August 270 26,127,307 255,809 92,534 163,275
September 271 25,964,032 255,809 91,956 163,853
October 272 25,800,179 255,809 91,376 164,433
November 273 25,635,746 255,809 90,793 165,015
December 274 25,470,731 255,809 90,209 165,600
January 275 25,305,131 255,809 89,622 166,186
February 276 25,138,944 255,809 89,034 166,775
24 2040 March 277 24,972,169 255,809 88,443 167,366
April 278 24,804,804 255,809 87,850 167,958
May 279 24,636,845 255,809 87,255 168,553
June 280 24,468,292 255,809 86,659 169,150
July 281 24,299,142 255,809 86,059 169,749
August 282 24,129,393 255,809 85,458 170,350
September 283 23,959,042 255,809 84,855 170,954
October 284 23,788,088 255,809 84,249 171,559
November 285 23,616,529 255,809 83,642 172,167
December 286 23,444,362 255,809 83,032 172,777
January 287 23,271,586 255,809 82,420 173,389
February 288 23,098,197 255,809 81,806 174,003
25 2041 March 289 22,924,194 255,809 81,190 174,619
April 290 22,749,575 255,809 80,571 175,237
May 291 22,574,338 255,809 79,951 175,858
June 292 22,398,480 255,809 79,328 176,481
July 293 22,221,999 255,809 78,703 177,106
August 294 22,044,894 255,809 78,076 177,733
September 295 21,867,161 255,809 77,446 178,363
October 296 21,688,798 255,809 76,814 178,994
November 297 21,509,804 255,809 76,181 179,628
December 298 21,330,176 255,809 75,544 180,264
January 299 21,149,911 255,809 74,906 180,903
February 300 20,969,008 255,809 74,265 181,544
26 2042 March 301 20,787,465 255,809 73,622 182,186
April 302 20,605,278 255,809 72,977 182,832
May 303 20,422,447 255,809 72,329 183,479
June 304 20,238,967 255,809 71,680 184,129
July 305 20,054,838 255,809 71,028 184,781
August 306 19,870,057 255,809 70,373 185,436
September 307 19,684,622 255,809 69,716 186,092
October 308 19,498,529 255,809 69,057 186,751
November 309 19,311,778 255,809 68,396 187,413
December 310 19,124,365 255,809 67,732 188,077
January 311 18,936,288 255,809 67,066 188,743
February 312 18,747,545 255,809 66,398 189,411
27 2043 March 313 18,558,134 255,809 65,727 190,082
April 314 18,368,052 255,809 65,054 190,755
May 315 18,177,297 255,809 64,378 191,431
June 316 17,985,866 255,809 63,700 192,109

Page 15
 Amort. Schedule

July 317 17,793,757 255,809 63,020 192,789

August 318 17,600,968 255,809 62,337 193,472
September 319 17,407,496 255,809 61,652 194,157
October 320 17,213,339 255,809 60,964 194,845
November 321 17,018,494 255,809 60,274 195,535
December 322 16,822,959 255,809 59,581 196,227
January 323 16,626,732 255,809 58,886 196,922
February 324 16,429,809 255,809 58,189 197,620
28 2044 March 325 16,232,190 255,809 57,489 198,320
April 326 16,033,870 255,809 56,787 199,022
May 327 15,834,848 255,809 56,082 199,727
June 328 15,635,121 255,809 55,374 200,434
July 329 15,434,686 255,809 54,665 201,144
August 330 15,233,542 255,809 53,952 201,857
September 331 15,031,686 255,809 53,237 202,572
October 332 14,829,114 255,809 52,520 203,289
November 333 14,625,825 255,809 51,800 204,009
December 334 14,421,816 255,809 51,077 204,731
January 335 14,217,085 255,809 50,352 205,457
February 336 14,011,628 255,809 49,625 206,184
29 2045 March 337 13,805,444 255,809 48,894 206,914
April 338 13,598,529 255,809 48,161 207,647
May 339 13,390,882 255,809 47,426 208,383
June 340 13,182,499 255,809 46,688 209,121
July 341 12,973,379 255,809 45,947 209,861
August 342 12,763,517 255,809 45,204 210,605
September 343 12,552,913 255,809 44,458 211,351
October 344 12,341,562 255,809 43,710 212,099
November 345 12,129,463 255,809 42,959 212,850
December 346 11,916,613 255,809 42,205 213,604
January 347 11,703,009 255,809 41,448 214,361
February 348 11,488,648 255,809 40,689 215,120
30 2046 March 349 11,273,529 255,809 39,927 215,882
April 350 11,057,647 255,809 39,162 216,646
May 351 10,841,001 255,809 38,395 217,414
June 352 10,623,587 255,809 37,625 218,184
July 353 10,405,404 255,809 36,852 218,956
August 354 10,186,447 255,809 36,077 219,732
September 355 9,966,716 255,809 35,299 220,510
October 356 9,746,206 255,809 34,518 221,291
November 357 9,524,915 255,809 33,734 222,075
December 358 9,302,840 255,809 32,948 222,861
January 359 9,079,979 255,809 32,158 223,650
February 360 8,856,328 255,809 31,366 224,443

Page 16
 Amort. Schedule

3 years of interest only

3 years of interest only
no interest only

FYE 8 FYE 9 FYE 10 FYE 11

0 0 0 0

Loan Total Total Total

Balance Int Pmt Principal PMTS
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000 $2,210,000 $0 $2,210,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000 $2,210,000 $0 $2,210,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000
$ 52,000,000 $2,210,000 $0 $2,210,000
$ 51,928,358
$ 51,856,462
$ 51,784,312
$ 51,711,906
$ 51,639,243
$ 51,566,324
$ 51,493,146
$ 51,419,708
$ 51,346,011
$ 51,272,053
$ 51,197,833
$ 51,123,349 $2,193,054 $876,651 $3,069,705
$ 51,048,603
$ 50,973,591
$ 50,898,314
$ 50,822,770

Page 17
 Amort. Schedule

$ 50,746,958
$ 50,670,878
$ 50,594,529
$ 50,517,909
$ 50,441,018
$ 50,363,855
$ 50,286,418
$ 50,208,707 $2,155,062 $914,643 $3,069,705
$ 50,130,721
$ 50,052,458
$ 49,973,919
$ 49,895,101
$ 49,816,004
$ 49,736,627
$ 49,656,969
$ 49,577,028
$ 49,496,805
$ 49,416,297
$ 49,335,505
$ 49,254,426 $2,115,424 $954,281 $3,069,705
$ 49,173,060
$ 49,091,406
$ 49,009,462
$ 48,927,229
$ 48,844,704
$ 48,761,887
$ 48,678,776
$ 48,595,372
$ 48,511,672
$ 48,427,675
$ 48,343,381
$ 48,258,788 $2,074,067 $995,637 $3,069,705
$ 48,173,896
$ 48,088,703
$ 48,003,209
$ 47,917,411
$ 47,831,310
$ 47,744,904
$ 47,658,192
$ 47,571,172
$ 47,483,845
$ 47,396,208
$ 47,308,261
$ 47,220,002 $2,030,919 $1,038,786 $3,069,705
$ 47,131,431
$ 47,042,546
$ 46,953,346
$ 46,863,831
$ 46,773,998
$ 46,683,847
$ 46,593,377
$ 46,502,587
$ 46,411,474
$ 46,320,040
$ 46,228,281
$ 46,136,198 $1,985,900 $1,083,805 $3,069,705
$ 46,043,788
$ 45,951,051
$ 45,857,985
$ 45,764,590
$ 45,670,864
$ 45,576,807
$ 45,482,416
$ 45,387,691
$ 45,292,630
$ 45,197,233
$ 45,101,497
$ 45,005,423 $1,938,931 $1,130,774 $3,069,705
$ 44,909,009
$ 44,812,253
$ 44,715,154
$ 44,617,711
$ 44,519,924
$ 44,421,790
$ 44,323,308
$ 44,224,478
$ 44,125,297
$ 44,025,766
$ 43,925,882
$ 43,825,644 $1,889,925 $1,179,780 $3,069,705
$ 43,725,051
$ 43,624,102
$ 43,522,795
$ 43,421,129
$ 43,319,104
$ 43,216,717
$ 43,113,967
$ 43,010,854

Page 18
 Amort. Schedule

$ 42,907,375
$ 42,803,530
$ 42,699,317
$ 42,594,735 $1,838,796 $1,230,908 $3,069,705
$ 42,489,783
$ 42,384,459
$ 42,278,762
$ 42,172,690
$ 42,066,243
$ 41,959,419
$ 41,852,216
$ 41,744,634
$ 41,636,671
$ 41,528,326
$ 41,419,596
$ 41,310,482 $1,785,452 $1,284,253 $3,069,705
$ 41,200,981
$ 41,091,093
$ 40,980,815
$ 40,870,146
$ 40,759,086
$ 40,647,632
$ 40,535,784
$ 40,423,540
$ 40,310,897
$ 40,197,857
$ 40,084,415
$ 39,970,572 $1,729,795 $1,339,910 $3,069,705
$ 39,856,326
$ 39,741,675
$ 39,626,618
$ 39,511,153
$ 39,395,280
$ 39,278,996
$ 39,162,301
$ 39,045,192
$ 38,927,668
$ 38,809,728
$ 38,691,370
$ 38,572,594 $1,671,726 $1,397,978 $3,069,705
$ 38,453,396
$ 38,333,776
$ 38,213,733
$ 38,093,265
$ 37,972,370
$ 37,851,046
$ 37,729,293
$ 37,607,109
$ 37,484,492
$ 37,361,441
$ 37,237,954
$ 37,114,030 $1,611,141 $1,458,564 $3,069,705
$ 36,989,667
$ 36,864,863
$ 36,739,617
$ 36,613,928
$ 36,487,794
$ 36,361,213
$ 36,234,183
$ 36,106,704
$ 35,978,773
$ 35,850,389
$ 35,721,550
$ 35,592,255 $1,547,930 $1,521,774 $3,069,705
$ 35,462,503
$ 35,332,290
$ 35,201,617
$ 35,070,480
$ 34,938,880
$ 34,806,813
$ 34,674,278
$ 34,541,274
$ 34,407,799
$ 34,273,851
$ 34,139,429
$ 34,004,531 $1,481,980 $1,587,725 $3,069,705
$ 33,869,155
$ 33,733,299
$ 33,596,963
$ 33,460,143
$ 33,322,839
$ 33,185,049
$ 33,046,770
$ 32,908,002
$ 32,768,743
$ 32,628,990
$ 32,488,742
$ 32,347,998 $1,413,172 $1,656,533 $3,069,705

Page 19
 Amort. Schedule

$ 32,206,755
$ 32,065,012
$ 31,922,766
$ 31,780,017
$ 31,636,763
$ 31,493,001
$ 31,348,730
$ 31,203,948
$ 31,058,653
$ 30,912,844
$ 30,766,518
$ 30,619,674 $1,341,381 $1,728,323 $3,069,705
$ 30,472,310
$ 30,324,424
$ 30,176,014
$ 30,027,079
$ 29,877,616
$ 29,727,624
$ 29,577,101
$ 29,426,044
$ 29,274,453
$ 29,122,324
$ 28,969,657
$ 28,816,449 $1,266,480 $1,803,225 $3,069,705
$ 28,662,699
$ 28,508,404
$ 28,353,562
$ 28,198,172
$ 28,042,232
$ 27,885,740
$ 27,728,693
$ 27,571,090
$ 27,412,929
$ 27,254,207
$ 27,094,924
$ 26,935,076 $1,188,332 $1,881,373 $3,069,705
$ 26,774,663
$ 26,613,681
$ 26,452,129
$ 26,290,005
$ 26,127,307
$ 25,964,032
$ 25,800,179
$ 25,635,746
$ 25,470,731
$ 25,305,131
$ 25,138,944
$ 24,972,169 $1,106,798 $1,962,907 $3,069,705
$ 24,804,804
$ 24,636,845
$ 24,468,292
$ 24,299,142
$ 24,129,393
$ 23,959,042
$ 23,788,088
$ 23,616,529
$ 23,444,362
$ 23,271,586
$ 23,098,197
$ 22,924,194 $1,021,730 $2,047,975 $3,069,705
$ 22,749,575
$ 22,574,338
$ 22,398,480
$ 22,221,999
$ 22,044,894
$ 21,867,161
$ 21,688,798
$ 21,509,804
$ 21,330,176
$ 21,149,911
$ 20,969,008
$ 20,787,465 $932,975 $2,136,730 $3,069,705
$ 20,605,278
$ 20,422,447
$ 20,238,967
$ 20,054,838
$ 19,870,057
$ 19,684,622
$ 19,498,529
$ 19,311,778
$ 19,124,365
$ 18,936,288
$ 18,747,545
$ 18,558,134 $840,374 $2,229,331 $3,069,705
$ 18,368,052
$ 18,177,297
$ 17,985,866
$ 17,793,757

Page 20
 Amort. Schedule

$ 17,600,968
$ 17,407,496
$ 17,213,339
$ 17,018,494
$ 16,822,959
$ 16,626,732
$ 16,429,809
$ 16,232,190 $743,760 $2,325,945 $3,069,705
$ 16,033,870
$ 15,834,848
$ 15,635,121
$ 15,434,686
$ 15,233,542
$ 15,031,686
$ 14,829,114
$ 14,625,825
$ 14,421,816
$ 14,217,085
$ 14,011,628
$ 13,805,444 $642,959 $2,426,746 $3,069,705
$ 13,598,529
$ 13,390,882
$ 13,182,499
$ 12,973,379
$ 12,763,517
$ 12,552,913
$ 12,341,562
$ 12,129,463
$ 11,916,613
$ 11,703,009
$ 11,488,648
$ 11,273,529 $537,790 $2,531,915 $3,069,705
$ 11,057,647
$ 10,841,001
$ 10,623,587
$ 10,405,404
$ 10,186,447
$ 9,966,716
$ 9,746,206
$ 9,524,915
$ 9,302,840
$ 9,079,979
$ 8,856,328
$ 8,631,886 $428,062 $2,641,643 $3,069,705

Page 21