Proposed Contract with 3534 East Cap Venture LLC to Contract No. 2017-12 HPTF Loan Documents Second Omnibus Amendment

MURIEL BOWSER
MAYOR
August 19, 2025
The Honorable Phil Mendelson
Chairman
Council of the District of Columbia
John A. W ilson Building
1350 Pennsylvania Avenue, NW, Suite 504
Washington, D.C. 20001
Chairman Mendelson:
Pursuant to section 451 of the District of Columbia Home Rule Act (D.C. Official Code §
1-204.51), enclosed for consideration and approval by the Council of the District of Columbia is
proposed Contract No. 2017-12 HPTF Loan Documents Second Omnibus Amendment with 3534 East
Cap Venture LLC in the amount of $3,752,901.
Under the proposed contract, the District will amend the current Housing Production Trust Fund
(HPTF) loan made to 3534 East Cap Venture LLC by $3,752,901, thus increasing the HPTF loan
amount from $20,615,633 to $24,368,534. The additional loan proceeds will be used to finance an
operating reserve, in addition to eligible Aged Accounts Payables, Sponsor Advance
Reimbursements, and Deferred Repairs & Maintenance expenses associated with the preservation of
137 affordable rental housing units located at 3534 East Capitol Street NE in Ward 7.
My administration is available to discuss any questions you may have regarding the proposed
contract. In order to facilitate a response to any questions you may have, please have your staff
contact Christopher Earley, Deputy Director, Department of Housing and Community Development,
at chris.earley@dc.gov or at (202) 442-7158. I look forward to the Council’s favorable consideration
of this contract.

GOVERNMENT OF THE DISTRICT OF COLUMBIA
Department of Housing and
Community Development

COUNCIL CONTRACT SUMMARY
Pursuant to section 202(c) of the Procurement Practices Reform Act of 2010, effective April 8, 2011
(D.C. Law 18-371; D.C. Official Code §2-352.02(c)), the following contract summary is provided:
(A) The proposed contractor, contract amount, unit and method of
compensation, contract term, and type of contract:
Proposed Contractor: 3534 East Cap Venture LLC

Contract Amount: $3,752,901

Unit and Method of Compensation: Draw Schedule
Term of Contract: 40 yrs (from November 2, 2017, the original loan date); 3%
simple interest
Type of Contract: HPTF Loan Documents Second Omnibus Amendment to the
Housing Production Trust Fund Loan Agreement
(B) The goods or services to be provided, the methods of delivering goods or services,
and any significant program changes reflected in the proposed contract:
The Department of Housing and Community Development (DHCD) proposes to
amend the current Housing Production Trust Fund (HPTF) loan made to 3534 East Cap
Venture LLC by $3,752,901, thus increasing the HPTF loan amount from $20,615,633
to $24,368,534. The additional loan proceeds will be used to finance an operating
reserve, in addition to eligible Aged Accounts Payables, Sponsor Advance
Reimbursements, and Deferred Repairs & Maintenance expenses associated with the
preservation of 137 affordable rental housing units located at 3534 East Capitol Street
NE in Ward 7 ("Solstice I Apartments").

(C) Results, including the price and technical components:
DHCD received a request for funding from the borrower to be used for the purpose of
financing an operating reserve, in addition to eligible Aged Accounts Payables,
Sponsor Advance Reimbursements, and Deferred Repairs & Maintenance expenses
associated with the preservation of 137 affordable rental housing units located at 3534
East Capitol Street NE in Ward 7 (“Solstice I Apartments”).

Page 1 of 3

(D) The background and qualifications of the proposed contractor,
including its organization, financial stability, personnel, and prior
performance on contracts with the District government:

The owner of 3534 East Cap Venture LLC is MidAtlantic Realty Partners LLC (“MRP”).
MRP and 3534 East Cap Venture LLC have no performance concerns related to working on
contracts with the District of Columbia government.

(E) Performance standards and the expected outcome of the proposed contract:

The owner of Solstice I Apartments ha s requested a Housing Production Trust Fund loan
amendment of $3,752,901, thus increasing the project’s HPTF loan amount from $20,615,633
to $24,368,534. The additional HPTF loan proceeds will finance the preservation of 137 units
of affordable rental housing located at 3534 East Capitol Street NE in Ward 7.
(F) A certification that the proposed contract is within the appropriated
budget authority for the agency for the fiscal year and is consistent with
the financial plan and budget adopted in accordance with D.C. Official
Code §§ 47-392.01 and 47-392.02:

The loan will be funded through the Housing Production Trust Fund. Attached is
the funding certification memorandum certifying that that the financing is
consistent with the District’s financial plan and budget.

(G) A certification that the proposed contract is legally sufficient, including
whether the proposed contractor has any currently pending legal
claims against the District:

A legal sufficiency memorandum from the Office of the General Counsel is attached.

(H) A certification that the proposed contractor is current with its
District and federal taxes or has worked out and is current with a
payment schedule approved by the District or federal government:

District and federal tax law compliance certifications are attached.

Page 2 of 3

(I) The status of the proposed contractor as a certified local, small, or
disadvantaged business enterprise as defined in the Small, Local, and
Disadvantaged Business Enterprise Development and Assistance Act of
2005, effective October 20, 2005 (D.C. Law 16-32; D.C. Official Code §
2-218.01 et seq.):

3534 East Cap Venture LLC is not a certified local, small, or disadvantaged business enterprise.

(J) Other aspects of the proposed contract that the Chief Procurement
Officer considers significant:
None

(K) A statement indicating whether the proposed contractor is currently
debarred from providing services or goods to the District or federal
government, the dates of the debarment, and the reasons for
debarment:
The proposed contractor is not currently debarred from providing services or goods
to the District or federal government. A debarment affidavit is attached.

(L) Where the contract, if executed, will be made available online:
The contract summary will be available at www.dhcd.dc.gov.

Page 3 of 3
1101 4th Street, SW
Washington, DC 20024
Date of Notice: June 27, 2025 L0014343685Notice Number:
FEIN: **-***9311
Case ID: 18645813

Government of the District of Columbia
Office of the Chief Financial Officer
Office of Tax and Revenue
3534 EAST CAP VENTURE LLC
3050 K ST NW STE 125
WASHINGTON DC 20007-5122

Branch Chief, Collection and Enforcement Administration
Authorized By Melinda Jenkins
To validate this certificate, please visit MyTax.DC.gov. On the MyTax DC homepage, click the
“Validate a Certificate of Clean Hands” hyperlink under the Clean Hands section.
CERTIFICATE OF CLEAN HANDS
As reported in the Clean Hands system, the above referenced individual/entity has no outstanding
liability with the District of Columbia Office of Tax and Revenue or the Department of Employment
Services. As of the date above, the individual/entity has complied with DC Code § 47-2862, therefore
this Certificate of Clean Hands is issued.
TITLE 47. TAXATION, LICENSING, PERMITS, ASSESSMENTS, AND FEES
CHAPTER 28 GENERAL LICENSE
SUBCHAPTER II. CLEAN HANDS BEFORE RECEIVING A LICENSE OR PERMIT
D.C. CODE § 47-2862 (2006)
§ 47-2862 PROHIBITION AGAINST ISSUANCE OF LICENSE OR PERMIT
1101 4th Street SW, Suite W270, Washington, DC 20024/Phone: (202) 724-5045/MyTax.DC.gov

COPY
THIS IS TO CERTIFY
that all applicable provisions of the District of Columbia Business
Organizations Code (Title 29) have been complied with and accordingly, this
CERTIFICATE OF
GOOD STANDING
is hereby issued to
C E R T I F I C A T E
3534 East Cap Venture, LLC
IN TESTIMONY WHEREOF I
have hereunto set my hand and caused the seal of this office to
be affixed as of
6/27/2025 12:22 PM
Business and Professional Licensing Administration
Tracking #:
PhPjiTvk
GOVERNMENT OF THE DISTRICT OF COLUMBIA
DEPARTMENT OF LICENSING AND CONSUMER PROTECTION
CORPORATIONS DIVISION
WE FURTHER CERTIFY
that the domestic entity is formed under the law of the District on
08/21/2015 ;

that all fees, and penalties owed to the District for entity filings collected through the
Mayor have been paid and Payment is reflected in the records of the Mayor; The entity's most
recent biennial report required by § 29-102.11 has been delivered for filing to the Mayor; and the
entity has not been dissolved.
This office does not have any information about the entity
¶
s
business practices and financial standing and this certificate shall not be construed as the entity
¶
s
endorsement.
Initial File #:
L00005253789
Entity Type:
LLC

DEBARMENT AFFIDAVIT
I,RobertJ.Murphy, herebyattestthatallmembers ofthedevelopment team, who
arelistedbelow,arenotlistedintheListofPartiesExcludedfrom Federal
ProcurementorNon-ProcurementPrograms.
DEVELOPMENT TEAM
Developer:3534 EastCap Venture LLC
Consultant(s):N/AProjectiscompleteand isfullyoperational
Management Agent:ResidentialOne
Attorney:Tenenbaum& Saas
Engineer(s):__N/AProjectiscompleteandisfullyoperational
Architect(s):N/AProjectiscompleteandisfullyoperational
Other(s):_N/AProjectiscompleteandisfullyoperational
Ifurtherattestthatno principal,major stockholder,officer,or directorof a development team
memberisdebarredfromparticipatinginafederalprocurementornon-procurementprogram.
eee D
AuthorizedMember
Title
4/2» py
Date
SwomandsubscribedtobeforeMethis%D__dayof
Notary Public
(Seal)

Page 1 of 4
GOVERNMENT OF THE DISTRICT OF COLUMBIA
PROFILE SUMMARY
(CONTRACTs TO PURCHASE, SELL, ACQUIRE, TRANSFER, LEASE OF REAL
PROPERTY/ EXCLUSIVE RIGHT AGREEMENTs/LOANs & GRANTs OVER $1M/INTRA-
DISTRICTs)
Agency Code:
Agency Code:
Contracting Agency: Dept. Housing and Community Development
Using Agency: Dept. Housing and Community Development
Loan/Grant/Lease Sub-recipient Name: (DVW&DS9HQWXUH//&.
Should the D.C. Council have any questions regarding this loan/grant/lease, please contact:
Project Manager: 6WHYHQ/DZUHQFH Telephone Number: 202-442- 


TYPE OF DOCUMENT SUBMITTED
1. Loan/Grant/Lease Modification 4. Written or Informal Contract
2. Exercise of Grant Option Year (E. O.) 5. Lease of Real Property
3. Loan/Grant/Lease Agreement for:
(DVW&DS9HQWXUH//&
6. Other:
LOAN/GRANT TYPE
1. Grant 4. Cost Reimbursement
2. Loan Price $ 
 5. Time and Material
3. Task Order 6. Advance Payment
Page 2 of 4
GRANT/LOAN/LEASE INFORMATION
Amount: $ 
 (HPTF) Grant/Loan/Lease No. : _DHCD
Caption: (DVW&DS9HQWXUH//&. Grant/Loan Term: 4 Years
IURP1RY
WKHRULJLQDO+37)ORDQGDWH

Interest Rate: %, simple interest
Does this Grant/Loan Amount exceed $1 million: Yes No
If yes, please attach a copy of the DC Council approval and provide the following information:
Date received: Date approved:
LEASE INFORMATION
Lease No.:
Location:
Sq. Ft. Leased:
Total Bldg. Sq. Ft.:
Total Cost
Annual Cost
Cost Per Sq. Ft.
% Sq. Ft. Leased By D.C.
BRIEF DESCRIPTION OF GRANT/LOAN/LEASE
SOURCE OF FUNDING
1. Appropriated 4. Intra-District
2. Capital 5. Inter-Jurisdictional
3. Grant ( ) 6. Other: HRXVLQJPURGXFWLRQTUXVWFXQG
If procurement action is funded by grant or other non-capital or non-appropriated funds, will the
District need to expend some portion of its funds prior to receiving funds from the grantor or
other funding source?
Yes No N/A
If Yes, indicate the amount the District will need to expend and the percentage this amount
represents of the total funds required to support the effort. District Funds $
% .
Page 3 of 4
CRITICAL ISSUES ASSOCIATED WITH GRANT/LOAN ACTION
1. Is this Grant/Loan one of multiple (more than one) Grants/Loans for similar goods, services, etc.,
awarded by the Agency to this subrecipient, or related entity, within the last twelve (12) months?
Yes No
2. Have reserved funds been obligated for payment? (If Yes, ensure documentation is included in
Grant/Loan File).
Yes No
3. Is the File complete? (If Yes, please attach pertinent documentation).
Yes No
4. Is the subrecipient a successor to or affiliated with another individual or business that has
Grant/Loan with the Agency?
Yes No
If Yes, name of Predecessor/Affiliate: 7KHVXEUHFLSLHQWLVDIILOLDWHGZLWK(DVW&DS9HQWXUH
//&, an affiliate of 0LG$WODQWLF5HDOW\3DUWQHUV//&
053
053LVWKHSURMHFWVSRQVRUIRU
6ROVWLFH,.
5. Is a former District employee an owner, officer, or affiliate of the subrecipient?
Yes No
If Yes, Name and Affiliation: N/A
Please discuss any other critical issues such as time constraints; health and safety issues; or
financial/revenue production issues that should be known.
FUTURE INFORMATION/DOCUMENTATION TO BE SUBMITTED TO AUTHORITY
IF Grant/Loan IS AWARDED
1. Award Date 4. Claims By/Against Grant/Loan
2. Expiration Date 5. Certified Completion Date
3. Amendments 6. Final Payment Date

CERTIFICATIONS
I certify that th H proposed financing provided by the Department of Housing and Community
Development (DHCD) to (DVW&DS9HQWXUH//& in the amount of $ 
 from the District of
Columbia Housing Production Trust Fund will SUHVHUYH a unit affordable  UHQWDO housing
development located at  (DVW &DSLWRO 6WUHHW 1( in Ward  and is in compliance with the
applicable Federal and District of Columbia Regulations and DHCD’s policies and procedures.
Colleen Green Date
Director, DHCD
Christopher Earley Date
Deputy Director, DHCD
I have reviewed this Project’s budget and determined that it is within the District’s Financial Plan
and Budget for FY 2025 and that funds are available to support the action.
Beth Spooner Date
Agency Fiscal Officer, DHCD
DETERMINATION
I have reviewed this Project’s budget and have determined that it is within the District’s Financial
Plan and Budget for FY 2025 and that funds are available to support the action.
Leroy Clay, III Date
Associate Chief Financial Officer
Economic Development and Regulation Cluster
Page 4 of 4
Christopher Earley
July 2, 2025
p
for July 2, 2025
Bethany Spooner
Digitally signed by Bethany
Spooner
Date: 2025.07.02 12:16:41 -04'00'
Leroy Clay III
Digitally signed by Leroy Clay III Date: 2025.07.02 13:46:37 -04'00'

GOVERNMENT OF THE DISTRICT OF COLUMBIA
DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT

Department of Housing and Community Development | 1909 Martin Luther King, Jr. Avenue, SE, Washington, DC 20020 | 202.442.7200 | dhcd.dc.gov
MEMORANDUM

TO: Muriel E.Bowser
Mayor

FROM: Julia H. Wiley
General Counsel
Department of Housing and Community Development

DATE: July 2, 2025

SUBJECT: Proposed Funding in the principal amount not to exceed Three Million Seven
Hundred Fifty-Two Thousand Nine Hundred One and 00/100 Dollars ($3,752,901.00)
("Funding") to 3534 East Cap Venture, LLC (the “Borrower”)

The Housing Production Trust Fund (HPTF) Loan Documents Omnibus Amendment results in
a proposed increase of a previously awarded HPTF loan in an amount not to exceed Three
Million Seven Hundred Fifty-Two Thousand Nine Hundred One and 00/100 Dollars
($3,752,901.00).

On November 2, 2017, Borrower was awarded a HPTF loan in an amount not to exceed
Nineteen Million Six Hundred Sixty-Five Thousand Six Hundred Thirty-Three and 00/100
Dollars ($19,665,633.00) to develop a property located at 3534 East Capitol Street N.E. into
137 units of affordable housing, all of which are affordable to residents making 50% or less of
the Area Median Income (the “Project”). The Project was delivered in 2019 and achieved
stabilized occupancy in 2020.

The Project suffered higher than expected rent collection losses due to COVID-19, resulting in
significant budget shortfalls, necessitating the need for a HPTF loan increase in 2021 when the
Project converted to permanent mortgage financing. The Project continued to experience
higher than expected collection losses due to eviction related delinquencies following COVID-
19 and was approved for a Fall 2024 Consolidated Request for Proposals for Affordable
Housing Projects funding award. These HPTF loan proceeds will be used to pay operating
deficits, aged payables and deferred repairs and maintenance to stabilize the Project and lessen
the likelihood of foreclosure by the senior lender.

Department of Housing and Community Development | 1800 Martin Luther King, Jr. Avenue, SE, Washington, DC 20020 | 202.442.7200 | dhcd.dc.gov

The attached HPTF Loan Documents Omnibus Amendment is legally sufficient in accordance
with all applicable District of Columbia laws. If you have any specific questions regarding this
contract, please contact Julia Wiley on (202) 442-6295.

cc:
Chris Earley, Deputy Director, DHCD
Steven Lawrence, Associate Director of Asset Management, DHCD
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DC Council Version
WHEN RECORDED MAIL TO:
Department of Housing and Community Development
Office of the General Counsel
1909 Martin Luther King Jr. Avenue, S.E..
Washington, D.C. 20020
Attention: Julia Wiley

DHCD CONTRACT NO. 2017-12

HPTF LOAN DOCUMENTS SECOND OMNIBUS AMENDMENT

This HPTF Loan Documents Second Omnibus Amendment (this “Amendment”) is
entered into as of ____________, 2025, by and between 3534 East Cap Venture, LLC
(“Borrower”), Julia H. Wiley , as trustee (“Trustee”) and the District of Columbia , a
municipal corporation acting by and through the D.C. Department of Housing and
Community Development (“Lender”; together with the Borrower, the “Parties”).

Recitals:

A. WHEREAS, the Parties have heretofore entered into the following documents,
among others:

1) that certain Loan Agreement, dated as of November 2, 2017, between
Borrower and Lender [DHCD Contract No. 2017-12] (the “ Loan
Agreement”) attached hereto as Exhibit D;

2) that certain Housing Production Trust Fund Program Deed of Trust,
Assignment of Leases and Rents and Security Agreement, dated as of
November 2, 2017 by Borrower to Trustee, for the benefit of Lender, and
recorded as Document Number 2017124018-20 with the Recorder of Deeds
for the District of Columbia (the “Records”);

3) that certain Declaration of Covenants, dated as of November 2, 2017, made
by Borrower for the benefit of Lender;

4) that certain Loan Commitment for a Housin g Production Trust Fund
Program Loan, dated May 1, 2017, between Lender and Borrower (the
“Commitment”); and

5) that certain Second Deed of Trust Note, dated as of November 2, 2017
made by Borrower (the “Note”).

The documents listed in items Recital (A)(1) -(5) above shall be collectively
referred to herein , as amended by that certain HPTF Loan Documents Omnibus
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DC Council Version
Amendment dated May 14, 2021 (the “First Amendment ”), attached hereto as Exhibit E
and recorded as Document Number 2021068793 with the Records, as the “Original
Documents.” Capitalized terms used in this Amendment that are not defined herein shall
have the meanings given to such terms in the Original Documents.

B. WHEREAS, the Parties entered into the Original Documents to secure payment of
a loan from Lender to Borrower in the original principal amount of
$19,665,633.00, which was increased to $20,615,633.00 pursuant to the First
Amendment, attached hereto as Exhibit E (the “Loan ”), all as a part of a loan
transaction to fund the construction of a 137- unit multifamily rental project known
as The Solstice Phase I (the “Project ”), which is located at 3534 East Capitol
Street, NE and more particularly described on Exhibit A attached hereto and made
a part hereof;

C. WHEREAS, all Project housing units are affordable to and reserved for households
making 50% or less of the Area Median Income;

D. WHEREAS, the Lender issued the Fall 2024 Consolidated Request for Proposals
for Affordable Housing Projects (“RFP”) in August 2024 with a goal of providing
bridge, gap and support funding to multi-family affordable housing projects
demonstrating operating pressures due to unplanned vacancies, rental
delinquencies, and or extraordinary increase in budgeted operating expenses post-
construction and lease-up;

E. WHEREAS, the Project has experienced higher than expected collection losses due
to the COVID-19 pandemic and ensuing events , and Borrower submitted an RFP
application funding request, which was approved for a HPTF funding award to
stabilize the Property; and

F. WHEREAS, the Parties desire to amend the Original Documents to further increase
the principal amount of the Loan to $24,368,534.00, by adding Three Million
Seven Hundred Fifty -Two Thousand Nine Hundred One and 00/100 Dollars
($3,752,901.00) in HPTF funds , of which the original principal balance of
$19,665,633.00 shall be deemed “Tranche A ” and the additional principal balance
being added pursuant to the First Amendment and this Amendment in the total
amount of $4,702,901.00 shall be deemed “Tranche B”.

The Parties are entering into this Amendment to evidence and effectuate the
foregoing, and to amend the Original Documents.

NOW, THEREFORE, the Parties agree as follows:

1. The principal amount of the Loan is increased by agreement of Lender and
Borrower to add Three Million Seven Hundred Fifty -Two Thousand Nine
Hundred One and 00/100 Dollars ($3,752,901.00) in HPTF funds for a
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DC Council Version
maximum principal amount of $24,368,534.00, consisting of Tranche A in the
amount of $19, 665,633.00 and Tranche B in the amount of $4,702,901.00.

2. Section 1(d) of the Loan Agreement, Schedule IX of the Commitment, and
Section “a.” of the Note are hereby amended such that all loan repayments shall
occur consistent with the following, notwithstanding anything to the contrary
set forth in the Original Documents:

Beginning on the first May 1 following the date that is 24 months after Loan
Closing, and on each and every subsequent May 1, until Tranche B is repaid in full,
the Borrower shall make an annual payment to Lender, inclusive of principal and
interest, from 100% of “ Available Cash Flow ” as more particularly defined in
Schedule A. “Loan Closing” shall mean the date on which all of the Loan
Documents were fully executed and delivered. Borrower’s payment shall be made
by check or wire and shall be delivered and paid as directed in writing by Lender.
After Tranche B has been repaid in full, on each and every subsequent May 1, the
Borrower shall make an annual payment to Lender, inclusive of principal and
interest, from 75% of Available Cash Flow . All loan payments shall be applied as
follows: first, to unpaid interest on Tranche B, then to the principal balance of
Tranche B, then to unpaid interest on Tranche A, then to the principal balance of
Tranche A.

3. The definition of Available Cash Flow set forth in Schedule A attached to the
Loan Agreement, Exhibit B attached to the Commitment, and Exhibit B
attached to the Note are hereby deleted and replaced with the definition of
Available Cash Flow set forth in Exhibit C attached hereto as of the date
hereof.

4. Exhibit B attached to the Loan Agreement is hereby deleted and replaced with
Exhibit B attached hereto as of the date hereof.

5. Lender and Borrower hereby remake and reaffirm, as of the date of this
Amendment, all of their representations, warranties, covenants and
undertakings under the various Original Documents.

6. The Parties intend that this Amendment constitute an amendment to the
Original Documents, as applicable. The Parties agree to execute and
acknowledge (or cause to be executed and acknowledged) and deliver all
documents, and take all actions, reasonably required from time to time to give
effect to the provisions of this Amendment and to confirm the rights created or
now or hereafter intended to be created under the Original Documents, as
amended by this Amendment, or otherwise to carry out the purposes of this
Amendment.

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DC Council Version
7. As amended by this Amendment, the Original Documents shall continue to be
and remain in full force and effect, and are hereby ratified and confirmed.

8. This Amendment does not affect the senior priority of that certain Deed of
Trust, Security Agreement and Assignment of Rents and Leases, dated as of
November 1, 2017 by Borrower to Todd A. Lee and Stanley Jackson , as
trustees, for the benefit of the District of Columbia Housing Finance Agency,
and recorded as Document Number 2017124013-65 in the Records.

[SIGNATURES APPEAR ON THE FOLLOWING PAGES]

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DC Council Version
IN WITNESS WHEREOF, the Parties hereto have executed this Amendment under
seal as of the date first above written.

BORROWER:

3534 EAST CAP VENTURE, LLC,
a District of Columbia limited liability company

By: 3534 East Cap Operator, LLC,
a District of Columbia limited liability company,
its Managing Member

By: 3534 MRP, LLC,
a District of Columbia limited liability company,
its Managing Member

By: MRP East Capitol Partners, LLC,
a District of Columbia limited liability company,
its Manager

By: MidAtlantic Realty Partners, LLC,
a Virginia limited liability company,
its Manager

By: ____________________
Robert J. Murphy
Authorized Signatory

District of Columbia, ss:

I, , a Notary Public in and for the above jurisdiction, hereby
certify that Robert J. Murphy in his capacity as Authorized Signatory in the foregoing
instrument bearing the date as of _________________, 2025, personally appeared before
me in said jurisdiction, and as said attorney -in-fact, acknowledged and delivered said
instrument to be the act and deed of the Borrower.

Witness my hand and official seal this day of ____________, 2025.

[SEAL] _______________________
Notary Public
My Commission Expires:
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DC Council Version

LENDER:

DISTRICT OF COLUMBIA, a municipal
Corporation, acting by and through the
Department of Housing and Community
Development

By: _________________________
Colleen Green
Director

District of Columbia, ss:

I, , a Notary Public in and for the above jurisdiction, hereby
certify that Colleen Green in her capacity as Director of the District of Columbia
Department of Housing and Community Development in the foregoing instrument bearing
the date as of _________________, 2025, personally appeared before me in said
jurisdiction, and as said attorney-in-fact, acknowledged and delivered said instrument to be
the act and deed of the Lender.

Witness my hand and official seal this day of ____________, 2025.

[SEAL] _______________________
Notary Public
My Commission Expires:

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DC Council Version
TRUSTEE:

_________________________
JULIA H. WILEY

District of Columbia, ss:

I, , a Notary Public in and for the above jurisdiction, hereby
certify that Julia H. Wiley, in the foregoing instrument bearing the date as of
_________________, 2025, personally appeared before me in said jurisdiction, and as said
attorney-in-fact, acknowledged and delivered said instrument to be the act and deed of the
Trustee.

Witness my hand and official seal this day of ____________, 2025.

[SEAL] _______________________
Notary Public
My Commission Expires:

DC Council Version 8
Exhibit A

Property Description

Part of Record Lot 40
Taxed as Lot 806
SQUARE 5047
District of Columbia

Part of Record Lot 40 in Square 5047, District of Columbia, as the same is set forth on that
certain Plat of Subdivision made September 6, 2016 by East Capitol Minnesota, LLC, and
recorded December 23, 2016 in Subdivision Book 211 at Page 196 among the Records of the
Office of the Surveyor of the District of Columbia; said part of Lot 40 being part of the same
land as conveyed to East Capitol Minnesota, LLC, by Deed dated December 5, 2005 and
Recorded December 7, 2005 as Instrument Number 2005175664 in the Office of the Recorder of
Deeds of the District of Columbia; said part of Lot 40 being known for purposes of Assessment
and Taxation at the date hereof, as Lot 806 in Square 5047; and being more particularly
described as follows:

BEGINNING at a point on the northerly line of East Capitol Street (160 ft. wide), being also the
southerly line of Lot 40; said point lying Due EAST 373.66 feet from the intersection of said
northerly line of East Capitol Street with the easterly line of 35th Street, N.E. (60 ft. wide); thence
departing said East Capitol Street and running in, through, over and across Lot 40 so as to
include a portion thereof

1) Due NORTH 101.04 feet to the southerly line of a Public Alley (16 ft. wide) being also
the northerly line of Lot 40; thence running with said line

2) Due EAST, 227.13 feet to a point; thence continuing with said Public Alley

3) North 29°48’00” East, 133.68 feet to the southerly line of Ames Street, N.E. (60 ft.
wide); thence with said southerly line of Ames Street

4) Due EAST, 82.86 feet; thence departing said Ames Street, N.E. and running with the
westerly line of Lot 39 in Square 5047

5) South 29°48’00” West, 95.65 feet to a point; thence with the southerly line of said Lot 39

6) Due EAST, 63.51 feet to a point; thence continuing with said southerly line of Lot 39

7) South 81°10’50” East, 24.62 feet to a point on the westerly line of Minnesota Avenue,
N.E. (90 ft. wide), said point being also the northeast corner of the aforementioned Lot
40; thence with said westerly line of Minnesota Avenue, N.E.

8) South 29°48’00” West, 113.01 feet to a point of curvature; thence

DC Council Version 9

9) 67.24 along the arc of a curve to the right, said curve having a radius of 64.00 feet, delta
angle of 60°12’00”, tangent distance of 37.10 feet and a chord bearing and distance of
South 59°54’00” West, 64.19 feet to aforementioned northerly line of East Capitol Street;
thence with said northerly line of East Capitol Street

10) Due WEST 305.03 feet to point and place of beginning, containing 49,801 square feet or
1.14327 acres of land.

Together with the use and appurtenant benefit of that certain public alley, adjacent and
contiguous to, and immediately North and Northeast, of said Lot 806.

TOGETHER WITH all easements, covenants, agreements, rights, benefits, liberties and
privileges created or established by, or in any way relating or appertaining to, that certain
Declaration of Reciprocal Easements, Covenants and Restrictions by and between 3534 East
Cap Venture, LLC, a District of Columbia limited liability company, and 3500 East Cap
Venture, LLC, a District of Columbia limited liability company, dated November 2, 2017
and November 8, 2017, as Instrument No. 2017124008 in the Office of the Recorder of
Deeds of the District of Columbia.

DC Council Version 10
Exhibit B

Project Budget

[see attached]
SourcesHPTELoan
TotalSources
Uses:OperatingDeficits
‘AgedAccountPayablesRepairandMaintenance‘SponsorReimbursables
3,752,901.00
3,752,901.00
2,799,713.00474,834.00125,850.00352,503.00'3,72,901.00

DC Council Version 11
Exhibit C
Definition of Available Cash Flow

Loan to be non-recourse and payable from Available Cash Flow as defined below:

“Available Cash Flow” shall be defined herein to mean the annual sum of (i) all cash
received from rents, lease payments, and all other sources (including any release of funds
from reserves or escrows), but excluding (a) LRSP funds, (b) tenant security or other
deposits (except to the extent forfeited to the Borrower), (c) capital contributions and
interest thereon (other than if used to pay for an item deducted in determining available
cash), (d) proceeds from capital transactions, and (e) interest on reserves not available for
distribution; and (ii) the net proceeds of any insurance, other than fire and extended
coverage and title insurance, to the extent not used for rebuilding of the Property, LESS
the sum of: (a) all cash expenditures, and all expenses unpaid but properly accrued,
which have been incurred in the operation, maintenance, repair or restoration of the
Borrower’s Property (whether or not such expenditure is deducted, amortized or
capitalized for tax purposes), including the management fee to the management agent,
asset management fees, incentive management fees, credit adjusters, and leasing,
operation, maintenance, repair, restoration and taxes, charges and assessments imposed
on or in connection with the Property, (b) all payments, including, but not limited, to fees,
expenses, and other costs, required by or on account of the loan from any lender that has
a loan on the Property that is senior to the Loan (“Senior Lender”) and as required under
the senior loan documents (“Senior Loan Documents”) related to the senior loan
(“Senior Loan”), (c) payments of any deferred developer fee, (d) all debt service
payments (including those on loans made by Borrower’s Members) and any other
lender/equity investor imposed fee, (e) any cash reserves for, among other purposes,
capital expenditures, repairs, replacements and anticipated expenditures, in such amounts
as may be required by the Senior Lender as set forth in the Senior Loan Documents or
Borrower’s tax credit investor and required for the operation and maintenance of the
Property.

DC Council Version 12
Exhibit D

Loan Agreement DHCD Contract No. 2017-12
November 2, 2017
[see attached]

A
DepMment of Housing and CAM munity Development

Ged Loan TransmittalCheck SheetNOTE:[falloftheapplicabledocumentshinformationisnotreceivedwiththeloanpackagethatistransmitedforservicingthelenuirepackagewillbereturnedimmediovelytotheProjectManager.
Pro} 3 ijectName: 3534 EastCapitolStreetNE = _ AOD 1X
1.Loan Information

LoanAmount: $19,665,633
FundingSource: HousingProductionTrustFund
LoanProgram: Multifamily
TypeofLoan: CashFlow
‘AppraisalValue: $14,500,000
Terms:(intorestrate,#ofpayments,| 1%interestrate,annualpaymentsof75%ofSaymentsevere, nia,Percentan available cash flow,40 year term, interest
Graceperiod,Maturlydate,ete).”_|a€cruesifnotpaidFirstPaymentDueDate: May1,2019
Periodic Payment Amount: 75% of Cash Flow

Federal Tax ID Number or SSN: | 81-2119311

Borrower'sContactPerson:| RobertJMurphy
Contact Person's Title& Phone | Authorized Member, 202-719-9000
Number:
MailingAddress (Ifdifferent 3050 K StreetNW Suite 125 Washington, DC

frompropertyaddress) 20007ProjectManagerName:JosephKnackstedtProjectManagerSignature: DateSubmittedtoOAG:AY oo!
2.TansinittalfromDEDtpOAG
AttorneyName: St Date Received: 12 | 14%
‘AttorneySignature: (rudrstte! tron
3.TransmittalfromOAG toPAMD
DocumentsrequiredforServicing/Booking
v DeedofTrust
DeedofTrustNoteOutliningSpecificPaymentTerms;withRepaymentScheduleAttached
Wi LoanandSecurityAgreement
FinancingStatement(ifapplicable)

ALL ModificationsExecuted (ifapplicable)

Letterof Commitment

Vv CopyofHazardInsurance °
° TitleInsurancePolicy(ifapplicable)
HUD 1
HomeAgreement(ifapplicable) .
DeclarationsofCovenantsandrentRegulatory
Ww Agreement
ConditionCollateralAssignmentofPlansandSpecs.
AllotherapplicableloandocumentsandorExhibits
PAMD Specialist Name:
PAMDSpecialistSignatu

BIS‘4.LoanTransmittaltoOGFOforServicing/Booking
‘OCFOSpecialistName:OCFO SpecialistSignature? Date Received:

3534EastCapVenture,LLCLoanAgreement
DHCD CONTRACT NO.2017-12
LOAN AGREEMENT
THISLOANAGREEMENT(the"Agreement”)ismadeasofthis2" dayofNovember,2017,byandbetween3534EastCapVenture,LLC (the“Borrower”,andtheDistrictofColumbia(the“District”),a municipalcorporationactingbyandthroughtheD.C.Departmentof
HousingandCommunityDevelopment(the“Lender”,“DHCD”or“Department”).
RECITALS
R.1 Borrower'sprincipalplaceof businessisat: 3050K Street,NW, Suite125,
Washington,DC 20007;
R.2__BorrowerandLenderdesirethattheLendermakealoantotheBorrowerintheamountofNineteenMillionSixHundredSixty-FiveThousandSixHundredThirty-ThreeDollars
andZeroCents($19,665,633.00)(“Loan”)ofHousingProductionTrustFund(“HPTF”)moniestopayforcostsassociatedwiththenewconstructiondevelopmentofcertainreal
propertylocatedat3534EastCapitolStreet,NE (“Project”)andisfurtherdescribedin.ExhibitA attachedhereto(“Property”)andmadepartofthisAgreement,inwhichcostsaresubjecttoLender’sapprovalasprovidedherein;
R.3 TheLoanwillbefinancedusingHPTF moniesnottoexceed$19,665,633.00thatwillbe
disbursedon orafterthedatehereof;
R.4yTheHPTFfundingisauthorizedpursuanttotheHousingProductionTrustFundActof
1988,D.C.OfficialCode§42-2801efseq.andtheDistrictofColumbiaMunicipalRegulationsTitle10,Chapter41,bothasmaybeamendedfromtimetotime(collectively,the“HPTF
Regulations”orthe“HPTFStatutes”);

RS LenderandBorrowerdesiretosetforththetermsandconAgreement; nsoftheLoaninthis
R.6 BorroweragreestousetheLoantofinanceHPTF eligibleexpensesincludingconstructioncosts,softcosts,acquisitioncostsandthereimbursementofpredevelopmentcostsapprovedbyDHCD assetforthherein(collectively,“EligibleCosts”)anduponcompletionof
construction,theoperationofthePropertyas137unitsofrentalhousingwhereinfifteen(15)unitswillbedeedrestrictedasPermanentSupportiveHousingunits(“PSH”)tobeaffordableto
andoccupiedbyhouseholdsatorbelow30%of AMI andonehundredtwenty(122)unitswillbedeedrestrictedatorbelow50%ofAMIinaccordancewiththeHPTFRegulations;
R.7 Borrower's activitiesidentifiedhereinare eli
HPTFRegulationsandalllocallawsandregulations;

ibleforreceiptofavajlablefundsunderthe

{D0622145.DOCc / 9 DC533}1
3534EastCapVenture,LLCLoanAgreement
R8 —HPTFfundsareavailabletotheDepartmentinthefiscalyear2017foreligiblehousingproductionprojects;
R.9 DHCDapprovedtherequestforHPTFassistanceandhasdeterminedsuchapplicationtobeinfullcompliancewithallapplicableHPTFRegulations;and
R.10 Borrower shallcomply with allapplicableUnited Statesand Districtof Columbia laws
andregulations.
NOW THEREFORE, inconsiderationof the mutual promises and covenants contained
hereinandothergoodandvaluableconsideration,thereceiptandsufficiencyofwhichi herebyacknowledged,thepartiesagreeasfollows:
DEFINITIONS
ForthepurposesofthisAgreement,thefollowingtermsshallhavethemeaningascribedtothembelow.
WheneveranywordsareusedinthisAgreementinthemasculine,feminineorneutergender,
theyshallbeconstruedasthoughtheywerealsousedinanothergenderinallcaseswheretheywouldsoapply,andwheneveranywordsareusedinthisAgreementinthesingularorplural
form,theyshallbeconstruedasthoughusedintheotherforminallcaseswheretheywouldso
apply.
ThecaptionsandheadingscontainedinthisAgreementareincludedhereinforconvenienceorreferenceonlyandshallnotbeconsideredaparthereofandarenotinanywayintendedtolimit
thetermsofthisAgreement.
(a)AffirmativeActionPlan-TheplansubmittedbytheBorroweranditsgeneralcontractortoLenderforapprovalpriortoLoanClosing,theissuanceofa NoticetoProceedandthedistributionofanyLoanproceeds.Suchplanshall.containdetailsoftheBorrower'sanditsgeneralcontractor'seffortstocomplywiththeDistrict’sgoalsforthehiringofminority,‘womenandlocal,smallordisadvantagedbusinessenterprisesinthedemolitionandconstructionoftheProperty,allassetforthintheLoanCommitment.
(b)DeclarationofCovenants~CovenantsgrantedbytheBorrowerinfavoroftheLender,
datedthedateofLoanClosingandrecordedinthelandrecordsoftheDistrictofColumbia,ThecovenantsshallrunwiththelandandshallbindtheBorrowerandallsuccessorsandassignsforthebenefitoftheLenderandshallrequirethatthe
maintenance,operation,andaffordabilityofthePropertyremainincompliancewiththeHPTFRegulationsfora periodoffifty(50)yearsfromthedatethecertificateof
occupancyfortheProjectwasreceived.Notwithstandingtheforegoing,forthepurposesoftheDeclarationofCovenants,LenderacknowledgesthatBorrowerandtheDistrictof
ColumbiaHousingAuthority(“DCHA”)haveenteredintoanagreementforDHCA toprovideatleastfifteen(15)yearsofLocalRentalSubsidyProgram(“LRSP”)project-
basedrentsubsidytothePSHUnitsaftertheProjectisPlacedinService.IftheLRSP
{p0622145.Doc/ 9 D533}2
©)
@
@)
(f)
3)
(h)
3534EastCapVenture,LLCLoanAgreement
rentalsubsidyisnotavailablefromDCHA,thentheBorrowershallprovideimmediatenoticetoLenderofthenon-availability.Borrowershallhavetheopportunitytoidentifyareplacementrentalsubsidy.IntheeventthattheBorrowerhasexerciseddiligenteffortstosecureanalternatesourceofsubsidywithoutsuccess,andprovidedDHCD.withevidenceofsame,anddespitesuchdiligence,BorrowerunabletoprovideareplacementrentalsubsidyinanamountthatisatleastequivalenttotheLRSPsubsidyandisunabletoprovidethefundsneededtoreplacethesubsidywithinsixty(60)daysafterthesubsidyrunsout,BorrowershallbeentitledtorentthePSHUnitstoLowIncomeHouseholdsnotmakingmorethan60%ofAMIoncethepriorExtremelyLowIncometenant(s)vacatetheirapartments,ThroughoutthetermoftheLoan,BorrowershallhaveacontinuingobligationtomakeagoodfaithefforttohavesuchunitsrentedtoExtremelyLowIncomeHouseholdsandatalltimesduringtheLoanTerm,BorrowershallcontactDCHAeverytimeaReservedUnitbecomevacanttogetareplacementPSHtenantandreplacementLRSPfunds.BorrowershallallowDCHAatleastsixty(60)daysfromthedateofcontacttofindareplacementPSHtenantandtoprovideLRSPfunds.
DeedofTrust- TheLoanshallbesecuredbynotlessthanaSECONDdeedoftrustsubordinatetothefirstpositionlender,theDistrictofColumbiaHousingFinanceAgency(togetherwithitssuccessorsandassigns,including,withoutlimitation,JPMorganChaseasbondpurchaser,“FirstPositionLender”).
Developer~TheentitythatwillmanagetheredevelopmentofthePropertyandwillearnthedevelopmentfee(“DevelopmentFee")asshowninExhibitB,ProjectBudgetattachedhereto.TheDevelopmentFeeshallbepaidinaccordancewiththeProjectBudget.Ifthereareunpaiddeveloperfees(“DeferredDeveloperFee”)remainingafterthefinalequityinstallmentispaidpursuanttotheOperatingAgreement,theDeferredDeveloperFeeshallberepaidfromannualinstallmentpaymentsthatareaheadoftheAvailableCashFlowpaymentsmadetoLender,assetforthinScheduleA.
FinancingStatement-Thatcertainfinancingstatementthatshallberecordedinthelandand
chattelrecordsoftheDistrictofColumbiatocreatealienonallofthefixtures,furnishing,andequipmentoftheBorrowerusedinconnectionwiththeoperationofthePropertyasahousingfacility.SuchlienshallfurthersecuretheBorrower'spromisetorepaytheLoanin
accordancewiththetermsandconditionsoftheLoanDocuments.
Loan-TheHPTFfinancingprovidedbyLenderintheprincipalamountnottoexceedNineteenMillionSixHundredSixty-FiveThousandSixHundredThirty-ThreeDollarsandZeroCents($19,665,633.00)evidencedbytheLoanDocuments.
Loan Closing-Loan Closingshallbe definedasthedatethattheLoan Documents arefully
executedanddeliveredtoLender.
LoanCommitment— Lender’sletterofconditionalcommitmenttomaketheLoantotheBorrower,fullyexecutedonMay1,2017.
{D0622145.DoCc / 9 DC533)3
3534EastCapVenture,LLCLoanAgreement
(i)LoanDocuments-ThisAgreement,theDeedofTrustNote,theDeedofTrust,theDeclarationofCovenants,theLoanCommitment,theSubordinationAgreementandthe
FinancingStatement.AllLoanDocumentsshallbeincorporatedhereinbyreference.IntheeventofaconflictintermsbetweenthisAgreementandanyotherLoanDocument,theLender,initsreasonablediscretion,shalldecidewhichdocumentcontrols.
(i)Note-ThatcertainnotlessthanSECONDDeedofTrustNotemadebyBorrower,ofevendateherewith,asmaybeamendedfromtimetotime,shallevidenceBorrower'spromisetoLendertorepaytheLoanunderthetermsandconditionsoftheLoanDocumentsandtheHPTF Regulations.

(k)ProjectBudget~ThescheduleattachedheretoandincorporatedhereinasExhibitB,thatsetsforththesourcesandusesforthedevelopmentoftheProject,asamendedfromtimeto
time,andsubjecttoLenderapproval,initsreasonablediscretion.
(1)RepaymentSchedule-ThescheduleattachedheretoandincorporatedhereinasExhibitC,thatsetsforththeannualpaymentsandinterestfortherepaymentoftheLoan.
(m)ReservedUnits~Thetotalonehundredthirtyseven(137)residentialhousingunitsinthePropertythatshallbereservedforExtremelyLowIncomeHouseholds,VeryLowIncomeHouseholdsandLow IncomeHouseholdsfortheperiodendingnolaterthanfifty(50)years
fromthedatethecertificateofoccupancyisissuedfortheProject.Uponcompletion,theoperationofthePropertyas137unitsofrentalhousingwhereinfifteen(15)unitswillbe
deedrestrictedasPSHunitstobeaffordabletoandoccupiedbyhouseholdsatorbelow30%ofAMIandonehundredtwenty-two(122)unitswillbedeedrestrictedatorbelow50% of AMI as defined in the HPTF statute. Throughout the term of the Loan, the
ReservedUnitsshallbeoperatedintheircurrentconfigurationof:Sixty-Three(63)OneBedroom,Fifty-Nine(59)TwoBedroom,andFifteen(15)ThreeBedroomapartments.Thefifteen(15)PSH unitsshallbe designatedasfollows:ten(10)unitsshallbe two(2)
bedroomunits;five(5)unitsshallbethree(3)bedroomunitsandeight(8)unitsshallbeUniformFederalAccessibilityStandard(“UFAS”)accessible.ForthepurposesoftheLoan,theterm“ExtremelyLowIncomeHouschold”shallbedefinedasarenterwhoheadsahouseholdwithatotalaggregateincomethatislessthanorequaltothirtypercent(30%)of.theAreaMedianIncomefortheWashingtonMetropolitanStatisticalAreaassetforthintheperiodiccalculationprovidedbytheUnitedStatesDepartmentofHousingandUrbanDevelopmentandadjustedforfamilysizeinaccordancewiththeHPTFStatutes(“AMI”).“VeryLowIncomeHousehold”shallbedefinedashouseholdswithincomeequalto,orlessthanfiftypercent(50%)ofAMI. “Low IncomeHousehold”shallbedefinedas
householdswithincomeequalto,orlessthansixtypercent(60%)ofAMI.Notwithstandingtheabove,ifanExtremelyLowIncomeHouseholdorVeryLow IncomeHouscholdtenantthatoccupiesa ReservedUnitandsubsequentlybecomesan“Over-IncomeTenant”(definedhereinasatenantwhosetotalhouseholdincomeexceedstheapplicableAMI),suchhouseholdmayremainintheunitandBorroweragreestorentortransfersuchunittoanotherExtremelyLowIncomeHouseholdunitorVeryLowIncomeHouseholdunitwhensuchunitbecomesvacant.ThisSectionissubjecttothequalificationstobesetforthinthe
{D0622145.D0C / 9 DC533}4
3534EastCapVenture,LLCLoanAgreement
AffordableHousingCovenantwithrespecttotheavailabilityofLRSPandtenants
qualifyingasExtremelyLowIncomeHouseholds.
(n)SeniorLoan-ThefinancingprovidedtoBorrower,togetherwithitssuccessorsandassigns
bytheFirstPositionLender,usingproceedsoftheDCHFAMultifamilyHousingMortgageRevenueBondsissuedforthebenefitoftheProjectinanamountnottoexceed
$21,500,000.00andevidencedbyapromissorynote,loanagreement,deedoftrust,financingstatementsandotherdocumentsfromBorrowertoFirstPositionLendertosecuretherepaymentoftheSeniorLoan,allsuchdocumentsmaybedatedafterthedatehereof
andshallbereferredtohereincollectivelyorsingularlyas"SeniorLoanDocuments."
(0)SubordinationAgreement— ThatcertainSubordinationAgreement,datedasofthedateof
LoanClosing,byandamongFirstPositionLender,Lenderand Borrower,toberecordedin
thelandrecordsoftheDistrictof Columbia.

ExhibitB—ProjectBudget
ExhibitC -RepaymentSchedule
ExhibitD- Davis-BaconandContract& SafetyStandardsActRequirements
ExhibitD1-Davis-BaconWage Determination
ExhibitE-DrugFreeWorkplaceCertification
ScheduleA ~CashFlowDefinition
SECTION 1:LOAN PROVISIONS
(a)TERM OF LOAN:ThetermoftheLoanshallbeforty(40)yearsfromtheplacedin
servicedatefortheProject(“LoanTerm”).“Placedinservice”shallmeanthedateonwhichthefirstunitisoccupied.
(b)USEOF LOAN FUNDS:TheLenderandBorroweragreethattheLoanproceeds,subjecttoavailability,shallbeusedinaccordancewiththerequirementsoftheHousingProductionTrustFundProgram(“HPTFProgram”or“HPTF”)authorizedpursuantto
theHPTFLawandRegulations,solelytofundEligibleCosts,anduponcompletionofconstruction,theoperationofthePropertyas137unitsofrentalhousingwhereinfifteen
(15)unitswillbedeedrestrictedasPermanentSupportiveHousingunitstobeaffordabletoandoccupiedbyhouseholdsatorbelow30%ofAMIandonehundredtwenty(122)units
willbedeedrestrictedatorbelow50%ofAMIinaccordancewiththeHPTFRegulations;

(©)INTERESTRATE:Interestshallaccrueatarateofonepercent(1%)perannum,simpleinterest,fromthedateofLoanClosinguntiltheloanispaidinfull.InterestshallaccrueimmediatelyupondisbursementoftheLoanproceeds,
(d) REPAYMENT: TheLoanshallbepayableinannualinstallments(includinganyaccrued
interestthereon),andafterfullrepaymentofthedeferreddeveloperfee),paidfrom75%of
“AvailableCashFlow”assuchtermisdefinedinScheduleA attachedtothisAgreement.
{D0622145.Doc / 9 De533}5
3534EastCapVenture,LLCLoanAgreement
1.PrincipalandInterestPayments.BeginningonMay1,2019,andoneach
andeveryanniversaryofsuchdateforthedurationoftheLoan,theBorrowershallmakeapaymenttoLender,inclusiveofprincipalandinterest,from75%
of“AvailableCashFlow”asmoreparticularlydefinedinScheduleA andsuchdateshallbereferredtoasthe“AnnualPaymentDate.”“LoanClosing”shallmeanthedateonwhichalloftheLoanDocumentsarefully
executedanddelivered.Borrower'spaymentshallbemadebycheckorwireandshallbedeliveredandpaidasdirectedinwritingbyLender.

RegardlessofwhetherornotthereisAvailableCashFlowtomakeapayment,Borrower shallsubmit a calculationof AvailableCash Flow and an audited
copyoftheBorrower'sfinancialstatementstoLenderoneachAnnualPaymentDate.Borrower'ssubmittalsshallbesubjecttotheLender’sapproval.
AllaccruedandunpaidinterestandLoanprincipalshallbecomedueandpayableinfullattheendoftheLoanTermoruponthesaleorrefinancingofthePropertyortransferofthePropertytoanotherentitywithoutthepriorwrittenapprovaloftheLender.TheLoanmaybeprepaidatanytimewithoutpenalty;however,suchprepaymentwillnotaffecttheenforceabilityortermoftheAffordabilityCovenant.
AllpaymentsreceivedbyLendershallbeappliedfirsttointerestoutstanding,thentoprincipaloutstanding.AnyunpaidportionofthisLoanshallbe
treatedasanaccrual,inaccordancewithGenerallyAcceptedAccountingPrinciples(“GAAP”)andanysuchoutstandingprincipal,interestand/orpenaltiesremainingattheendoftheLoanTermshallbethendueand
payable.Interimfinancialstatementsnotwithstanding;theBorrowershallprovidetheLenderwithanauditedfinancialstatementnotlaterthanoneachAnnualPaymentDate.
2.Non-recourseObligations.TheBorrower'sobligationstorepaytheLoan
shallbenon-recourseobligations,payablesolelyfrom(i)AvailableCashFlowpriortotheforeclosureofanylienonthePropertyorthematurityofthe
Loanand(ii)uponforeclosureofthePropertyunderanylien,netproceedsproducedbysuchforeclosureafterpaymentofallpriorsecuredindebtedness,
andtheLendershallnotbeentitledtoenforceanydeficiencyorothermonetaryjudgmentspersonallyagainsttheBorrowerorthemembersoftheBorrowerwithrespecttothepaymentobligationsundertheLoanDocuments.
3.Notwithstandingtheabovelimitationsonliability,suchlimitationsofliability
shallnotprecludetheBorrower,oritsmembers,frombeingnamedasadefendantinanysuitseekingspecificperformance,declaratoryjudgment,oranattachmentproceeding,butnotwithstandingtheforegoing,thepaymentsof
principalandinterestontheLoanshallremainnonrecourse;
{p0622145.DOC / 9 Dc533}6
3534EastCapVenture,LLCLoanAgreement
4,TheBorrowershallremainliablefor(a)allloss,damage,reasonablecostand
expense(includingreasonableattorney'sfees)sufferedbytheLenderasaresultoftheBorrower's,oritsmembers’,fraud,deceitorintentionalmisrepresentation,orgrossnegligence,failuretomaintaininsuranceuponthe
Property,ortheintentionalornegligentwasteoftheProperty;(b)allincome,revenues,rents,royaities,issues,andprofitsinpossessionoftheBorrower,oritsmembers,fromthePropertywhich,aftertheoccurrenceofanEventof
Default(beyondanyapplicablenoticeandcureand/orgraceperiod)arenotappliedtothepaymentofsumsdueundertheNote,theLoan,thepaymentofthenormaloperationexpensesoftheProperty,thepaymentsoftheamounts
cowedbytheBorrower,oritsmembers,toanylenderpursuanttoanySeniorLoanDocuments(ashereinafterdefined);and(c)allinsuranceproceedsandcondemnationawardsinpossessionoftheBorrower,oritsmembers,withrespecttothePropertywhichproceedsorawards,asthecasemaybe,areintentionallymisappliedincontraventionoftheprovisionsoftheLoan
Documents;and
5. Such limitationof liabilityshallbe strictlyconstrued,and shallnot have any
effectonanypersonotherthantheBorrower,oritsmembers.
(©) DISBURSEMENT OF LOAN FUND!
manner:

Loan fundsshallbe disbursedinthefollowing
1.DisbursementforAcquisition.TheHPTFmoniesusedtofundaportionofthefinancingoftheacquisitioncostsoftheProperty(“AcquisitionFunds”)shallbeshownonExhibitB.TheAcquisitionFundsshallbedisbursedatLoanClosingtotheBorrowertopayalleligiblecostsincurredfortheacquisitionofthePropertyandsubstantiatedbytheBorrowerandapprovedbytheLender

2.ConstructionFunds:TheLendershalldisburseLoanfundstoBorrowerafierBorrowerhas
submitteddocumentationtoLendersufficient,atLender'ssolediscretion,tosubstantiatetheconstructionandnon-constructionworkperformedforallEligibleCosts.Lendershallreservearetainageof10% ofallcosts(excludinganysoftcostsoracquisitioncosts)fromeach
disbursementofDHCD Loanfunds(draw),includingconstructionadvancesifany.Borrowershallprovidedocumentation(i.¢.,vouchersforactualexpensesincurredtobepaidatLoan
ClosingoratthetimeofdisbursementoftheLoanproceedsforacquisitioncosts)toLender,tobesufficient,atLender'ssoleandreasonablediscretion,tosubstantiatetheworkperformedandinconformitywiththeapprovedProjectBudget.AnyLoanproceedsusedforreimbursementof
eligiblepre-developmentcostsforthesitepreparationandotherLenderapprovedcostsshallbedisbursedtotheBorrowerinaccordancewiththeProjectBudgetandtheuseoftheLoan
proceeds,describedintheLoanDocuments,aspriorapprovedbytheLender.

AllretainageheldbyLendershallbepaiduponsubstantialcompletionoftheProject,thesubmissionofsatisfactoryreleasesofliensfromthegeneralcontractorandallsub-contractors,
whichmaybeconditionedonpaymentofretainageamounts,andthatnoworkersareowed

{D0622145.Doc / 9 Dc533}7

3534EastCapVenture,LLCLoanAgreement
restitutionduetofailuretocomplywithDavis-BaconwagerateswhileworkingontheProject.Lenderreservestheright,priortomakinganydisbursementsofLoan fundsto:
© Inspecttheworkperformedforwhichadisbursement
inspecttheconditionoftheProperty;
. © Requireacertificateofsatisfactionandreleaseoflienfromthegeneral
contractorandmajorsubcontractorsacknowledgingreceiptofpaymentfor
priorconstructionworkperformedandpaidoutofpriorLoandisbursements;
‘©RequireatitlereportonthePropertysothatLendercanbeassuredthat
BorrowerhaskeptcurrentonallofitsobligationsthatcouldjeopardizeLender'ssecurityinterestinthePropertybyresultinginalienbeingplacedagainsttheProperty;
* RequiretheBorrowertopayoff,bondoverorotherwisecureanyexisting
liensonthePropertythatLenderhasbeenmadeawareofandthathavenotbeenapprovedbytheLender;© Limitconstructiondrawstonomorethanoncepermonth;and
* RequireanupdateonBorrower'sgoodfaitheffortstocomplywiththe
AffirmativeActionPlanforthisLoan.

soughtorotherwise
©. ConstructionProgressReport.BorrowershallsubmittotheLenderaconstructionprogressreportwitheachdrawrequest,toincludeadescriptionofworkcurrentlycompleted,workcompletedovertheproceedingdraw,workplannedforthefollowingdraw,andsignificantProjectissues(past,current,plannedandtheproposedresolutionofsuchissues).
d._Post-SettlementDisbursements,Borrowershallberesponsibleforallfeesand
costsassociatedwithobtaininganALTA33-06EndorsementwhichadvancesthecoveragedateandamountofthetitlepolicyonloanswhereDHCD withholdsaportionofthefundsforcriticalrepairs,architectfees,etc.
3.No Escrow.AnyandallfundsdisbursedtotheBorrowerinaccordancewiththis
Agreementmustbeexpendedwithinfive(5)businessdaysofreceipt.Ifthefundsarenotexpendedwithinfive(5)businessdaysofreceipt,suchfundsmustberetumedtoDHCD
immediatelyandinnoeventmorethanthenextbusinessday.Anyinterestearnedonthesefundsduringthefive(5)dayperiodmustbereturnedtoDHCD. Innoeventshallthe
BorrowerescrowtheLoanfunds.Further,LendershallnotdisbursefundstoaBorrowerwithoutademonstratedexpectationthattheBorrowershallexpendthefundswithinfive(5)
businessdays.InnoeventshalltheLenderdisburseLoanfundstoBorrowerinadvanceofademonstratedexpectationthatthefundswillbeexpendedwithinfive(5)businessdaysforEligibleCosts.

4. No Advances: In no event shallthe Lender disburseLoan funds to Borrower inadvance
ofademonstratedexpectationthatthefundswillbeexpendedwithinfive(5)businessdaysforEligibleCosts.
{D0622145.Doc / 9 DC533}8
3534EastCapVenture,LLCLoanAgreement
SECTION2:REPRESENTATIONSAND WARRANTIES OF BORROWER
TheBorrower,tothebestofitsknowledgeandbelief,representsandwarrantstoLenderthefollowingwhichshallbetrueandcorrectinallmaterialrespectsasofthedatehereof:
(a)
)
©
@
TheBorrowerhassatisfiedalloftheconditionsprecedenttoLoanClosingassetforthintheLoanCommitmentandnotwaivedbyLender.Theexecutionofthedocuments
requiredhereinandtheperformancerequiredthereunderwillnotviolateanyotheragreementorinstrumenttowhichtheBorrowerisaparty.
OnthedateofLoanClosing,therewillbenopendingorthreatenedlitigation,proceedingorinvestigation,whichmayresultinanymaterialandadversechangeinthefinancialcondition,assets,liabilities,businessorprospectsoftheBorrower,andBorrowerdoesnotknowofanybasisforanysuchlitigation,proceedingorinvestigation.
TherearenoactionsorproceedingspendingorthreatenedagainsttheBorrower,tothebestofBorrower'sactualknowledge,toliquidateorreorganizeitorplaceitintoreceivership.
Any financialstatementsoftheBorrowerfurnishedbytheBorrowertoLenderaretrue,
correctandcomplete,asofthedateofcertificationofsame.
SECTION3:OMISSIONSAND RELIANCE.
@
(b)
BorrowerwarrantsandrepresentstoLenderthat,toBorrower'sknowledge,the
statementscontainedinthisAgreement,alldocumentationprovidedtoLenderoritsrepresentativesandallotherrepresentationsorstatementsmadebyoronbehalfof
BorrowertoLenderoritsrepresentativesinconnectionwiththeapplicationforandclosingoftheLoanaretrueandcompleteinallmaterialrespectsanddonotomitanyfact
orinformationmaterialtoLender'sevaluationofsaidapplicationofandBorrower'scompliancewiththeconditionsfortheLoanClosing.BorroweracknowledgesthatLenderhasreliedonthiswarrantyandrepresentationinconnectionwithmakingthe
Loan.IfBorrowerhasmadeanymaterialmisrepresentationinconnectionwiththeapplicationforandclosingofthisLoan,suchshallbeadefaultundertheLoanentitling
theLendertoexerciseitsrighttoaccelerate,thematurityoftheLoanandexerciseanyandallotherdefaultremedies;provided,however,thattheLendershallfirstprovidewrittennoticetotheBorrowerofthesame,andtheBorrowershallhaveaperiodofsixty
(60)daysafterreceiptofnoticetocuresuchdefault,whichperiodmaybeextendedifthedefaultcannotbereasonablycuredwithinsixty(60)daysandBorrowerisdiligently
pursuingthecureofthesame.

NotwithstandinganyinvestigationconductedbeforeorafterLoanClosing,andnotwithstandinganyfactsandcircumstanceswhichanypartymaylearnasaresultofsuchinvestigationorotherwise,thepartiesshallbeentitledtorelyuponthewarrantiesandrepresentationssetforthherein.
{D0622145.pDoc / 9 DC533}9

3534EastCapVenture,LLCLoanAgreement
SECTION4:LENDER'SCOSTS AND EXPENSES
‘TheBorroweragreestobearallreasonablecostsandexpenses,ifany,incurredbyLenderinconnectionwiththecollectionandenforcementoftheLoanDocuments,includingreasonable
attorneys’feeswhetherornotsuitisbrought.
SECTION 5: BORROWER'S COVENANTS,
Untiltheexpirationofthe LoanTerm,theBorrowercovenantsthatithasorwill:
(a) CooperatewiththeLender,itsrepresentativesanddulyauthorizedagentsinthecollection,enforcementandfinancialdisclosuresrespectingthisAgreement.
(b) Complywithallstatutesandgovernmentregulationsandpaypromptlywhendueand
payablealltaxes,assessments,governmentalcharges,claimsforlabor,supplies,rentandotherobligationsrelatingtoBorrower,exceptliabilitiesbeingcontestedingoodfaithandagainstwhich,ifrequestedby theLender,theBorrowerwillestablisha reservesatisfactorytotheLender.
(c) TheBorrowershallnot,withoutpriorwrittenconsentoftheLender,nottobe
unreasonablywithheld,conditionedordelayed,transfer,pledge,encumber,assignorotherwiseburdenorselltitleto,oranyofitsinterest,equitableorlegal,inthePropertyto
anypersonorentitywhatsoever,exceptaspermittedbytheLoanDocuments.
(4).TheBorrowershallusetheLoanfundssolelyforthepurposessetforthinthisAgreement
andtheLoanCommitment.
(©) BorrowershallcomplywiththerequirementsoftheLoanDocuments.
(All writtenorprintedmaterialsdistributedorpostedbyBorroweraboutthedevelopment
ofthePropertyshallpublicizethattheDHCD hasfundedBorrower'srehabilitationoftheProperty.Further,Borrower’sannouncementofallpubliceventsthatpublicizethe
developmentofthePropertyshallacknowledgefundingbytheLender.Thismayinclude,butisnotlimitedto,newspaperannouncementsoradvertisements,flyers,
postings,anyradioandtelevisionannouncements.
SECTION6:FEDERAL AND DISTRICTSTATUTORY REQUIREMENTS.
THE BORROWER WILL FULLY COMPLY WITH THE FOLLOWING FEDERAL,
AND DISTRICTPROVISIONS,TO THE EXTENT THEY ARE DEEMED
APPLICABLE,BY THE LENDER, TO THE PROJECT
(A)TheFairHousingAct,TitleVIIoftheCivilRightsActof1968,asamended,bytheFairHousingAmendmentsActof1988andtheimplementingregulationsat24CFRPart100,which
{D0622145.Doc / 9 Dc533}10
3534EastCapVenture,LLCLoanAgreement
prohibithousingpracticesthatdiscriminatebasedonrace,color,nationalorigin,sex,religion,
disabilityandfamilialstatus.
(B) Davis-BaconandContract& SafetyStandardsActRequirements.TheDavis-BaconAct(40U.S.C.3141efseg.,29CFRparts1,3,and5)requiresthepaymentofprevailing
‘wageratestoalllaborersandmechanicsonfederalgovernmentandDistrictofColumbiaconstructioncontractsinexcessof$2,000.TheDavis-BaconActlaborstandardsarealsoapplicabletothe“RelatedActs,”underwhichconstructionprojectsareassistedthroughfederalorDistrictfundedgrants,loans,loanguarantees,andinsurance.Eachcontract
subjecttoDavis-Baconlaborstandardsrequirementsmustcontaininfullthelaborstandardsclausessetforthin29CFR5.5(a)relatingtominimumwages,apprenticesandtrainees,withholding,payrollsandbasicrecords,andliabilitiesandpenaltiesfor
violations.ThemandatoryDavis-BaconcontractprovisionsareattachedheretoasExhibitD,Davis-BaconActFederalLaborStandardsProvisions(HUDForm4010).ExhibitD isincorporatedandmadeapartofthisAgreement.ThewagedeterminationapplicabletothisProjectisattachedheretoasExhibitD1andisincorporatedandmadea
partofthisAgreement.‘ThemandatoryDavis-BaconlaborprovisionssetforthinExhibitD andthewagedecisionmustbeincorporatedinthegeneralcontractfortheconstructionoftheProjectandeachsubcontractatanytier.

Eachweeklypayrollstatementrequiredunder29CFR §3.3shallbedeliveredbythecontractororsubcontractor,withinsevendaysaftertheregularpaymentdateofthe
payrollperiod,toarepresentativeoftheDistrictofColumbiaDepartmentofHousingandCommunityDevelopment(DHCD)atthesiteofthebuildingorwork,orifthereisno
representativeofDHCD atthesiteofthebuildingorwork,thestatementshallbemailedbythecontractororsubcontractor,withinsuchtime,toa FederalorStateagency
contractingfororfinancingthebuildingorwork.(29CFR§3.4)
Eachpayrollsubmittedshallbeaccompaniedbya“StatementofCompliance,”signedby
thecontractororsubcontractororhisorheragentwhopaysorsupervisesthepaymentofthepersonsemployedunderthecontract.(29CFR§5.5(a)(3)(ii)(B))Upontherequestof
DHCD,BorrowershallprovideorshallcauseitscontractororsubcontractortoprovideforDHCD’sreview,anycontractorsubcontractuponwhichacertifiedpayrollisbased.
The Davis-Baconand RelatedActs laborstandardsand theContract& SafetyStandards
ActrequirementsshallsurvivethetermofthisLoan.
(C) The requirementsofTitle VIof the CivilRightsAct of 1964 (42 U.S.C. 2000)
(NondiscriminationinFederallyAssistedPrograms)andimplementingregulationsat24CFRPart|
(D)TheprohibitionagainstagediscriminationundertheAgeDiscriminationActof1975(42U.S.C.6101etseq.)andimplementingregulationsat24CFRPart146.Theprohibitionagainst
handicapdiscriminationundersection504oftheRehabilitationActof1973(29U.S.C.794)andimplementingregulationsat24CFRPart8
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3534EastCapVenture,LLCLoanAgreement
(E) The requirementsof ExecutiveOrder 11246 as amended by Executive Orders 11375, 11478,
12086,and12107(EqualOpportunityPrograms)andtheimplementingregulationsissuedat41CFRChapter60.
(F)TheHatchAct,Chapter15ofTitleV,UnitedStatesCodetotheextentthatnofundsprovided,norpersonnelemployedunderthisAgreement,willbeinanywayortoanyextentengaged inthe conductofpoliticalactivitiesinviolationof the Hatch Act.
(G)TheNationalEnvironmentalPolicyActorotherlegislationimplementedby24CFRPart58.
(H)TheDrug-FreeWorkplacerequirementsat24CFRPart21incorporatedintothetermsandconditionssetoutinthe“Drug-FreeWorkplace”certification,whichisattachedheretoandmadeapartofthisAgreementasExhibitE.

(1)Thefederalandfocallawsandregulationsgoverninglead-basedpaintremediationandlead-safework practices.24 CFR Part35; 40 CFR Part745; DCMR Title20, Chapter 8.
(J)Section3oftheHousingandUrbanDevelopmentActof1968(12U.S.C.1701u)andimplementingregulationsat24CFRPart135(“Section3”).
DuringconstructionoftheProject,Borrowerwillcomplywithandcauseitssuccessors,assigns,agents,andagentstocomplywith24CFRPart135.TheSection3requirementappliestoassistancethatexceeds$200,000.00orwherethecontractorsubcontractexceeds$100,000.00.
AllSection3coveredcontractsmustincludethefollowingclauseinitsentirety.NoncompliancewithHUD’sregulationsin24CFR part135mayresultinsanctions,defaultundertheLoanDocuments,anddebarmentorsuspensionfromfuture
HUD-assistedcontracts:

1. TheworktobeperformedunderthiscontractissubjecttotherequirementsofSection3oftheHousingandUrbanDevelopmentActof1968,asamended,12U.S.C, 1701u (Section3). The purposeof Section3 istoensure thatemployment
andothereconomicopportunitiesgeneratedbyHUD assistanceorHUD-assistedprojectcoveredbySection3,shall,tothegreatestextentfeasible,bedirectedto
low-andverylow~incomepersons,particularlypersonswhoarerecipientsofHUD assistanceforhousing.
2, ThepartiestothiscontractagreetocomplywithHUD’sregulationsin24CFRPart135,whichimplementSection3,Asevidencedbytheirexecutionofthis
contract,thepartiestothiscontractcertifythattheyareundernocontractualorotherimpedimentthatwouldpreventthemfromcomplyingwiththepart135
regulations.
3. Thecontractoragreestosendtoeachlabororganizationorrepresentativeofworkerswithwhichthecontractorhasacollectivebargainingagreementorother
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3534EastCapVenture,LLCLoanAgreement
understanding,ifany,anoticeadvisingthelabororganizationorworkers’
representativeofthecontractor'scommitmentsunderthisSection3clause,andwillpostcopiesofthenoticeinconspicuousplacesattheworksitewherebothemployeesandapplicantsfortrainingandemploymentpracticescanseethe
notice.ThenoticeshalldescribetheSection3preference,shallsetforthminimumnumberandjobtitlessubjecttohire,availabilityofapprenticeshipandtrainingpositions,thequalificationsforeach;andthenameandlocationofthe
person(s)takingapplicationsforeachofthepositions;andtheanticipateddatetheworkshallbegin.
4. ThecontractoragreestoincludethisSection3clauseineverysubcontractsubjecttocompliancewithregulationsin24CFRPart135,andagreestotakeappropriateaction,asprovidedinanapplicableprovisionofthesubcontractorinthisSection3clause,upona findingthatthesubcontractorisinviolationofthe
regulationsin24CFRpart135.Thecontractorwillnotsubcontractwithanysubcontractorwherethecontractorhasnoticeorknowledgethatthesubcontractorhasbeenfoundinviolationoftheregulationsin24CFRpart135.
5. Thecontractorwillcertifythatanyvacantemploymentpositions,includingtrainingpositions,thatarefilled(1)afterthecontractorisselected,butbeforethecontractisexecuted,and(2)withpersonsotherthanthosetowhomthe
regulationof24CFRpart135requireemploymentopportunitiestobedirected,werenotfilledtocircumventthecontractor'sobligationsunder24CFRpart135.
(K)TheFirstSourceProgramwhichrequiresthatcontractorsandsubcontractorsofa
government-assistedProject,totaling$300,000ormorecomplywiththeDistrict’sgoalsfortherecruitment,referral,andplacementofD.C.residents.SeeD.C.Law5-93,asamended,D.C.OfficialCode§§2-219.01etseg
(L)TheBorrowermustregisterwiththeD.C.ApprenticeshipCouncilandreporttheregistrationnumbertoDHCD.Further,allbeneficiaries(toincludecontractorsandsubcontractors)of
District-fundedprojects/contractsthatexceed$1milliondollarsmustregisterwiththeD.C.ApprenticeshipCouncil.See D.C.Law2-156,asamended,D.C.OfficialCode§32-1431.
(M) Theconflictofinterestprovisionsat24CFR 570.611
W)

Women’sBusinessEnterpriseUnderExecutiveOrders11625,12432and1213824
CER85.36(e)

(O) The NationalEnvironmentalPc
CER Part58.
(P)BorrowershallcomplywiththeLanguageAccessActof2004,

-yActorotherlegislationimplementedinfurtheranceof24
(Q) Small and CertifiedBusiness Subcontracting.As a recipientof Districtof Columbia
financialassistance,theBorrowershallcomplywiththesmallbusinessenterprise(“SBE”)

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3534EastCapVenture,LLCLoanAgreement
subcontractingrequirementsoftheSmallandCertifiedBusinessEnterpriseDevelopmentandAssistanceActof2005,asamended,D.C.OfficialCode§2-218.01etseg.TheBorrower
‘mustcontacttheDistrict’sDepartmentofSmailandLocalBusinessDevelopment,whichwilldetermineiftheSBEsubcontractingplanfortheProjectwillbeevidencedbyaCertifiedBusinessEnterprise(“CBE”)AgreementoranSBEAcknowledgementForm.A CBE
AgreementorSBEAcknowledgementFormmustbeexecutedbeforetheclosingandshallbeincorporatedintoandbecomeapartofthisAgreement.
(R)_BorrowershallberequiredtodemonstratecompliancewiththeGreenBuildingActof2006,
asmaybeamendedD.CLaw 16-234,.D.C.OfficialCode§§6-1451.01etseq.
Forresidentialprojects,borrowershallprovideevidenceofprebuildcertificationforthecurrentversionofGreenCommunitiesCriteria(GCC)withEnterpriseCommunityPartnersFornon-residentialprojects,borrowershallsubmitaLEEDchecklistforthecurrentversionofLEEDwiththeUSGreenBuildingCouncil(USGBC).
Formixeduseprojects,borrowershallsubmitmaterialsdemonstratingcompliancewithGCCorLEEDcompliance,asapplicable.
AllborrowersmustprovideaccesstotheGovernmentoftheDistrictofColumbiatotheironlineprojectaccountswithEnterpriseorUSGBC,asapplicable.
(S)Borrowershallcomplywithallanti-moneylaunderingfederalstatutes,laws,andregulationsandrelatedfederalstatutes,laws,andregulations,includingbutnotlimitedto,thefollowing:
i. therequirementsoftheBankSecrecyAct(31U.S.C.§5318)asamendedbythe
USAPatriotAct(Pub.L.107-56)andExecutiveOrderNo.13324;andii,therequirementsofapplicableExecutiveOrdersadministeredbytheUSDept.of
Treasury’sOfficeofForeignAssetsControlpertainingtoanti-moneylaundering.

a standinganyotherprovisionofthisAgreementtothecontrary,anyandall
provisionswhich,may,couldorappeartoobligatetheLenderareandshallremainsubjecttothelimitationsoftheAntideficiencyAct,prescribedunder31U.S.C.§§1341,1342,1349
and1351,asmadeapplicabletotheDistrictunderD.C.OfficialCode§47-105(2001ed.).Ifsuchprovision(s)shallbeinviolationoftheAntideficiencyAct,thatparticularproviasapplicabletotheLender,shallbevoidabinitio.

SECTION 7:HAZARDOUS MATERIALS AND INDEMNIFICATION
Borroweragreesto(i)complywithallgovernmentalrequirementsapplicabletoHazardousMaterials(includingleadpaint)andotherenvironmental,health,fireandsafetylawsor
regulations,includingbutnotlimitedtotheOccupationalHealthandSafetyActandAmericanWithDisabilitiesAct,(ii)notifytheLenderofanynoticereceivedbytheBorrowerofany leak,
spillorotherreleaseofHazardousMaterialsorofanyviolationofanyenvironmental,health,fireorsafetylawsorregulationswithrespecttothePropertyinwhicheventLendershallbeallowedarightofentry(includingtherighttoconducttestsandtakesamplesfromtheProperty)

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3534EastCapVenture,LLCLoanAgreement
andmay,butshallnotberequiredto,remediatetheproblem,providedtheBorrowershallhavethefirstrighttoperformanyremediationsolongasBorrowerisdiligentlypursuingsuchremediationandnotifiedLenderofsuchremediation,(iii)ifunlawfulHazardousMaterialsare
determinedtobelocatedonthePropertyoranotherenvironmental,health,fireorsafetylawhasbeenviolatedandsuchviolationhasbeencausedbytheBorroweroritsagents,providethe
Lenderwithabondorletterofcredit,orsimilarfinancialassurance,satisfactorytoLender,inanamountsufficienttocoverthecostofany cleanuporofremediationoftheviolation,asthecasemaybe,and(iv)indemnifyandforeverholdLenderharmlessfromanyloss,claim,damageor
liabilityarisingoutof,orinconnectionwith,thepresenceonthePropertyof,orcontaminationby,anyHazardousMaterialsortheviolationofenvironmental,health,fireorsafetylawsorregulationsifsuchloss,claim,damageorliabilitywascausedbytheBorroweroritsagentsand
hasoccurredsinceBorrowertooktitletotheProperty.BorrowershallnotbeliableforsuchcoststhatarisefromeventsoccurringafterasuccessorhavetakentitletothePropertyorthePropertyhasbeenplacedundertheinvoluntarycontrolofa trusteeorreceiver.ThisindemnificationshallsurviverepaymentoftheLoan;provided,however,theBorrowershallhavenoliabilitytotheextentanylossarisesasa resultofthegrossnegligence,willful
misconductorbadfaithofLenderoritsemployees,officers,directors,agentsand/orrepresentativesortotheextentthecauseofanysuchlossarisesafterthedateofanyforeclosure,deedinlieuthereof,orexerciseofpowerofsale.Further,theBorrowershallpayLender,upon
demand,forallcostsreasonablyincurredbyLenderinconnectionwithinspectingthePropertywithrespecttoHazardousMaterials,whichLendermaydoatanytimeandfromtimetotime,and/orinconnectionwithreviewinganyHazardousMaterial,environmental,health,fireor
safetyreports,includingreasonableattorney’sfees,engineeringfeesandotherfeesandexpensesifsuchcostsareincurredasaresultofactionscausedbytheBorroweroritsagentsafterthedate
BorrowertakestitletotheProperty.Asusedherein,“HazardousMaterials”shallbedefinedasanysubstance(i)thepresenceofwhichrequiresinvestigation,remediation,orspecialhandlingunderanyfederal,stateorlocalstatute,regulation,ordinance,orderorpolicy;or(ii)isor
becomesa"hazardoussubstance"or“hazardouswaste"underanyfederal,stateorlocalstatute,regulation,ordinance,order;orpolicy,includingtheResourceConservationandRecoveryAct
of1976(42U.S.C.Section9601etseq,),asamendedfromtimetotime,ortheComprehensiveEnvironmentalResponse,Compensationand LiabilityActof1980(42U.S.C.Section9601et
seq,),asamendedfromtimetotime;and(iii)withoutlimitation,includesanylead,oilorpetroleumproducts,polychlorinatedbi-phenyls,PCB's,asbestos,ureaformaldehydefoaminsulationorradongas,exceptassuchproductsarecustomarilyfoundorusedinsimilarprojects
thathavebeenfundedbytheLender.Theforegoingsub-SectionshallonlyapplytoBorrower,astheOwnershipEntity,onceittakestitletothePropertyandshallterminatewithrespectto
BorroweruponBorrower'sdispositionorotherdispossessionoftitletotheProperty.

SECTION 8: CONDITIONS PRECEDENT TO DISBURSEMENT OF LOAN
PROCEEDS
(1)BorrowershallbeincompliancewithalltermsandconditionsoftheLoanDocuments
(2)BorrowershallhavemetandshallmeetallconditionsprecedentoutlinedintheLetterof
Commitment.
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3534EastCapVenture,LLCLoanAgreement
SECTION 9: ASSIGNMENT OF LOAN OR LOAN FUNDS; SUBORDINATION TO
SENIOR LOAN
(1)Exceptforpermittedtransfers,theBorroweragreesnottoassign,pledgeortransferthis
AgreementoranyrightorinterestinanypaymentorLoandisbursementduepursuanttothisAgreement,nor,shallBorrowerchangeitscorporatestructureinanymaterialrespectwithoutthepriorwrittenconsentoftheLender,nottobeunreasonablywithheld,conditionedor
delayed.
(2)NotwithstandinganythingtothecontraryinthisLoanAgreementortheotherLoanDocuments,Lender’srightsandremedieshereunderandundertheotherLoanDocuments*
shallbesubjectandsubordinateinallrespectstotherightsofanySeniorLenderundertheSeniorLoanDocumentsenteredintobyBorroweratthetimeoftheexecutionofallClosingDocuments,assuchseniorloandocumentsmaybeamendedfromtimetotimeandaresubjectinallrespectstothetermsandprovisionsoftheSubordinationAgreement.
SECTION 10:DEFAULT/REMEDIES
(1)Subjecttoanynoticerequirement,graceperiodorrighttocurespecificallysetforthinanyoftheLoanDocuments,theoccurrenceofanyoneormoreofthefollowingeventsshallconstituteaneventofdefaultbytheBorrowerwhereupontheNoteshallbecomeimmediately
dueandpayablewithoutpresentation,demand,protest,ornoticeofanykind,allofwhichareherebyexpresslywaived,andLendershallbeentitledtoallrightsandremediesavailabletoit
underthelawandassetforthintheLoanDocuments,butsubjecttotheprovisionsoftheSubordinationAgreement.
(a)SubjecttoAvailableCashFlow,abreach,nonpayment,failureofperformance,ordefaultbytheBorrowerofanycovenant,term,condition,orprovisionoftheLoanDocumentsnotcured
withinthirty(30)daysafterwrittennoticeofsuchdefaulttoBorrowerforafailuretopayanyamountdue,orthirty(30)daysafterwrittennoticeofsuchdefaulttoBorrowerfornon-monetarydefaults;providedthatfornon-monetarydefaults,ifBorrowerdiligentlypursuesacure,the
BorrowershallbeaffordedbyLendersuchlongerperiodasmaybereasonablynecessaryfortheBorrowerproceedingdiligentlytocuresuchdefault.
(b)ThemakingofanyrepresentationorwarrantybytheBorrowerwhichBorrowerknowsor
shouldknowisfalseorerroneousandismateriallyadversetoLender'sinterests,
(©)Thesale,transfer,assignment,pledgeorconveyanceofanyofBorrower'sinterestintheProperty,oratransferofownershipandcontrolofBorrower(greaterthan49%interestintheaggregate),oranyportionthereof,otherthanpermittedtransfers,withoutthepriorwritten
consentoftheLender,whichconsentshallnotbeunreasonablywithheld,conditionedordelayed,subjecttoSection18oftheLender'sDeedofTrust.Notwithstandinganythingtothe
contraryhereinorinanyotherLoanDocument,the“followingtransfersshallbedeemed“permittedtransfers”andshallnotrequireLenderconsentorconstituteadefaultunderthe
LoanDocuments:(a)anytransferspursuanttoa leaseapprovedbyDHCD orleasesbyandbetweenBorrowerandresidentialtenants,(b)transferstoSeniorLender;(c)aforeclosure;(d)theadmissionofanewmembertoBorrowerthatismakinganequityinvestmentinBorrower,so
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3534EastCapVenture,LLCLoanAgreement
longascontrolofBorrowerremainswith3534EastCapOperator,LLCasBorrower'smanaging
member(oritssuccessor);(e)theexerciseofa purchaseoptioninaccordancewiththetermsoftheAmendedandRestatedOperatingAgreementofBorrower(the“OperatingAgreement”)
andthePurchaseOptionAgreementamongBorrowerandBorrower'smembers;(f)theremovalandreplacementofthethen-existingmanagingmemberofBorrowerbyBorrower'sinvestormemberunderthetermsoftheOperatingAgreement;(g)transfersbyBorrower'sinvestormemberofitsinterestinBorrower;(h)encumbrancesandothercollateraltransfersmadeas
securityforindebtednesssecuredbytheSeniorLoan;(i)transferstooneormoreaffiliatesoftheBorrower;or(j)anyothertransferapprovedbytheDistrict
(d)Theliquidation,insolvency,entryintoreceivershiporbankruptcyoftheBorrower.
(2)UponanEventofDefaultbeyondapplicablenoticeandcureperiods,theLender,without
noticeorresorttoanyjudicialproceeding,shallhavetherighttosetoffagainstandapplyallfundsoftheBorrowerheldondepositwithorunderthecontroloftheLendertothepaymentofanyoftheobligationsofBorrowerundertheLoanDocuments.
(3)Notwithstandinganythinghereintothecontrary,iftheBorrowerfails,forwhateverreason,atanytime,topayanyamountorperformanyactwhichitisobligatedtopayorperformand, as a resulta defaultor Event of Default occurs or may occur hereunder or under any
otherLoanDocument,InvestorMembershallhavetherighttoperformsuchactorpaysuchamount on behalf of the Borrower and thereby cure or prevent such defaultor Event of
Default,providedsuchdefaultorEventofDefaultiscuredwithinanyapplicablecureperiodorgraceperiodprovidedhereinorundersuchotherLoanDocumenttoBorrower.
SECTION 11:NO WARRANTY OR WAIVER
(1)Lender'sreviewof appraisals,surveysorothermattersinconnectionwiththeLoanshallnotconstituteawarrantyorrepresentationbytheLenderoritsemployees,agentsor
representatives.
(2)NowaiverbyLenderofanyprovisionofthisAgreementshallbedeemedtobeacontinuingwaiver.NowaiverofanyofLender'srightsshallbebindingupontheLenderunlessLenderapprovessuchwaiverinwriting,
SECTION 12: ENTIRE AGREEMENT/ ENFORCEABILITY/ MODIFICATION
ThisAgreement,inconjunctionwiththeotherLoanDocuments,constitutesafullandcompleteunderstandingbetweenthepartiesandallotheragreementsand/orcontractseitheroralorwritten,orotherlegalinstruments,isherebysupersededupontheexecutionofthisAgreement,subjecttotheSubordinationAgreementandtheSeniorLoanDocuments.ThisAgreementshallbevalid,bindingandenforceableagainstthepartiesheretoandtheirsuccessorsandassigns,andthepartieswarrantthatthepersonsexecutingthisAgreementontheirbehalfareauthorizedtodoso.NoneofthetermsorprovisionsofthisAgreementmaybechanged,waived,modified,dischargedorterminatedexceptbyawrittenmodificationexecutedbybothpartieshereto.This
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3534EastCapVenture,LLCLoanAgreement
AgreementshallautomaticallyterminatewhentheLoanisrepaidinfull.Intheeventofany
conflictbetweenthetermsofthisAgreementandthetermsoftheLoanCommitment,thetermsofthisAgreementshallapply.
SECTION 13:CONFLICT OF INTEREST/LIMITOF LIABILITY/
INDEMNIFICATION
(1)FederalandDistrictlawsstrictlyprohibitanypersonwhoexercisesorhasexercisedanyfunctionsorresponsibilitieswithrespecttoDHCD-assistedacti
participateinadecisionmakingprocessorgaininsideinformationwithregardtosuchactivitiesfromobtainingafinancialinterestorbenefitfromaDHCD-assistedactivity,orhaveafinancialinterestinanycontract,subcontract,oragreementwithrespecttoaDHCD-assistedactivity.Further,asitrelatestotheprocurementofsupplies,equipment,constructionandservices,
recipientsofDistrictmoniesareheldtotheconflictofinterestprovisionsoftheHPTFStatutes.BorrowershallsubmitacopyofitsconflictofinterestpoliciesandprocedurestoLenderwithinfifteen(15)daysofLoanClosing

(2)Nomember,official,partner,director,oremployeeofLendershallbepersonallyliabletotheBorroweroranysuccessorininterestintheeventofanybreachofthisAgreementbyLenderorforanyamountwhichmay becomeduetotheBorroweroritssuccessorsorassignsonany
obligationsunderthetermsofthisAgreement.
(3)Allacts,includinganyfailuretoact,relatingtothePropertybyanyagent,representativeordesigneeoftheLenderareperformedsolelyforthebenefitofLendertoassurerepaymentoftheLoanandarenotforthebenefitoftheBorrowerorforthebenefitofany otherperson,including
withoutlimitation,purchasers,cooperativeunitownersorotheroccupants.AcceptancebytheBorrowerofthisAgreementshallevidenceitsagreementtoindemnifytheLender,its
employees,agentsandrepresentativesandtoholdthemharmlessagainstanylossorexpenseresultingfromanyandallclaims,actions,settlementorliabilityforactsorfailuretoactinconnectionwiththeProperty;provided,however,thatBorrower"shallnotbeliableforany
claims,actions,settlementorliabilityarisingfromLender'sgrossnegligenceorwillfulmisconduct.
SECTION 14:WAIVER OF JURY TRIAL/SERVICE OF PROCESS/COURT COSTS
TheBorroweragreesthatanylawsuitbetweentheLenderandBorrowershallbedecidedbyajudge,withoutajury.BorrowerherebyirrevocablydesignatesJ.RichardSaasastheBorrower's
registeredagent,andhis/hersuccessorsinoffice,asthetrueandlawfulattorneyofBorrowerforthepurposeofreceivingserviceofalllegalnoticesandprocessissuedbyanycourtinthe
DistrictaswellasserviceofallpleadingsandotherdocumentsrelatedtoanylegalproceedingoractionarisingoutofthisAgreement.Notwithstandingtheabove,intheeventthathe/sheisnolongertheregisteredagentintheDistrictofColumbiaandnodulyauthorizedsuccessorhasbeen
appointed,BorrowerherebyirrevocablydesignatestheClerkoftheSuperiorCourtfortheDistricttoreceiveserviceofalllegalnoticesandprocessissuedbyanycourtintheDistrictas
wellasserviceofallpleadingsandotherdocumentsrelatedtoanylegalproceedingoraction
arisingoutofthisAgreement.BorroweragreesthatserviceuponsaidClerkshallbevalid

{D0622145.Doc / 9 DCe533}18
3534EastCapVenture,LLCLoanAgreement*
regardlessofBorrower'swhereaboutsatthetimeofsuchserviceandregardlessofwhetherBorrowerreceivesacopyofsuchservice,providedthattheLendershallhavemailedacopytoBorrowerinaccordancewiththenoticeprovisionsherein.Borroweragreestopayallcourtcostsandreasonableattomey'sfeesincurredbytheDistrictinconnectionwithenforcinganyprovisionofthisAgreement.
SECTION 15:NO THIRD PARTY BENEFICIARIES
‘ThetermsandprovisionsofthisAgreementareforthebenefitofthepartieshereto,andnootherpersonshallhaveanyrightorcauseofactiononaccounthereof.
SECTION 16:COUNTERPARTS
ThisAgreementmaybesignedincounterparts,anyofwhichtogetherwithallexecutedsignaturepagesshallconstituteafullyexecutedandbindingagreement.
SECTION17:TIMEOF ESSENCE
TimeisoftheessenceofeachandeveryprovisionofthisAgreement.
SECTION18:SEVERABILITY/GOVERNINGLAW
IntheeventthatanyprovisionofthisAgreementshallbeheldtobeunenforceableunderthelav,allremainingprovisionsofthisAgreementshallbebinding,validandenforceable.ThisAgreement shallbe governedby thelawsoftheDistrict.
SECTION 19: NOTICES

Noticesrequiredhereinshallbedeemedtohavebeengivenandreceived,three(3)businessdaysafterhavingbeensenttotheappropriatepartylistedbelow,byregularandcertifiedmail,orone(1)businessdayafterhavingbeensentbymessengerorovernightcourierfordeliveryonthe
nextbusinessday.Thebelowaddressesmaybechangedbywrittennoticetotheappropriate
party.”
NOTICETOLENDER:D.C.DepartmentofHousingandCommunityDevelopment1800MartinLutherKing,Jr.,Avenue,S.B.Washington,D.C.20020Attn: Director
Withacopyto:
OfficeoftheGeneralCounselD.C.DepartmentofHousingandCommunityDevelopment1800MartinLutherKing,Jr.,Avenue,S.E.
Washington,D.C.20020
{D0622145.Doc / 9 DC533}19
3534EastCapVenture,LLCLoanAgreement
Attn:GeneralCounsél
NOTICETO BORROWER:
3534EastCapVenture,LLCc/oMRP Realty3050K Street,NW
Suite125Washington,DC20007Attention:RichardJ.Haas
Withacopyto:
Reno& CavanaughPLLC
455MassachusettsAvenueNWSuite400Washington,DC 20001Attention:MeganGlasheen
And:
WellsFargoAffordableHousingCommunityDevelopmentCorporation301SouthCollegeStreetMAC D1053-170Charlotte,NC28288Attention:DirectorofTaxCreditAssetManagement
And:
PillsburyWinthropShawPittmanLLP
120017thStreetNW
Washington,DC 20036
Attention:Craigde Ridder
SECTION 20:NOTICE OF Nt

DISCRIMINATION
InaccordancewiththeD.C.HumanRightsActof1977,asamended,D.C.OfficialCodeSection2-1401.01etseq.,(Act)theDistrictofColumbiadoesnotdiscriminateonthebasisofactualorperceived:race,color,religion,nationalorigin,sex,age,maritalstatus,personalappearance,
sexualorientation,genderidentityorexpression,familialstatus,familyresponsibilities,matriculation,politicalaffiliation,geneticinformation,disability,sourceof income,orplaceof
residenceorbusiness.Sexualharassmentisa formofsexdiscrimination,whichisalsoprohibitedbytheAct.Inaddition,harassmentbasedonanyoftheaboveprotectedcategoriesis
alsoprohibitedbytheAct:DiscriminationinviolationoftheActwillnotbetolerated.Violatorswillbesubjecttodisciplinaryaction,

{D0622145.Doc / 9 DC533}20
3534EastCapVenture,LLCLoanAgreement
SECTION 21:FREEDOM OF INFORMATION ACT
TheDistrictofColumbiaFreedomofInformationActof1976(DCFOIA),Pub.L.90-614D.C.
OfficialCode§2-531etseq.providesforthedisclosureofpublicinformation.Specifically,thelawprovidesthat“anypersonhasarighttoinspect,andathisorherdiscretion,tocopyanypublicrecordexceptasexpresslyexemptedbytheAct.”Further,a“publicrecord”hasbeen
definedbytheDistrictofColumbiaPublicRecordsManagementActof1985as“anydocument,book,photographicimage,electronicdatarecordingpaper,soundrecording,orothermaterial
regardlessofformorcharacteristic,madeorreceivedpursuanttolaworinconnectionwiththetransactionofpublicbusinessbyanyofficeroremployeeoftheDistrict.”D.C.OfficialCode§2-1701(13)(2001ed.)
InformationordocumentationsubmittedtotheDepartmentofHousingandCommunity
DevelopmentpursuanttothisLoan,orinconnectionwiththetransactionofthebusinessoftheDepartment,issubjecttopublicdisclosureinresponsetoaFreedomofInformationActrequest.‘Therefore,informationthatyousubmittotheDepartment,ifnotspecificallyexemptbyD.C.Code§2-534oftheDCFOIA,maybedisclosedtothepublicuponaproperrequest.
{signaturesonfollowingpages)
{D0622145.Doc / 9 DC533}21
3534EastCapVenture,LLCLoanAgreement

INWITNESSWHEREOF,theLenderandtheBorrowerhavecausedthisLoanAgreementtobeexecutedandattestedbytheirrespectivedulyauthorizedrepresentativesandaffixedtheirrespectivesealsheretoonthedayandyearfirstwrittenabove.TheundersignedfortheBorrowerherebycertifiesthatthisAgreementissignedanddeliveredinaccordancewiththe
organizationaldocuments of theBorrower.
{D0622145.Doc / 9
LENDER:DISTRICT OF COLUMBIA, a municipal
Corporation,actingbyandthroughtheDepartmentofHousingandCommunityDevelopment
By:
AllisonLadd
DeputyDirector
BORROWER:
3534EASTCAP VENTURE,LLC,
aDistrictofColumbialimitedliabilitycompany
3534EastCapOperator,LLC,
aDistrictofColumbialimitedliability
company,
itsManagingMember

3534MRP,LLC,a Districtof Columbia limited liability
company,
itsManagingMember
MRP EastCapitolPartners,LLC,a Districtof Columbia limited liability
company,itsManager

By:_MidAtlanticRealtyPartners,LLC,
aVirginialimitedliabicompany,itsManager
By: RobertJ.MurphyAuthorizedSignatory
DC533}22
3534EastCapVenture,LLCLoanAgreement
INWITNESSWHEREOF,theLenderandtheBorrowerhavecausedthisLoanAgreementtobeexecutedandattestedbytheirrespectivedulyauthorizedrepresentativesandaffixedtheirrespectivesealsheretoonthedayandyearfirstwrittenabove.TheundersignedfortheBorrowerherebycertifiesthatthisAgreementissignedanddeliveredinaccordancewiththeorganizationaldocumentsoftheBorrower.LENDER:DISTRICTOFCOLUMBIA,amunicipalCorporation,actingbyandthroughtheDepartmentofHousingandCommunityDevelopment
ByMaryR.(Polly)DonaldsonDirector
BORROWER:
3534 EAST CAP VENTURE, LLC,
aDistrictofColumbialimitedliabi

company
3534EastCapOperataDistrictofColumbicompany,itsManagingMember

By: 3534MRP,LLC,
aDistrictofColumbialimitedliability
company,
itsManagingMember
By: MRP EastCapitolPartners,LLC,a DistrictofColumbia limitedliability
company,
itsManager

By:_MidAtlanticRealtyPartners,

company,itsManager

3534EastCapVenture,LLCLoanAgreement
EXHIBIT A
LEGAL DESCRIPTION
PartofRecordLot40
TaxedasLot806
SQUARE 5047
DistrictofColumbia
PartofRecordLot40inSquare5047,DistrictofColumbia,asthesameissetforthonthat
certainPlatofSubdivisionmadeSeptember6,2016byEastCapitolMinnesota,LLC,andrecordedDecember23,2016inSubdivisionBook211atPage196amongtheRecordsoftheOfficeoftheSurveyoroftheDistrictofColumbia;saidpartofLot40beingpartofthesame
landasconveyedtoEastCapitolMinnesota,LLC,byDeeddatedDecember5,2005andRecordedDecember7,2005asInstrumentNumber175664intheOfficeoftheRecorderofDeedsoftheDistrictofColumbia;saidpartofLot40beingknownforpurposesofAssessmentandTaxationatthedatehereof,asLot806inSquare$047;andbeingmoreparticularlydescribedasfollows:
BEGINNINGatapointonthenortherlylineofEastCapitolStreet(160ft.wide),beingalsothesoutherlyJineofLot40;saidpointlyingDueEAST373.66feetfromtheintersectionofsaid
northerlylineofEastCapitolStreetwiththeeasterlylineof35" Street,N.E.(60ft.wide);thencedepartingsaidEastCapitolStreetandrunningin,through,overandacrossLot40soasto
includeaportionthereof
1)DueNORTH 101.04feettothesoutherlylineofa PublicAlley(16ft.wide)beingalsothenortherlylineofLot40;thencerunningwithsaidline
2)DueEAST,227.13feettoapoint;thencecontinuingwithsaidPublicAlley
3)North29°48°00”East,133.68feettothesoutherlylineofAmesStreet,N.E.(60ft.
wide);thencewithsaidsoutherlylineofAmesStreet
4)DueEAST,82.86feet;thencedepartingsaidAmesStreet,N.W.andrunningwiththewesterlylineofLot39inSquare5047
5) South29°48°00”West,95.65feettoapoint;thencewiththesoutherlylineofsaidLot39
6) DueEAST,63.51feettoapoint;thencecontinuingwithsaidsoutherlylineofLot39
7) South81°10°50”West,24.62feettoapointonthewesterlylineofMinnesotaAvenue,
N.E.(90ft.wide),saidpointbeingalsothenortheastcorneroftheaforementionedLot
40;thencewithsaidwesterlylineof MinnesotaAvenue,N.E.
8) South29°48°00”West,113.01feettoa pointof curvature;thence
{D0622145.D0c / 9 DC533}23
3534EastCapVenture,LLCLoanAgreement
9)67.24alongtheacreofa curvetotheright,saidcurvehavingaradiusof64.00feet,deltaangleof60°12°00”,tangentdistanceof37.10feetandachordbearinganddistanceof
South60°12°00”West,64.19feettoaforementionednortherlylineofEastCapito!Street;thencewithsaidnortherlylineofEastCapitolStreet

10)DueWEST305.03feettopointandplaceofbeginning,containing49,801squarefeetor1.14327acresofland,
{D0622145.Doc/ 9 Dc533}24
3534EastCapVenture,LLCLoanAgreement
EXHIBIT B
ProjectBudget
ThesenumbersarepreliminaryandmaybesubjecttochangewiththeapprovalofDHCD.
{D0622145.Doc / 9 De533}25
DateProjectNameProjectAddressDeveloper/Sponsor
Development Budget with
Permanent Sources
10/26/2017[3534EastCapitolStreet,NE'3534EastCapitolStreet,NE‘MidAtlanticRealtyPartners,LLC

TotalUnits 437TotalSquareFeet 136,322TotalgrosssquarefootageCommercial-2648sqft
Total Porur PorSaFt(SourcesofFundsPermanentFinancing~tetLien $10,600,000]$77,372 376,PermanentFinancing-DHCD-HPTF $19,665,633| $143,545 S144Equity-LIHTC4% $13,781,137| $100,665 $101Deferreddevelopmentfee-26% $1,353,678$9,881 S10Other 30 30,‘Other $0 $0[TotalSourcesofFunds $45,410,448| $337,463) $333
UsesofFunds
[AcquisitionRealEstateAcquisifion $4,958,390]$35,403 335,‘CarryingCosts(priortoconstrtaxes,ins.&interest) $200,000 $1,460 31Relocation, 30 $0Other:TitleandRecording $ar210 3666; stTotalAcquisitionCosts. $5,149,608| $37,588 $38
[HardCostsConstructionCosts(exclGG proft,overhead,& genregs $22,088,860]$161,306 362ContractorsProfit,Overhead,&Gen.Requirements| 10.8%$2,380,602|$17,377 317‘AllowanceforSoilRemoval $253,333 $1,849 32DemolitionCost(ifcontractedseparately) 30 $0BondPremium $164,766 $1203 $4‘Other:Insurance,Security $219,048 $1,599 $2HardCostContingency(%ofhardcosts) [sa $1,477,087[$10,782 3H[TotalHardCosts, $26,593,696| $194,115 $195
SoftCosts‘Architect&Engineering((otalfees)(%ofconstexp)| 3.9%] $053,250 36,558 7Marketing $267,041 $1,949 $2‘Survey $0 30 $0BuildingPermits/TapFees/PublicSpaceDeposit $7,018,24837432 37Constructioninspections $181,205 $1,323 1‘Appraisal $10,000 373 30MarketStudy $10,000 373 30EnvironmentalReport $150,980 Si102 StDevelopmentConsultant 30 $0 $0

ConstructionManagement 30 30 30LeadTesting $0 50‘ConstructionPeriodinterest $1,305,000 39,526 $10RealEstateTaxes $190,000 $1,387 31InsurancePremiumsGL,property,buildersrisk $120,000 $876 31MortgageInsurancePremiums $1,108,628 $8,092 38Title&Recording(acq.,constr.,&permanentclosings) $285,000 $2,080. 32LenderLegal(notsyndication) $60,000 $438 $0LenderFees(notsyndication) $250,000 31,825, $2BorrowerLegal(allclosings,excludingsyndicationlegal) $125,000 $912 $1OtherMiscellaneous:TitleUpdate,printingandreproduction $0 $0 $0‘OtherFFE $205,000 $1,496 32‘OtherOrganizationalcosts $95,000 $693 31‘OtherTrafficconsultant,airquality $646,524 $4,719 35‘OtherPDloaninterest $185,000 $1,350 St‘SoftCostContingency(%ofsoftcostsexclDevFee)— $267,799 $1,955 $2
DeveloperFee(%hoftotdevcostexclDevFee) 12.4%)$5,011,957$36,584 337[TotalSoftCosts $12,445,643$90,844 $91
(CapitalizedResewes‘OperatingReserve $489,000 $3,568 4DebtServiceReserve $320,000 $2,336 $2Rent-UpReserve $190,000 $1,387 1ReplacementReserve $0 $0‘OtherConstructionGuarantee $0 $0[TotalOtherCosts $399,000 $7,292 $7
[LINTCCosts-onlyforprojectsusingtaxcreditsLIHTC-SpecificFinancingFees-allocationfees,syndication $172,500 $7,258 stLIHTC-Bond-SpecificLegalCosts $0 $0‘OrganizationalCosts $0 $0HFABondIssuance&Legal $0 $0‘Accounting&Auditing $50,000 $365 $0‘Other 50 $0TotalLINTCCosts $222,500 $1,624 $2
[TotalUsesofFunds [$45,410,448]$331,463| $333]
3534EastCapVenture,LLCLoanAgreement
EXHIBIT C
RepaymentSchedule
{D0622145.Doc / 9 DC533}26
Exhibit¢
3534EastCapitolStreetNE
Principal: $19,665,633HPTFLoan
Interest: 1%
Term(yrs.): 40
Payment: $598,929

No. Payment Interest Principal Balance
1 $598,929$196,656.33$402,272.28$19,263,360.72
2 $898,929$192,633.61$406,295.01$18,857,065.71
3 $598,929$188,570.66$410,357.96$18,446,707.76
4 $598,929$184,467.08$414,461.54$18,032,246.22
Ss $598,929$180,322.46 $418,606.15$17,613,640.07
6 $598,929$176,136.40$422,792.21$17,190,847.86
7 $898,929$171,908.48$427,020.13$16,763,827.73
8 $598,929$167,638.28$431,290.34$16,332,537.39
9 $598,929$163,325.37$435,603.24$15,896,934.15
10 $598,929$158,969.34$439,959.27$15,456,974.88
11 $598,929$154,569.75$444,358.86$15,012,616.02
12 $598,929$150,126.16$448,802.45$14,563,813.56
13° $598,929$145,638.14$453,290.48$14,110,523.09
14 $598,929$141,105.23$457,823.38$13,652,699.70
15 $598,929$136,527.00$462,401.62$13,190,298.09
16 $598,929$131,902.98$467,025.63$12,723,272.46
17. $598,929$127,232.72$471,695.89$12,251,576.57
18 $598,929$122,515.77$476,412.85$11,775,163.72
19 $598,929$117,751.64$481,176.98$11,293,986.75
20 $598,929$112,939.87$485,988.75$10,807,998.00
21 $598,929$108,079.98$490,848.63$10,317,149.37
22 $598,929$103,171.49$495,757.12$9,821,392.25,
23 $598,929$98,213.92$500,714.69$9,320,677.56
24 $598,929$93,206.78$505,721.84$8,814,955.72
25 $598,929.$88,149.56$510,779.06$8,304,176.67
26© $598,929$83,041.77$515,886.85$7,788,289.82
27 $898,929$77,882.90$521,045.71$7,267,244.11
28 $598,929$72,672.44$526,256.17$6,740,987.94
29 $598,929$67,409.88$531,518.73$6,209,469.20
30 $598,929$62,094.69$536,833.92$5,672,635.28
31 $598,929$56,726.35$542,202.26$5,130,433.02
32 $598,929 $51,304.33 $547,624.28$4,582,808.74
33 $598,929$45,828.09$553,100.53$4,029,708.21
34 $598,929$40,297.08$558,631.53$3,471,076.68
35 $598,929$34,710.77$564,217.85$2,906,858.84
36 $598,929$29,068.59$569,860.02$2,336,998.81
37 $898,929$23,369.99$575,558.62$1,761,440.19
38 $598,929$17,614.40$581,314.21$1,180,125.98
39 $598,929$11,801.26$587,127.35$592,998.63
40 $598,929 $5,929.99 $592,998.63 $0.00
DISTRICTOF COLUMBIA DHCD ContractNo.2017-12
SECOND DEED OF TRUST NOTE
NoteAmount: $19,665,633 DatedAsof:
FOR VALUE RECEIVED,by3534EastCapVenture,LLC,aDistrictofColumbia
itedliabilitycompany(referredtohereinas“Borrower”or“Maker”),promisestopaytotheorderoftheDistrictofColumbia,amunicipalcorporation,actingbyandthroughthe Dist of Columbia Departmentof Housing and Community
Development(the"Holder",“DHCD”or“Lender”),oranysubsequentholder,theprincipalsumofNineteenMillionSixHundredSixty-FiveThousandSixHundredThirty-ThreeDollarsandZeroCents($19,665,633.00)(the“Loan”)plusinterestas
computedbeloworhereinprovided.Theprincipalandinterest,shallbepayableat1800MartinLutherKing,Jr.,Avenue,S.E.,Washington,D.C.20020,Attn:Director,or
towhomeverorwherevertheHoldermayatanytimedesignateinwriting,

ThisSecondDeedofTrustNote(hereinafter“Note”)ismadepursuanttoacertainLoan
‘Agreement,datedthedatehereof,betweentheMakerandtheHolder(the“LoanAgreement”),describingtheloanproceedstobefundedundertheDistrictofColumbia
HousingProductionTrustFundActof1988,asmaybeamendedfromtimetotime,D.C.Law7-202,D.C.OfficialCodeSection42-2801etseq.(2001ed.);10DCMR Chapter41
(“HPTEStatutes”),andissecuredbyaHousingProductionTrustFundProgramDeedofTrust,AssignmentofLeasesandSecurityAgreement,datedthedatehereof,grantedbyMakerforthebenefitofHolder(the“DeedofTrust”)andrecordedagainstthe
propertylocatedat3534EastCapitolStreet,NE (the“Property”),moreparticularlydescribedinExhibitA,attachedhereto.TheDHCD LoanAgreement,NoteandSecondDeedofTrust,alongwithalldocumentsdescribedinDHCD LoanAgreement,Noteand
SecondDeedofTrustasLoanDocuments,shallbecollectivelyreferredtohereinasthe“LoanDocuments”.Allofthedefinedtermsusedhereinshallhavethesamemeanings
asusedintheLoanAgreement.
ThisNoteissecuredbya HousingProductionTrustFundProgramDeedofTrust,AssignmentofLeasesandSecurityAgreemententeredintobytheMakersimultaneously
herewith,anddeliveredtotheTrusteeforthebenefitoftheHolder,tosecurerepaymentoftheLoaninaccordancewiththetermsandconditionsofthisNote.

ThisNoteandthepaymentofprincipalandinterestshallbepaidasfollowsandinaccordancewiththetermsoftheLoanAgreement,
InterestontheunpaidprincipalbalanceofthisNoteshallaccrueatanannualrateofone
percent(1.0%)simpleinterestperannumfromthedateofLoanClosing
SIGNATUREPAGE‘SECONDDEEDOFTRUSTNOTE
a.PrincipalandInterestPayments.
BeginningonMay 1,2019,andoneachandeveryanniversaryofsuchdateforthedurationoftheLoan,theBorrowershallmakea paymenttoLender,inclusiveof
principalandinterest,from75%of“AvailableCashFlow”asmoreparticularlydefinedinExhibitB andsuchdateshallbereferredtoasthe“AnnualPaymentDate.”“Loan
Closing”shallmeanthedateonwhichalloftheLoanDocumentsarefullyexecutedanddelivered.Borrower'spaymentshallbemadebycheckorwireandshallbedelivered
andpaidasdirectedinwritingbyLender.RegardlessofwhetherornotthereisAvailableCashFlowtomakea payment,Borrowershallsubmita calculationof
‘AvailableCashFlowandanauditedcopyoftheBorrower'sfinancialstatementstoLenderoneachAnnualPaymentDate.Borrower'ssubmittalsshallbesubjecttotheLender'sapproval
AllaccruedandunpaidinterestandLoanprincipalshallbecomedueandpayableinfull
attheendoftheLoanTermoruponthesaleorrefinancingofthePropertyortransferofthePropertytoanotherentitywithoutthepriorwrittenapprovaloftheLender.TheLoanmaybeprepaidatanytimewithoutpenalty;however,suchprepaymentwillnotaffecttheenforceabilityortermoftheAffordabilityCovenant.
AllpaymentsreceivedbyLendershallbeappliedfirsttointerestoutstanding,thentoprincipaloutstanding.AnyunpaidportionofthisLoanshallbetreatedasanaccrual,
inaccordancewithGenerallyAcceptedAccountingPrinciples(“GAAP”)andanysuchoutstandingprincipal,interestand/orpenaltiesremainingattheendoftheLoanTerm shallbe thendue and payable.Interimfinancialstatements
notwithstanding;theBorrowershallprovidetheLenderwithanauditedfinancialstatement not laterthan on each Annual Payment Date.
b. Non-recourse Obligations.
TheBorrower’sobligationstorepaytheLoanshallbenon-recourseobligations,payable
solelyfrom(i)AvailableCashFlowpriortotheforeclosureofanylienonthePropertyand(ii)uponforeclosureofthePropertyunderanylien,netproceedsproducedbysuchforeclosureafterpaymentofallpriorsecuredindebtedness,andtheLendershallnotbe
entitledtoenforceanydeficiencyorothermonetaryjudgmentspersonallyagainsttheBorrowerorthemembersoftheBorrowerwithrespecttothepaymentobligationsundertheLoanDocuments.Notwithstandingtheabovelimitationsonliability:
i,SuchlimitationsofliabilityshallnotprecludetheBorrowerfrombeingnamedasadefendantinanysuitseekingspecificperformance,declaratoryjudgment,oranattachmentproceeding;
ii,TheBorrowershallremainliablefor(a)allloss,damage,reasonablecostandexpense(includingreasonableattorney'sfees)sufferedbytheLenderasaresultoftheBorrower'sfraud,deceitorintentionalmisrepresentation,or
SecondDOTNote
grossnegligence,failuretomaintaininsuranceupon thePropertyin
accordancewiththeLoanDocuments,ortheintentionalphysicalwasteof
theProperty;(b)allincome,revenues,rents,royalties,issues,andprofitsin
possessionoftheBorrowerfromthePropertywhich,aftertheoccurrenceof
aneventofdefault(beyondanyapplicablenoticeandcureand/orgrace
period)arenotappliedtothepaymentofsumsdueundertheNote,the
Loan,thepaymentofthenormaloperationexpensesoftheProperty,orthe
paymentsoftheamountsowedbytheBorrowertoanylenderpursuantto
anySeniorLoanDocuments,asdefinedherein;and(c)allinsurance
proceedsandcondemnationawardsinpossessionoftheBorrowerwith
respecttothePropertyofwhichproceedsorawards,asthecasemaybe,are
intentionallymisappliedincontraventionoftheprovisionsoftheLoan
Documents. “Senior Loan Documents” isdefinedas allloandocuments
betweenBorrowerandanylenderwhosecollateralpositionsupersedesthat
of theLender;and
iii,Suchlimitationofliabilityshallbestrictlyconstrued,andshallnothaveanyeffectonanypersonotherthantheBorroweranditsmembers,officersanddirectors.
ThisNoteshallmatureandtheunpaidprincipalbalance,togetherwithallaccruedinterest,chargesandpenalties,ifany,shallbecomeimmediatelydueandpayable,withoutfurtheractionbytheHolder,ontheearliertooccurof:(i)theterminationofthe
LoanandaccelerationoftheLoanduetotheactionoftheLenderastheresultofanEventofDefault(definedbelow),(ii)thesaleorrefinancingofBorrower'sinterestinthePropertyortransferofBorrower’sinterestinthePropertytoanotherentitywithoutthepriorwrittenapprovaloftheLender.
Intheeventof a defaultunder theLoan Documents, which remains uncured afterwritten
noticeandtheapplicablecureperiodprovidedintheLoanDocuments(“Eventof
Default”),thentheentireunpaidprincipalamountandaccruedinterest,chargesandfees,
ifany,shallbeimmediatelydueandpayable,attheoptionoftheHolder,TheHolder
hereofmayexercisethisoptiontoaccelerateduringanyEventofDefaultbytheMaker
regardlessof any priorforbearance;however, theHolder shallprovidetheMaker withat
leastthirty(30)days’(butnotlessthanthedurationofanyapplicablenoticeandcure
period)priorwrittennoticeofitsintentiontoacceleratetheNote.Holder'snoticeof
intenttoacceleratemayrunconcurrentlywithanynoticeofdefaultandcureperiod.Any
cureof an event of defaultby theMaker’s investormember shallbe acceptedor rejected
‘onthe same basisas ifmade by the Maker. In theeventof any defaultof thisNote that
remainsuncuredafternoticeandtheapplicablecureperiod,andifthesameisreferredto
an attorneyatlaw forcollectionorany actionatlaworinequityisbroughtwithrespect
hereto,the Maker shallpay the Holder hereof all reasonableexpenses and costs,
including,butnot limitedto,reasonableattorney'sfees.
IntheeventthattheHolderacceleratesthematurityofthisNote,afterappropriatenoticetoMaker,orthisNotebecomesimmediatelydueandpayablewithouttheneedforfurther
SecondDOTNote
actionbytheHolder,thentheunpaidprincipalamountoutstandingshallbearinterestata
defaultrateofthelesserof(i)TWO PERCENT(2%)perannum,or(ii)themaximum.rateofinterestpermittedtobechargedbyHolderunderapplicablelaw.SuchinterestshallcommenceuponthedaythattheNotebecomesdueandremainsunpaid.Ineither
suchevent,theNoteshallremainindefaultuntilpaidinfull,andthepaymentofprincipalandaccruedinterestandfeesshallbeimmediatelydueandpayablewithout
demandbytheHolderhereof.
ThisNotemaybeprepaidinwholeorinpartatanytimewithoutpenaltyorpremium;provided,however,theMakershallprovidetheHolderwithreasonablenoticeofitsintenttoprepaytheLoanevidencedbythisNote.PrepaymentoftheNoteshallnotaffectthevalidityoftheDeclarationofCovenantsrecordedonthePropertyinconnectionwith
theLoan.
Fromtimetotime,withoutnoticeorconsentofMakeroranyguarantorhereof,andwithoutliabilitytoHolder,theHoldermay extendthetimeforpaymentofanyamount
dueunderthisNote,reducethepaymentsthereon,releaseanyoneliabletomakepaymentundertheNote,acceptarenewalofthisNote,joininanyextensionorsubordination
agreement,releaseanysecuritygivenhereto,takeorreleaseothersecurity,andagreeinwritingwiththeMakertomodifytherateofinterestintheeventofdefault,withoutaffectingtheobligationoftheMakeroranyguarantorhereof,topayanyamountsdueunderthisNote.NorshallanyoftheaboveactionsoftheHolderaffecttherequirement
ofMakertoobservethecovenantscontainedherein.
Allmakers,sureties,guarantorsandendorsersherebywaivepresentment,noticeof
dishonor,andprotesthereof.ThisNoteshallbethejointandseveralobligationsofallmakers,sureties,guarantorsandendorsers,ifany,andshallbebindinguponthemandtheirsuccessorsandassigns.
TheindebtednessevidencedbythisNoteissecuredbyFinancingStatementsandtheDeedofTrust,andreferenceismadetheretoforrightsastoaccelerationoftheindebtednessevidencedbythisNote,ThisNoteshallbegovernedbythelawsofthe
DistrictofColumbia,andifanyprovisionofthisNoteshallbeheldinvalid,suchinvalidityshallnotaffectanyotherprovisionofthisNote.Intheeventthattheeffectiverateofinteresthereundereverexceedsthemaximuminterestratepermittedbylaw,theeffectiveinterestratehereundershallbereducedasprovidedintheDeedofTrust.
ThetermsandconditionsoftheDeedofTrustandtheLoanAgreement,includinganyincorporatedterms,conditionsandexhibitsshallbeincorporatedhereinbyreferenceand
madeapartofthisNote.
Notwithstandinganythingto the contraryin thisNote, no owner, partner,member,
shareholder,officer,director,manager,tenantor employeeof theMakershallbe
personallyliablefortheobligationsoftheMakerunderthisNoteoranyotherLoan
Document.
SecondDOTNote
[SignatureandAcknowledgementontheFollowingPage]
{TheRemainderofthisPageIsIntentionallyLeftBlank]
SecondDOTNote
INWITNESSWHEREOF,MakerorMaker’sdulyauthorizedrepresentativehasexecutedthisNoteasofthedayandyearfirstabovewritten,Theundersigned

herebyce iesthatthisNotehasbeenexecutedanddeliveredpursuanttoandinstrictconformitywiththeprovisidnsoftheorganizationaldocumentsof3534EastCapVenture,LLC
MAKER:
WITNESS/ATTEST:
3534EastCapVenture,LLC,aDistrictofColumbialimitedliabilitycompany
By:
By:
SIGNATUREPAGESECONDDEEDOFTRUSTNOTE
3534EastCapOperator,LLC,a Districtof Columbia limitedliability
company,itsManagingMember
3534 MRP, LLC,
aDistrictofColumbialimitedliabilitycompany,itsManagingMember
MRPEastCapitolPartners,LLC,a Districtof Columbia limitedliability
company,itsManager
MidAtlanticRealtyPartners,LLC,aVirginialimitedliabilitycompany,
itsManager
RobertJ.Murphy‘AuthorizedSignat
EXHIBIT A
LEGAL DESCRIPTION
PartofRecordLot40
TaxedasLot806SQUARE5047DistrictofColumbia
PartofRecordLot40inSquare5047,DistrictofColumbia,asthesameissetforthonthatcertainPlatofSubdivisionmadeSeptember6,2016byEastCapitolMinnesota,LLC, and recorded December 23, 2016 in Subdivision Book 211 at Page 196 among the
RecordsoftheOfficeoftheSurveyoroftheDistrictofColumbia;saidpartofLot40beingpartofthesamelandasconveyedtoEastCapitolMinnesota,LLC,byDeeddatedDecember5,2005andRecordedDecember7,2005asInstrumentNumber2005175664intheOfficeoftheRecorderofDeedsoftheDistrictofColumbia;saidpartofLot40beingknownforpurposesofAssessmentandTaxationatthedatehereof,asLot806inSquare5047;andbeingmoreparticularlydescribedasfollows
BEGINNINGatapointonthenortherlylineofEastCapitolStreet(160ft.wide),being
alsothesoutherlylineofLot40;saidpointlyingDueEAST373.66feetfromtheintersectionofsaidnortherlylineofEastCapitolStreetwiththeeasterlylineof35"Street,N.E.(60fi.wide);thencedepartingsaidEastCapitolStreetandrunningin,
through,overandacrossLot40soastoincludeaportionthereof.
1)DueNORTH 101.04feettothesoutherlylineofaPublicAlley(16ft.wide)
beingalsothenortherlylineofLot40;thencerunningwithsaidline
2) Due EAST, 227.13 feetto a point;thencecontinuingwith saidPublicAlley
3) North 29°48°00” East,133.68 feetto thesoutherlylineof Ames Street,N.E. (60
ft.wide);thencewith saidsoutherlylineof Ames Street
4) Due EAST, 82.86 feet;thencedepartingsaidAmes Street,N.E. and runningwith
thewesterlylineof Lot 39 in Square 5047
5) South 29°48°00” West, 95.65 feettoa point;thencewith thesoutherlylineof said
Lot 39
6) Due EAST, 63.51 feetto a point;thencecontinuingwithsaidsoutherlylineof Lot
39
SecondDOTNote
7)South81°10°S0”East,24.62feettoapointonthewesterlylineofMinnesota
Avenue,N.B.(90ft.wide),saidpointbeingalsothenortheastcoreroftheaforementionedLot40;thencewithsaidwesterlylineofMinnesotaAvenue,N.E.
8) South 29°48°00" West, 113.01feettoapointof curvature;thence
9)67.24alongthearcofacurvetotheright,saidcurvehavingaradiusof64.00
feet,deltaangleof60°12°00”,tangentdistanceof37.10feetandachordbearinganddistanceofSouth59°54°00”West,64.19feettoaforementionednortherly
lineofEastCapitolStreet;thencewithsaidnortherlylineofEastCapitolStreet
10)DueWEST 305.03feettopointandplaceofbeginning,containing49,801squarefeetor1.14327acresofland.
‘Togetherwith theuse and appurtenantbenefitof thatcertainpublicalley,adjacent
and contiguousto,and immediatelyNorth and Northeast,of saidLot 806.
TOGETHER WITH aileasements, covenants,agreements, rights,benefits,liberties
andprivilegescreatedorestablishedby,orinanywayrelatingorappertainingto,thatcertainDeclarationofReciprocalEasements,CovenantsandRestrictionsbyandbetween3534EastCapVenture,LLC,aDistrictofColumbialimitedliabilitycompany,and3500EastCapVenture,LLC,aDistrictofColumbialimitedliability
company to be duly recordedintheOfficeof theRecorderof Deedsof the Districtof
Columbia.
SecondDOTNote
EXHIBIT B
DEFINITION OF AVAILABLE CASH FLOW
Loan tobe non-recourseandpayablefromavailablecashflowasdefinedbelow:
“AvailableCash Flow” shallbe definedhereintomean theannual sum of (i)all
cashreceivedfromrents,leasepayments,andallothersources(includingany
releaseoffundsfromreservesorescrows),butexcluding(a)LRSPfunds,(b)
tenantsecurityorotherdeposits(excepttotheextentforfeitedtotheBorrower),
(c)capitalcontributionsand interestthereon(otherthan ifused topay foran item
deductedindeterminingavailablecash),(d)proceedsfromcapitaltransactions,
and (e)intereston reservesnot availablefordistribution;and (ii)thenetproceeds
of any insurance,otherthanfireand extendedcoverageand titleinsurance,to the
extentnotused forrebuildingof theProperty,LESS thesum of: (a)allcash
expenditures,andallexpensesunpaidbutproperlyaccrued,whichhavebeen
incurredintheoperation,maintenance,repairor restorationof theBorrower's.
Property(whetheror not such expenditureisdeducted,amortizedor capitalized
fortaxpurposes),includingthemanagement feetothemanagement agent,asset
managementfees,creditadjusters,andleasing,operation,maintenance,repair,
restorationand taxes,chargesand assessmentsimposed on or inconnectionwith
theProperty,(b)allpayments,including,butnotlimited,tofees,expenses,and
othercosts,requiredby or on accountof theloanfrom any lenderthathas a loan
onthePropertythatisseniortotheLoan(“SeniorLender”)andasrequired
undertheseniorloandocuments(“SeniorLoanDocuments”)relatedtosuch
seniorloan(“SeniorLoan”),(c)paymentsofanydeferreddeveloperfee,(d)all
debtservicepayments(includingthoseon loansmadebyBorrower's
Members)andanyotherlender/equityinvestorimposedfee,(e)anycashreserves
for,among otherpurposes,capitalexpenditures,repairs,replacementsand
anticipatedexpenditures,insuch amounts as may be requiredby theSenior
LenderassetforthintheSeniorLoan DocumentsorBorrower'staxcredit
investorandrequiredfortheoperationandmaintenanceoftheProperty.
AvailableCash Flow WaterfallfortheTerm of theLoan:
1. 75%of ALL AvailableCashFlowshallbeappliedtomakeprincipaland
interestpaymentson theLoan on an annualbasis.
‘SecondDOTNote

ACUEN tO:PremiumTitle&Escrow,LL e3407 14thStreetNW
_.Washington,DC20010
7-2443534EastCapVenture,LLCHPTFDOT,AssignmentofLease&SecurityAgreement
WhenRecordedPleaseReturnto: DHCD ContractNo.2017-12
AntoinetteN.Moore,Esq.OfficeoftheGgnéralCounsel

fartinLutherKing,Jr.,Avenue,SE
inomDemeee IMR AKL2017124018-20
HOUSING PRODUCTION TRUST FUND PROGRAM.
DEED OF TRUST,ASSIGNMENT OF LEASES AND RENTS
AND SECURITY AGREEMENT
THISHOUSINGPRODUCTIONTRUSTFUND PROGRAM DEEDOF TRUST-,ASSIGNMENTOFLEASESAND SECURITYAGREEMENT(this“DeedofTrust”)ismadeasofthis2%dayofNovember,2017from3534EastCapVenture,LLC,a DistrictofColumbialimitedliabilitycompany(the“Grantor”),toJuliaH.Wiley,theTrustee(the“Trustee”),forthebenefitoftheDistrictofColumbia,amunicipalcorporation,actingbyandthroughtheDepartmentofHousingandCommunityDevelopment(the“Beneficiary”,“Lender”

(20¢W
orDHCD") .ATVURIZeACLANESS:[B00MLK TR.IVE SEWASHINGTEN,D.C-20020
WHEREAS,GrantorisjustlyindebtedtoBeneficiaryfortheprincipalsumofuptoNineteenMillionSixHundredSixty-FiveThousandSixHundredThirty-ThreeDollarsand
ZeroCents($19,665,633.00)(the“Loan”),representingthecosttoprovidenewconstructiondevelopmentfinancingforcertainrealpropertylocatedat3534EastCapitolStreet,NE-.The
Loanisevidencedbya SecondDeedofTrustNote-,ofevendateherewith,anda LoanAgreement-,datedNovember2,2017eachbyandbetweentheBeneficiaryandtheGrantor,
payabletotheorderofBeneficiary(suchSecondDeedofTrustNote,togetherwithanysubsequentrenewals,modifications,extensions,oramendmentstheretoorreplacementsthereofshallbereferredtohereinas“Note”andsuchLoanAgreementshallbereferredtohereinas
“LoanAgreement”,andbothshallbeincorporatedhereinbyreferenceandwithamaturitydateoffourhundredeighty(480)monthsfromtheplacedinservicedatefortheProjectorthedateof
completedrepaymentoftheLoan,whicheverisfirst(“LoanTerm”).“The“LoanClosing”shallbedefinedasthedatethattheLoanDocumentsarefullyexecutedanddeliveredtotheLender;and
WHEREAS,allcapitalizedtermsnototherwisedefinedhereinshallhavethemeanings
giventosuchtermsintheLoanAgreement;and
{D0634234.D0C/7 DC533}3534EastCapVenture,LLCHPTFDOT,AssignmentofLease& SecurityAgreementPage|
3534EastCapVenture,LLCHPTFDOT,AssignmentofLease& SecurityAgreement
WHEREAS,thisDeedofTrustismadetosecuretoBeneficiary,(a)therepaymentoftheindebtednessevidencedbytheNote,(b)thepaymentofallsums,withinterestthereon,advancedinaccordanceherewithtoprotectthesecuiityofthisDeedofTrust,and(c)theperformanceofthecovenantsandagreementsofGrantorcontainedherein;and
WHEREAS,therightsofBeneficiaryshallbesubjectandsubordinatetotherightsofthebeneficiaryunderthatcertainMultifamilyDeedofTrust,Assignmentof‘RentsandSecurityAgreementdatedasofthedatehereofandgrantedbyGrantorinfavorofJPMorganChase(togetherwithitssuccessorsandassigns,“FirstPositionLender”).TheLoanshallbesecuredbyaSECONDdeedoftrustsubordinateonlytoFirstPositionLender.TheLender’ssecuritypositionwillbesubjecttoasubordinationagreementwiththeprioritylenders.
NOW THEREFORE, in considerationof the indebtednessof the Note, and the trust
createdherein,Grantorirrevocablygrants,conveysandassignstoTrustee,intrust,withpowerofsale,itsrightstotheProperty;
TOGETHER WITH, allof Grantor’sright,title,and interest,whether now owned or
hereafteracquired,inandto:allpresentandfuturebuildingsandimprovementserectedortobeerectedthePremises,aswellasallpresentandfuturealterations,additionsandimprovementsnoworhereaftermadethereto(collectively,theImprovements”);andallstreets,alleys,passages,easements,licenses,ways,water,watercourses,waterrights,airrights,otherrights,timber,crops,minerals,liberties,privileges,hereditamentsandtheappurtenancesthereuntobelonging(collectively,the“Hereditaments”);
TOGETHERWITH,allofGrantor’sright,title,andinierest,whethernowownedorhereafteracquired,inandtoallpresentandfuturereversions,remainders,incomes,rents,securitydeposits,issues,profits,fees,payments,grants,franchises,rights,claims,concessions,andoperatingprivilegesderivedfromorreceivedinconnectionwithallpurposesforwhichthe
PremisesandtheImproyementsmightbeemployed,whethernowexistingorhereafterarising(collectively,the“Rents”);
TOGETHERWITH,allofGrantor’sright,title,andinterest,whethernowownedorhereafteracquired,inandtoallpresentandfuturemachinery,apparatus,equipment,fittings,fixtures,andarticlesofpersonalpropertynoworhereafterlocatedon,about,underorinthePremisesortheImprovements,withoutregardtowhetherthesamemaybeaffixedtothePremisesorImprovements,atanytimeandfromtimetotimeandusedorusableinconnectionwithanypresentorfutureoperationoroccupancyoftheImprovements,includingbutnotlimitedtoallheating,electrical,airconditioning,ventilating,lighting,laundry,incineratingandpowerequipment,engines,pipes,pumps,tanks,motors,conduits,switchboards,plumbing,lifting,
{D0634234.D0€/7 1DC533}3534EastCapVenture,LLCHPTFDOT,AssignmentofLease& SecurityAgreementPage2
3534EastCapVenture,LLCHPTFDOT,AssignmentofLease& SecurityAgreement
cleaning,fireprevention,fireextinguishing,andcommunicationsapparatus,appliances,furnishings,carpeting,cabinets,partitions,ductsandcompressors,andallpartsandaccessoriesthereforandall
substitutionsandreplacementsthereof,andthecashandnon-cashproceedsofalltheforegoing,includingbutnotlimitedtotheproceedsofanypolicyofinsurancethereon(collectively,the“BuildingEquipment”);
TOGETHERWITH,allofGrantor'sright,title,andinterest,whethernowownedorhereafteracquired,inandto:allpresentandfuturecontractsrelatingtothePrémises,theImprovements,theHereditaments,ortheBuildingEquipment;alldocuments,contractrights,accounts,commitments,constructioncontracts,architecturalagreements,generalintangiblesincluding,butnotlimitedto,trademarksandtradenames),instruments,notesandchattelpaperarisingfromorbyvirtueofanytransactionrelatedtothePremises,theImprovements,ortheBuildingEquipment;andallotherinterestsofeverykindandcharacterthatGrantornowhasorhereafteracquiresinandtothePremises,theImprovements,theHereditamentsandtheBuildingEquipment(collectively,the“Rights”);
TOGETHER WITH,allofGrantor'sright,title,andinterest,whethernowownedorhereafteracquired,inandtoallawards,decrees,proceedsandsettlementsmadetoorforthebenefitofGrantorbyreasonofanydamageto,destructionofor takingofthePremisesoranypartthereof
oranyImprovements,Hereditaments,orBuildingEquipment,whethermadebyreasonoftheexerciseoftherightofeminentdomainorotherwise,orbyanypublicorprivateauthority,tribunal,
corporationorotherentityorbyanynaturalperson(“Damages”);
AlloftheforegoingpropertyofwhateverkindencumberedbythisDeedofTrustandany
additionalpropertyrelatingtothePremisesnowownedorhereafteracquiredbyGrantorandsubjecttothelienofthisDeedofTrustorintendedtobesoissometimesreferredtobelowasthe
“Property”.
Until

theindebtednessoftheNote shallbe paidinfull,Grantorcovenantsand agreesas follows:
(@)RESERVEDUNITSAND SUBORDINATION.GrantorshallcomplywiththerequirementsoftheHousingProductionTrustFundActof1988,asmaybeamendedfromtimetotime,D.C.Law7-202,D.C.OfficialCode§42-2801etseq.(2001ed.);10DCMRChapter41(thestatutesandregulationsarecollectivelyreferredtohereinasthe“HPTFRegulations”)andwiththerequirementsoftheDeclarationofCovenantsandRentRegulatoryAgreement(“Covenant”),datedthesamedateasthisDeedofTrust,inestablishingtherentsfor:i. Thetotalonehundredthirtyseven(137)residentialhousingunitsinthePropertythatshallbereservedforExtremelyLowIncomeHouseholds,VeryLowIncomeHouseholdsandLowincomeHouseholdsfortheperiodendingnolaterthanfifty
{D0634234,D0C/7 DC533}3534EastCapVenture,LLCHPTFDOT,AssignmentofLease&SecurityAgreementPage3
3534EastCapVenture,LLCHPTFDOT,AssignmentofLease& SecurityAgreement
vi.
(50)yearsfromthedatethecertificateofoccupancyisissuedfortheProject.Uponcompletion,theoperationofthePropertyas137unitsofrentalhousingwhereinfifteen(15)unitswillbedeedrestrictedasPSHunitstobeaffordableto
andoccupiedbyhouseholdsatorbelow30%ofAMI andonehundredtwenty-two(122)unitswillbedeedrestrictedatorbelow50%ofAMIasdefinedinthe
HPTFstatute.ThroughoutthetermoftheLoan,theReservedUnitsshallbeoperatedintheircurrentconfigurationof:Sixty-Three(63)OneBedroom,Fifty-Nine(59)TwoBedroom,andFifteen(15)ThreeBedroomapartments.Thefifteen(15)PSH
unitsshallbedesignatedasfollows:ten(10)unitsshallbetwo(2)bedroomunits;five(5)unitsshallbethree(3)bedroomunitsandeight(8)unitsshallbeUniformFederalAccessibilityStandard(“UFAS”)accessible.“ExtremelyLowIncomeHousehold”shallbedefinedasarenterwhoheadsahouseholdwithatotalaggregateincomethatislessthanorequaltothirtypercent
(30%)oftheAreaMedianIncomefortheWashingtonMetropolitanStatistical‘AreaassetforthintheperiodiccalculationprovidedbytheUnitedStatesDepartmentofHousingandUrbanDevelopmentandadjustedforfamilysizein
accordancewiththeHPTFStatutes(“AMI”).“VeryLowIncomeHousehold”shallbedefinedashouseholdswithincomeequalto,orlessthanfiftypercent(30%)ofAMI.“LowIncomeHousehold”shallbedefinedashouseholdswith
incomeequalto,orlessthansixtypercent(60%)ofAMI.
Notwithstandingtheabove,ifanExtremelyLowIncomeHouseholdorVeryLowIncomeHouseholdtenantthatoccupiesa ReservedUnitandsubsequentlybecomesan“Over-IncomeTenant”(definedhereinasa tenantwhosetotal
householdincomeexceedstheapplicableAMI),suchhouseholdmayremainintheunitandBorroweragreestorentortransfersuchunittoanotherExtremelyLowIncomeHouseholdunitorVeryLowIncomeHouseholdunitwhensuchunit
becomesvacant.ThisSectionissubjecttothequalificationstobesetforthintheAffordable
HousingCovenantwithrespecttotheavailabilityofLRSPandtenantsqualifying
asExtremelyLowIncomeHouseholds.

NotwithstandinganythingtothecontraryinthisDeedofTrustortheotherLoan
Documents,Beneficiary’srightsandremedieshereunderandundertheotherLoan
Documentsshallbesubjectandsubo

ateinallrespectstotherightsofanySenior
Lender.
2.CONDITIONOFTITLE.Subjectto(i)anyeasementsandrestrictionslistedinascheduleof
exceptionstocoverageinanytitleinsurancepolicyinsuringBeneficiary’sinterestintheProperty,(ii)leasestotenantsofthePropertyintheordinarycourseofbusiness,(iii)easements
(1D0634234.D0C/7 DC533}3534EastCapVenture,LLCHPTFDOT,AssignmentofLease&SecurityAgreementPage4
3534EastCapVenture,LLCHPTFDOT,AssignmentofLease&SecurityAgreement
grantedtoserviceproviderstothePropertyintheordinarycourseofbusiness,and(iv)anyoftheseniorloandocuments(“SeniorLoanDocuments”)andanyotherliens,encumbrancesand
exceptionsshownontheLender'spolicyfortheLoanissuedbyChicagoTitleInsuranceCompany(collectively,“PermittedEncumbrances”):(a)Grantorislawfullyseizedoftheestateherebyconveyedandhastherighttogrant,conveyandassignthePropertyto
Beneficiary’sTrustee,(b)thePropertyisunencumbered,exceptasindicatedinthetitlereportandpreviouslyacknowledgedbytheDepartment,andthisDeedofTrustshallcreatealienonthePropertyinfavorofBeneficiary,and(c)Grantorwillwarrantanddefendspeciallythetitle
tothePropertyagainstallclaimsanddemands,
3.PAYMENTOF PRINCIPALAND INTEREST.Grantorshallpromptlypaywhendue,asrovidedby theLoanDocuments,theprincipalofandanyapplicableintereston the
indebtednessevidencedbytheNote,anylatechargesprovidedintheNoteandallothersumssecuredbythisDeedofTrust.

4,PAYMENTOFTAXESAND LIENS.Grantorshalltimelypayalltaxes,assessments,water
andsewercharges,orotherchargesleviedagainstoronaccountofthePropertyorsumswhicharerequiredtobepaidbyGrantorunderthetermsoftheNote,orthisDeedofTrust,including
costs,expensesandreasonableattorney'sfeesincurredbyTrusteehereunderorBeneficiarywithrespecttothisDeedofTrust,andshallpaywhendueallclaimsforworkdoneonorforservicesrenderedormaterialfurnishedtotheProperty.Grantormaywithholdpaymentofanytax,
assessment,orclaiminconnectionwithagoodfaithdisputeovertheobligationtopay,solongasBeneficiary'sinterestinthePropertyisnotjeopardized.If lienarisesorisfiledasaresultof
non-payment,Grantorshall,atitsoption,withinthirty(30)daysaftertheGrantorhasnoticeofthefiling,securethedischargeof thelienorinsureoversuchlien,fileabondordepositwith
Beneficiaryintheformofcash,bondorcertificateofdeposit,inanamountsufficienttodischargethelienplusanycosts,reasonableattorney'sfees,orotherchargesthatcouldaccrueastheresultofa foreclosureorsaleunderthelien.
5.NO ADDITIONALLIENS.Exceptwithrespecttoanylien,mortgage,deedoftrustof
‘encumbranceperfectedagainstthePropertyorapprovedbyBeneficiarypriortotheexecutionoftheDeedofTrust,specificallyincludingthelieninfavoroftheFirstPositionLender,Grantorshallnotpermitanyotherlien,mortgage,deedoftrust,orencumbrancetobeperfectedagainst
thePropertyexceptasapprovedinwritingbyBeneficiary.Grantoragreestocomplywiththecovenantsandconditionsoftheloanagreements,ifany,pertainingtoanyotherlien,mortgage,
deedoftrustorencumbrancebindingonGrantorandperfectedagainstGrantor'sinterestintheProperty,andsuchcovenantsandconditionsareherebyincorporatedbyreference.

6.APPLICATIONOF PAYMENTS.Unlessapplicablelawprovidesotherwise,anyandall
paymentsreceivedbyBeneficiaryundertheNoteorthisDeedofTrustshallbeappliedinthe
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followingorderofpriority:(i)topayanyoutstandingcharges,premiumsorfeesrequiredtobepaidbyGrantorherein,butremainingdueandowing,(ii)interest,charges,fees,reimbursementsorpenaltiesallowedhereinorintheNote,and(iii)principaldueontheNote

7.HAZARD INSURANCE.(a)GrantorshallkeepthePropertyinsuredbycarriersatalltimessatisfactorytoBeneficiaryagainstlossbyfire,hazardsincludedwithintheterm“extended
coverage,”rentlossandsuchotherhazards,casualties,liabilitiesandcontingenciesasBeneficiaryshallreasonablyrequireandinsuchamountsandforsuchperiodsasBeneficiaryshallreasonablyrequire.AllpremiumsoninsurancepoliciesshallbetimelypaidbyGrantor.
Allinsurancepoliciesandrenewalsthereofshallbeina formreasonablyacceptabletoBeneficiaryandshallincludeastandardmortgageeclauseinfavorofandinformreasonably
acceptabletoBeneficiary.Beneficiaryshallhavetherighttoholdthepolicies,andGrantorshallpromptlyfurnishtoBeneficiaryallrenewalnoticesandallreceiptsofpaidpremiums.Atleastthirty(30)dayspriortotheexpirationdateofapolicy,GrantorshalldelivertoBeneficiaryanACORD certificateinformreasonablysatisfactorytoBeneficiary.
(b)Intheeventofloss,GrantorshallgivewrittennoticetotheinsurancecarrierandtoBeneficiarywithinone(1)businessday.IntheeventofalossinwhichthecosttorepairorrestoreexceedsOneMillionDollars($1,000,000.00),GrantorherebyauthorizesandempowersBeneficiaryasattorney-in-factforGrantortomakeproofofloss,toadjustandcompromiseanyclaimunderinsurancepolicies,toappearinandprosecuteanyactionarisingfromsuchinsurancepolicies,tocollectandreceiveinsuranceproceeds,andtodeducttherefromBeneficiary'sexpensesincurredinthecollectionofsuchproceeds;however,Beneficiaryshallnotberequiredtoincuranyexpenseortakeanyactionhereunder.GrantorfurtherauthorizesBeneficiary,at
Beneficiary’soption,ifaneventofdefault(asdefinedbelow)isthencontinuing(i)toholdthebalanceofsuchproceedstobeusedtopayorreimburseGrantorforthecostofreconstructionorrepairofthe Propertyfoitsoriginalcondition,or(ii)toapplythebalanceofsuch proceedstothe
paymentofthesumssecuredbythisDeedofTrust,whetherornotthendue.Notwithstandingtheforegoing,intheeventGrantordeterminestoreconstructorrepairtheProperty,theBeneficiaryagreestopayorreimbursetheGrantorfromthebalanceofsuchinsuranceproceedsforsuchreconstructionorrepairexpenses.

8.PRESERVATIONAND USEOF THEPROPERTY.Grantor(a)shallnotpermitwaste,impairment,deteriorationorcontaminationoftheProperty,otherthannormalwearandtear(b)shallnotabandontheProperty,(c)shallkeepthePropertyingoodrepair,(d)shall,totheextent
offundsavailable,restoreorrepairthePropertypromptlyandinagoodworkmanlikemanner,(©)shallcomplywithalllaws,permits,licensesorregulationsregardingtheuseoftheProperty,and(f)shallnotchangethePropertyfromtheoriginaluseorconditionascontemplatedbytheLoanAgreement.
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3534EastCapVenture,LLCHPTFDOT,AssignmentofLease&SecurityAgreement
9.PROTECTIONOFBENEFICIARY'SSECURITY.IfafternoticeandtheexpirationofanycureperiodrequiredinParagraph15hereof,GrantorfailstoperformthecovenantsandagreementscontainedinthisDeedofTrust,orifanyactionorproceedingiscommencedwhichadverselyaffectstheProperty,ortitletheretoortheinterestofBeneficiarytherein,including,butnotlimitedto,eminentdomain,insolvency,codeenforcement,orarrangementsorproceedingsinvolvinga bankruptcyordecedent,thenBeneficiary,atitsoption,maymakesuchappearancesasGrantor'sattorney-in-fact,disbursesuchsumsandtakesuchactiontoprotectitsinterest,including,butnotlimitedto:(i)disbursementofreasonableattorney'sfees,(ii)entryuponthePropertytomakerepairs,and(iii)procurementofsatisfactoryinsuranceasprovidedherein.AnysuchamountsdisbursedbyBeneficiaryshallbecomeadditionalindebtednesssecuredbythisDeedofTrust,andshallbearinterestfromthedateofdisbursementattherateprovidedintheNote,andshallbeimmediatelydueandpayable.Beneficiaryshallnotberequiredtotakeanyactionorbearanyexpensehereunder.

10.INSPECTIONS.BeneficiarymaymakeorcausetobemadereasonableentriesuponandinspectionofthePropertyduringGrantor’snormalbusinesshours,uponreasonablepriornoticetoGrantor,unlessintheeventofanemergency,inwhichcasenonoticeshallberequired.

11. BOOKS AND RECORDS. Grantor shallkeep and maintain at alltimes complete and
accuratebooksofaccountsandrecordsadequatetoreflectcorrectlytheresultsoftheoperationofthePropertyandcopiesofallwrittencontracts,leasesandotherinstrumentswhichaffectthe
Property. Such books, records,contracts,leasesand other instruments shall be subject to
examinationandinspectionbyBeneficiaryduringGrantor’snormalbusinesshoursanduponreasonablepriornoticetoGrantor.
12.CONDEMNATION.GrantorshallpromptlynotifyBeneficiaryofanyactionorproceedingrelatingtoanycondemnationorothertaking,whetherdirectorindirect,oftheProperty,orpartthereof,andGrantorshallappearinandprosecuteanysuchactionorproceedingtosettleorcompromiseanyclaiminconnectiontherewith.TheproceedsofsuchsettlementareherebyassignedtoBeneficiary,whoshallapplysuchproceedsatBeneficiary’soption,totherestorationorrepairoftheProperty,ortothepaymentofthesumssecuredbythisDeedofTrust,whetherornotthendue,Notwithstandingtheforegoing,subjecttotherightsoftheDepartment,GrantorshallhavetherighttorebuildtheProject,andtouseallavailablecondemnationproceedstherefor,providedthat(i)suchproceedsaresufficienttorebuildtheProjectinamannerthatprovidesadequatesecuritytoBeneficiaryforrepaymentoftheLoanorifsuchproceedsareinsufficientthenGrantorshallhavefundedanydeficiency,(ii)Beneficiaryshallhavetherighttoapproveplansandspecificationsforanymajorrebuildingandtherighttoapprovedisbursementsofcondemnationproceedsforrebuildingunderaconstructionescroworsimilararrangement,and(iii)nomaterialdefaultthenexistsundertheLoanDocuments.IfthetotalrestorationoftheProjectisinfeasible,thencondemnationproceedsmaybeusedforpartialrebuildingandpartialrepaymentoftheLoanin

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‘amannerthatprovidesadequatesecuritytoBeneficiaryforrepaymentoftheremainingbalanceof
theLoan.ThissectionshallbesubjecttotherightsoftheFirstPositionLenderunderitsloandocuments.
13,GRANTORNOT RELEASED.BeneficiarymaymodifyorrenewtheNotewithGrantor'sconsent,takeorreleaseotheroradditionalsecurityfortheNote,releaseanyguarantor(s)ofthe
Note,subordinateorreleaseanyportionofthelienofthisDeedofTrust,orconsenttothegrantingofaneasementontheProperty,andsuchactionbyBeneficiarywillnototherwisereleasethelienofthisDeedofTrustortheobligationsofGrantorhereunder.
14,NO WAIVER. AnyforbearancebyBeneficiaryinexercisinganyrightorremedy
hereunder,orotherwiseaffordedbyapplicablelaw,shallnotbeawaiveroforprecludetheexerciseofanyrightorremedypermittedbyapplicablelaworasprovidedherein.TheacceptancebyBeneficiaryofpaymentofanysumsecuredherebyaftertheduedateshallnotbeawaiverofBeneficiary'srighttoeitherrequirepromptpaymentwhendueofallothersumsso
securedortodeclarea defaultforfailuretomakepromptpayment.TheprocurementofinsuranceorthepaymentoftaxesorotherliensorchargesbyBeneficiaryshallnotbeawaiverofBeneficiary'srighttoacceleratethematurityoftheindebtednesssecuredbythisDeedof
Trust,norshallBeneficiary'sreceiptofanyawards,proceedsordamagesoperatetocureorwaiveGrantor'sdefaultinpaymentofsumssecuredbythisDeedofTrust.

18.DEFAULT;REMEDIES.
(a)UponGrantor'smaterialbreachofany-covenantoragreementinthisDeedofTrust,Beneficiarymay,atitsoption,afterpriorwrittennoticetoGrantorandthefailureofGrantorto
curesuchbreachwithintheperiodprovidedhereinorinotheroftheLoanDocuments,(afterthepassageofanynoticeandcureperiod,an“EventofDefault”),declareallofthesumssecured
herebytobeimmediatelydueandpayablewithoutfurtherdemand,andmayinvokethepowerofsaleandanyotherremediespermittedbyapplicablelaworprovidedherein.Exceptasotherwise
providedherein,GrantorshallhavetherighttonoticefromBeneficiaryofthebreachofanycovenantoragreementinthisDeedofTrustandGrantorshallhavethirty(30)daysfromthedate
ofreceivingsuchnoticetocureanybreachinGrantor'scovenanttopayanyamountdueasprovidedintheNote,andsixty(60)daysfromthedateofreceivingsuchnoticetocureanyotherbreach;providedthat,ifGrantordiligentlypursuesacure,theGrantorshallbeaffordedby
BeneficiarysuchlongerperiodasmaybereasonablynecessaryfortheGrantorproceedingdiligentlytocuresuchbreach.GrantoracknowledgesthatthepowerofsalemaybeexercisedbyBeneficiarywithoutpriorjudicialhearing.Grantorhastherighttobringanaction,beforea
judgewithoutajury,toassertthenon-existenceofa breachoranyotherdefensetotheaccelerationandsale.Beneficiaryshallbeentitledtocollectallreasonablecostsandexpenses

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3534EastCapVenture,LLCHPTFDOT,AssignmentofLease&SecurityAgreement
incurredinpursuingsuchremedies,including,butnotlimitedto,reasonableattorney'sfeesandcostsofdocumentaryevidence,abstractsandtitlereportsifBeneficiaryprevailintheaction

(b)IfBeneficiaryinvokesthepowerofsale,BeneficiaryshallsendinthemannerprescribedbyapplicablelawwrittennoticeoftheoccurrenceofanEventofDefaultandofBeneficiary's
electiontocauseGrantor’sinterestinthePropertytobesold.TrusteeshallgivenoticeofsalebysuchpublicadvertisementasTrusteeshalldeempropertoprotecttheinterestsofBeneficiaryandGrantor.Afterthelapseofsuchtimeasmayberequiredbylaw,TrusteemaysellGrantor's
interestinthePropertyatthetimeandplaceandunderthetermsdesignatedinthenoticeofsaleinoneormoreparcelsandinsuchorderasTrusteemaydetermine.TrusteemaypostponethesaleofalloranyparcelofGrantor'sinterestinthePropertybypublicannouncementatthetimeandplaceofanypreviouslyscheduledsale.BeneficiarymaypurchasethePropertyatsale.

(©)TrusteeshalldelivertothepurchaseraTrustee'sdeedconveyingGrantor'sinterestinthePropertysosoldwithoutanycovenantorwarranty,expressedorimplied.TherecitalsintheTrustee'sdeedshallbeprimafacieevidenceofthetruthofthestatementsmadetherein.Trustee
shallapplytheproceedsofthesaleinthefollowingorder:(i)toallcommerciallyreasonablecostsandexpensesofthesale,including,butnotlimitedto,Trustee'sexpenses,reasonable
attorney'sfeesandcostsoftitleevidence;(ii)toallsumssecuredbythisDeedofTrustinsuchorderasBeneficiary,inBeneficiary'ssolediscretion,directs;and (iii)theexcess,ifany,tothepersonorpersonslegallyentitledthereto.TheexercisebyBeneficiaryofitsremediesunderthis
DeedofTrustshallbesubjecttotheprovisionsofSection10oftheLoanAgreement.

16.REMEDIESCUMULATIVE.EachremedyprovidedinthisDeedofTrustisdistinctandcumulativetoallotherrightsorremediesunderthisDeedofTrustoraffordedbylaworequity,andmaybeexercisedconcurrently,independently,orsuccessively,inanyorderwhatsoever.BeneficiaryacknowledgesandagreesthatGrantor'sinvestormembershallhavethesamerightasGrantortocureadefaultwithinthesamecureperiodasGrantor.

17. ACCELERATIONINCASE OF GRANTOR'SINSOLVENCY.IfGrantorshallvoluntarilyfileforbankruptcyprotection,becomeinsolvent,bethesubjectofthevoluntaryappointmentofa trusteeorreceiver,orifthePropertyshallbecomesubjecttothejurisdictionofabankruptcycourt,orifGrantorshallmakeanassignmentforthebenefitofGrantor'screditors,orifthereisanattachment,executionorotherjudicialseizureofanyportionofGrantor'sassetsandsuchseizureisnotdischargedwithinninety(90)daysthereof,orifanorder,judgmentordecreeofinvoluntarybankruptcyisproperlyfiledagainstGrantorandisnotstayedandcontinuesineffectforninety(90)daysfromthedatefiled,thenBeneficiarymay,atitsoption,declareallofthesumssecuredbythisDeedofTrusttobeimmediatelydueandpayablewithoutpriornoticetoGrantor,andBeneficiarymayinvokeanyremediespermittedherein.Any
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reasonableattorney'sfeesandotherexpensesincurredbyBeneficiaryinconnectionwithanyoftheaforesaideventsshallbeadditionalindebtednessofGrantorsecuredbythisDeedofTrust.

18.TRANSFERSOF THE PROPERTY.On saleortransferof(i)alloranypartoftheGrantor'sinterestinPropertyor(ii)amajorityinterest(greaterthan49% intheaggregate)in
GrantorwithoutthepriorwrittenconsentofBeneficiary,Beneficiarymay, atitsoption,declare
allofthesumssecuredbythisDeedofTrusttobeimmediatelydueandpayable,andBeneficiary
mayinvokeanyremediespermittedhereinorbylaw.Thisoptionshallnotapplyandnoconsentof Beneficiaryshallberequiredincaseof:

(a)transfersbydevi
partner;

ordescentorbyoperationoflawuponthedeathofa jointtenantora
(b)salesortransfersoffixturesoranypersonalpropertyorliensandtradepayablesintheordinarycourseofbusinessorforthepurposeofreplacingsamewithanequalorbetterreplacement;
(©)anytransferspursuanttoaleaseapprovedbyDHCD or-leasesbyandbetweenBorrower
andresidentialtenants,

(d)transferstoSeniorLender;
(©)aforeclosure;
(f)theadmissionofa newmembertoBorrowerthatismakinganequityinvestmentinBorrower,solongascontrolofBorrowerremainswith3534EastCapOperator,LLCasBorrower'smanagingmember(oritssuccessor);

(g)theexerciseofapurchaseoptioninaccordancewiththetermsoftheAmendedandRestatedOperatingAgreementofBorrower(the“OperatingAgreement”)andthePurchaseOption
AgreementamongBorrowerandBorrower'smembers;
(h)theremovalandreplacementofthethen-existingmanagingmemberofBorrowerby
Borrower'sinvestormemberunderthetermsoftheOperatingAgreement;
(i)transfersbyBorrower'sinvestormemberofitsinterestinBorrower;
(@encumbrancesandothercollateraltransfersmadeassecurityforindebtednesssecuredbytheSeniorLoan;
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(k)transferstoone or more affiliatesoftheBorrower;or
(I)anyothertransferapprovedbytheDistrict.
19. WAIVER OF STATUTE OF LIMITATIONS. Grantor hereby waives the rightto assert
anystatuteoflimitationsasabartotheenforcementofthelienofthisDeedofTrustortoanyactionbroughttoenforcetheNoteoranyotherobligationsecuredbythisDeedofTrust.
20.WAIVEROF MARSHALLING.NotwithstandingtheexerciseofanyothersecurityinterestsinthePropertyheldbyBeneficiaryorbyanyotherparty,BeneficiaryshallhavetherighttodeterminetheorderinwhichanyorallofthePropertyshallbesubjectedtotheremediesprovided herein. Beneficiaryshallhave the rightto determine the order in which any or all
portionsoftheindebtednesssecuredherebyaresatisfiedfromtheproceedsrealizeduponthe
exerciseoftheremediesprovidedherein,Beneficiary,anypartywhoconsentstothisDeedofTrustandanypartywhonoworhereafteracquiresasecurityinterestinthePropertyandwhohasactualorconstructivenoticehereofherebywaivesanyandallrighttorequirethemarshallingof
assetsinconnectionwiththeexerciseofanyoftheremediesprovidedherein.

21.LEASESOF THE PROPERTY.Ifapplicable,GrantorshallcomplywithandobserveGrantor’sobligationsaslandlordunderallleasesandoccupancyagreementsofthePropertyor
anypartthereof,Grantor,ifrequestedbytheBeneficiary,shallfurnishpromptlytotheBeneficiaryproofofincomeofalltenanthouseholds,copiesofallexecutedLeasesand‘occupancyagreements,renewals,oramendmentsnow existingorhereaftercreated.Allsuch
LeasesandoccupancyagreementsexecutedafterthedatehereofshallbesubjecttoapprovaloftheBeneficiary,whichapprovalshallnotbeunreasonablywithheldordelayed,iftheymateriallydeviatefromtheformofleaseapprovedbytheBeneficiary.TheformofleasesandoccupancyagreementsusedbytheGrantorafterthedatehereofshallbesubjecttothereasonableapprovaloftheBeneficiary.IfGrantorbecomesawarethatanytenantproposestodo,orisdoing,anyactorthingwhichmaygiverisetoanyrightofset-offagainstrent,Grantorshall(i)takesuchstepsasshallbereasonablycalculatedtopreventtheaccrualofanyrighttoaset-offagainstrent,(ii)
notifyBeneficiarythereofandoftheamountofsaidset-offs,and(iii)withinten(10)daysaftersuch accrual,reimburse the tenantwho shallhave acquired such rightto set-offor take such
otherstepsasshalleffectivelydischargesuchset-offandasshallassurethatrentsthereafterdueshallcontinuetobepayablewithoutset-offordeduction.
22.ASSIGNMENTOF LEASES,SALESCONTRACTSAND RENTS.(a)Aspartoftheconsiderationfor the indebtedness evidenced by the Note, Grantor hereby absolutelyand
unconditionallyassignsandtransferstoBeneficiaryallofGrantor'sinterestinallofthesalescontracts,contractdeposits,rentsandrevenuesoftheProperty,includingthosenowdue,part
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due,ortobecomeduebyvirtueofanyleaseorotheragreementfortheoccupancyoruseofalloranypartoftheProperty,regardlessoftowhomtherentsandrevenuesofthePropertyarepayable.GrantorherebyauthorizesBeneficiarytoassumeitsrightsunderallsalescontractsandtoholdallsalesdepositsandtocollectsuchrentsandrevenuesandherebydirectseachtenantofthePropertytopaysuchrentstoBeneficiary;provided,however,thatpriortowrittennoticegivenbyBeneficiarytoGrantoroftheoccurrenceofanEventofDefault,GrantorshallcollectandreceiveallrentsandrevenuesofthePropertyastrusteeforthebenefitofBeneficiaryandGrantor,toapplytherentsandrevenuessocollectedtothesumssecuredbythisDeedofTrust,withanyexcessgoingtoGrantor,itbeingintendedbyGrantorthatthisassignmentofcontractsandrentsconstitutesanabsoluteassignmentandnotanassignmentforadditionalsecurityonly.Eachmonth,providedthatnoEventofDefaultshallhaveoccurredandiscontinuingtheGrantormayretainorusesuchcontracts,deposits,rentsandrevenueswhichwerecollectedthatmonthandheldintrustfortheBeneficiary.UponanEventofDefaultanddeliveryofwrittennoticebyBeneficiarytoGrantorthatBeneficiaryintendstoexerciseitsrightstoreceiveallcontractsforandrentsfromthePropertyasaresultoftheEventofDefault,andwithoutthenecessityofBeneficiaryenteringuponandtakingandmaintainingfullcontrolofthePropertyinpersonorby
agentorcourt-appointedreceiver,Beneficiaryshallimmediatelybeentitledtopossessionofallcontractsandcontractdeposits,rentsandrevenuesofthePropertyasthesameshallbecomedue
andpayable,includingbutnotlimitedtocontractdepositsandrentsthendueandunpaid,andallsuchdepositsandrentsshallimmediatelyupondeliveryofsuchnoticebeheldbyGrantorastrusteeforthebenefitofBeneficiaryonly.Grantoragreesthatcommencingupondeliveryofsuchwrittennotice,eachcontractpurchaserortenantofthePropertyshallpaysuchcontractdepositsorrentstoBeneficiaryuponwrittendemandtoeachcontractpurchaserortenanttherefore,deliveredtoeachcontractpurchaserortenantpersonallyorbymail,withoutanyliabilityonthepartofsaidtenanttoinquirefurtherastotheexistenceofa defaultbyGrantor.ForpurposesofthisDeedofTrust,thetermsrentandrevenueshallincludeallcarryingcharges,securitydepositsandassessmentspaidbymembersofBorrower.
(b)Grantorherebycovenantsthatithasnotperformed,exceptwithrespecttoPermittedEncumbrances,andwillnotperform,anyactsorhasnotexecuted,andwillnotexecute,anyinstrumentwhichwouldpreventBeneficiaryfromexercisingitsrightshereunderandthatatthetimeofexecutionofthisDeedofTrusttherehasbeennoanticipationorprepaymentofanyoftherentsofthePropertyformorethantwomonthspriortotheduedatesofsuchrents.GrantorcovenantsthatitwillnothereafteracceptpaymentofanyrentsofthePropertymorethantwomonths priorto the due datesof such rents.Grantor covenants thatitwillexecute and deliverto
Beneficiarysuchfurtherassignmentofsalescontracts,contractdeposits,rentsandrevenuesofthePropertytoeffectuatetheassignmentcontemplatedtherebyasBeneficiarymayfromtimetotimereasonablyrequest.
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(©)UponanEventofDefault,BeneficiarymayenteruponandtakeandmaintainfullcontrolofthePropertyinordertoperformallactsnecessaryandappropriatefortheoperationandmaintenancethereofincluding,butnotlimitedto,theexecution,cancellationormodificationofleases,thecollectionofallrentsandrevenuesoftheProperty,theclosingofsalescontracts,themakingofrepairstothePropertyandtheexecutionorterminationofcontractsprovidingforthemanagementormaintenanceoftheProperty,allonsuchtermsasaredeemedtobestprotectthesecurityofthisDeedofTrust.IntheeventBeneficiaryelectstoappointareceiverforthePropertyuponGrantor'sEventofDefaulthereunder,Grantorexpresslyconsentstosuchappointment,andBeneficiaryorreceivershallbeentitledtoreceivea reasonablefeeforthe
managementoftheProperty.
(d)Allsalesproceeds,rentsandrevenuescollectedsubsequenttodeliveryofwrittennoticebyBeneficiarytoGrantorofGrantor'sEventofDefaulthereunder,shallbeappliedfirsttocostsoftakingcontrolofandmanagingthePropertyandcollectingtherents,butnotlimitedto,reasonableattorney'sfees,reasonablereceiver'sfees,premiumsonreceiver'sbonds,costsofrepairstotheProperty,premiumsoninsurancepolicies,taxes,assessmentsandotherchargesonorrelatedtotheProperty,andtotheindebtednesssecuredbythisDeedofTrust.UponanEventofDefault,BeneficiaryshallhaveaccesstothebooksandrecordsusedintheoperationandmaintenanceofthePropertyandshallbeliabletoaccountonlyforthoserentsactuallyreceived.BeneficiaryshallnotbeliabletoGrantororanyoneclaimingthroughGrantor,orotherwisehavinganinterestintheProperty,byreasonofanythingdoneorleftundonebyBeneficiaryhereunder.

(€)IfthesalesproceedsandrentsofthePropertyarenotsufficienttomeetthecostsoftakingcontrolofandmanagingtheProperty,closingthesalesandcollectingtherent,anyfundsexpendedbyBeneficiaryforsuchpurposesshallbecomeindebtednessofGrantorandshallbesecuredbythisDeedofTrust.Suchamountsshallbepayableuponwrittendemandandshall
bearinterestfromthedateofdisbursementatthesamerateasintheNote.
(f)AnyenteringuponandtakingandmaintainingcontrolofthePropertybyBeneficiaryandanyapplicationofrentsorsalesproceedsasprovidedhereinshallnotcureorwaiveanydefaulthereunderorinvalidateanyotherrightorremedyofBeneficiaryunderapplicablelaworprovidedherein.ThisassignmentofsalesproceedsandrentsofthePropertyshallterminateatsuchtimeasthisDeedofTrustisreleasedbyBeneficiary.
23. UNIFORM COMMERCIAL CODE SECURITY AGREEMENT. This Deed of Trust is
intendedtobeasecurityagreementpursuanttotheUniformCommercialCodeforanyoftheitemsspecifiedaboveaspartofthePropertywhich,underapplicablelaw,maybesubjecttoasecurityinterestpursuanttotheUniformCommercialCode,andGrantorherebygrantsBeneficiaryasecurityinterestinsaiditems,GrantoragreesthatBeneficiarymayfilethisDeed
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ofTrust,orareproductionthereof,intheréalestaterecordsorotherappropriateindex,asafinancingstatementforanyoftheitemsspecifiedaboveaspartoftheProperty.AnyreproductionofthisDeedofTrustorofanyothersecurityagreementorfinancingstatement
shallbesufficientasafinancingstatement.Inaddition,GrantoragreestoexecuteanddelivertoBeneficiary,uponBeneficiary’srequest,anyfinancingstatements,aswellasextensions,renewals and amendments thereof,and reproductionsof thisDeed of Trust in such form as
Beneficiarymay requiretoperfecta securityinterestwithrespectto.saiditems.Grantorshall
payallcostsoffilingsuchfinancingstatementsBeneficiarymayreasonablyrequire.OtherthanPermittedEncumbrances,withoutthepriorwrittenconsentofBeneficiary,whichconsentshallnot be unreasonably conditioned,withheld or delayed,Grantor shallNot createor sufferto be
createdpursuanttotheUniformCommercialCodeanyothersecurityinterestinsaiditems,
includingreplacementsandadditionsthereto.UponanEventofDefault,BeneficiaryshallhavetheremediesofasecuredpartyundertheUniformCommercialCode.

24.NOTICE.Exceptforanynoticerequiredunderapplicablelawtobegiveninanother
manner,allnoticesrequiredunderthisDeedofTrustshallbeinwritingandshallbedeemedtohavebeengivenandreceived:(i)three(3)businessdaysafterhavingbeensenttotheappropriatepartyattheaddresslistedbelow,byregularandcertifiedUS mail,or(ii)one(1)
businessdayafterhavingbeensentbyhanddeliveryorbyovernightdeliveryservicefordeliveryonthenextbusinessdaytotheappropriatepartyattheaddresslistedbelow.Thebelow
addressesmaybechangedbywrittennoticesentbyregularmailtotheappropriateparty.
NOTICETOGRANTOR:3534EastCapVenture,LLCcloMRPRealty3050K Street,NWSuite125Washington,DC20007Attention:J.Richard Saas
Withacopyto:
Reno& CavanaughPLLC455 MassachusettsAvenue NW
Suite400Washington, DC 20001
Attention:MeganGlasheen
And:
(1D0634234,.D0C/7 1DC533}3534EastCapVenture,LLCHPTFDOT,AssignmentofLease& SecurityAgreementPage14
3534EastCapVenture,LLCHPTFDOT,AssignmentofLease& SecurityAgreement
WellsFargoAffordableHousing
CommunityDevelopmentCorporation301SouthCollegeStreetMAC D1053-170
Charlotte,NC 28288Attention:DirectorofTaxCreditAssetManagement
And:
PillsburyWinthropShawPittmanLLP
120017thStreetNW
Washington,DC 20036
Attention:Craigde Ridder
NOTICETO BENEFICIARY:DepartmentofHousingandCommunityDevelopment;1800MartinLutherKing,Jr.,Avenue,S.E.,Washington,D.C,20020,Attn:Director.
WITH COPY TO: OfficeoftheGeneralCounselfortheDistrictof:ColumbiaDepartmentofHousingandCommunityDevelopment,1800MartinLutherKing,Jr.,Avenue,S.E.,Washington,D.C.20020,Attn:GeneralCounsel.
25.SUCCESSORSAND ASSIGNS;AGENTS;CAPTIONS.Thecovenantsandagreementshereinshall’bind,andtherightshereundershallinureto,therespectivesuccessorsandassignsofGrantorandBeneficiary.Inexercisingtherightshereunderortakinganyactionsprovidedforherein,Beneficiarymayactthroughitsemployees,agentsorindependentcontractorsasauthorizedbyBeneficiary.Thecaptionsandheadingshereinareforconvenienceonlyandarenottobeusedtointerpretordefinetheprovisionshereof.
26. GOVERNING LAW; SEVERABILITY. This Deed ofTrust shallbe governed by the laws
oftheDistrictofColumbia.IntheeventthatanyprovisionofthisDeedofTrustortheNoteshallbeheldtobeinvalid,suchinvalidityshallnotaffectanyotherprovisionofthisDeedof
TrustorNoteandallprovisionsshallbedeemedtobeseverable.IntheeventthatanyapplicableJawlimitingtheamountofinterestorotherchargespermittedtobecollectedfromBeneficiaryisinterpretedsothatanychargeprovidedforinthisDeedofTrustorintheNote,whetherconsideredseparatelyortogetherwithotherchargesleviedinconnectionwiththisDeedofTrustandtheNote,violatessuchlaw,andGrantorisentitledtothebenefitofsuchlaw,suchchargeisherebyreducedtotheextentnecessarytoeliminatesuchviolation.Theamounts,ifany,previouslypaidtoBeneficiaryinexcessoftheamountspayabletoBeneficiarypursuanttosuch
chargesasreducedshallbeappliedbyBeneficiarytoreducetheprincipaloftheindebtedness
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evidencebytheNote.ForthepurposeofdeterminingwhetheranyapplicablelawlimitingtheamountofinterestorotherchargespermittedtobecollectedfromGrantorhasbeenviolated,allindebtednesswhichissecuredbythisDeedofTrustorevidencedbytheNoteandwhich
constitutesinterest,aswellasallotherchargesleviedinconnectionwithsuchindebtednesswhichconstituteinterest,shallbedeemedtobeallocatedandspreadoverthestatedtermoftheNote,Unlessotherwiserequiredbyapplicablelaw,suchallocationandspreadingshallbe
effectedinsuchamannerthattherateofinterestcomputedtherebyisuniformthroughoutthestatedtermoftheNote
27.RELEASE.UponpaymentofallsumssecuredbythisDeedofTrust,BeneficiaryshallcausetheTrusteetoreleasethisDeedofTrustandshallsurrenderallnotesevidencing
indebtednesssecuredherebytoGrantor.
28.SUBSTITUTETRUSTEE.BeneficiarymayfromtimetotimeremoveTrusteeandappointasuccessortrusteetoanyTrusteeappointedhereunderbyrecordingaDeedofAppointment.WithoutconveyanceoftheProperty,thesuccessortrusteeshallsucceedtoallthetitle,poweranddutiesconferredupontheTrusteehereinandbyapplicablelaw.

29.NON-RECOURSELOAN.NotwithstandinganythingtothecontraryinthisDeedofTrust,noowner,partner,member,shareholder,officer,director,manager,tenantoremployeeof
GrantorshallbepersonallyliablefortheobligationsoftheGrantorunderthisDeedofTrust.
[signaturesonfollowingpage]
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IN WITNESS WHEREOF, Grantoror Grantor'sduly authorizedrepresentativehas executed
thisDeedofTrust.TheundersignedfortheGrantorherebycertifiesthatthisAgreementhas
been executedand deliveredpursuantto and in strictconformitywith the provisionsof the
organizationaldocumentsoftheGrantor.
WITNESS/ATTEST GRANTOR:
3534EAST CAP VENTURE, LLC,
a DistrictofColumbia limitedliabilitycompany
By:
By:
By:
By:
SignaturePageHPTFDOT,AssignmentofLease& SecurityAgreement
3534EastCapOperator,LLC,aDistrictofColumbialimitedliabilitycompany,itsManagingMember
3534MRP,LLC,aDistrictofColumbialimitedliabilitycompany,itsManagingMember
MRP EastCapitolPartners,LLC,
a DistrictofColumbialimitedliability
company,
itsManager
MidAtlanticRealtyPartners,LLC,
aVirginialimitedliabilitycompany,itsManager
= woahAuthorizedSignatory
3534EastCapVenture,LLCHPTF DOT, Assignmentof Lease& SecurityAgreement
ACKNOWLEDGMENT
DistrictofColumbia,ss:
1,WeigeAvgrotn,aNotaryPublicinandfortheabovejurisdiction,herebycertifythat
,inhis/hercapacityas ‘ intheforegoingDeedofTrustbearingthedateasofOCA’ 2S, 2017,personally™tppearedbeforemeinsaid
jurisdiction,andassaidattorney-in-fact,acknowledgedanddeliveredsaidDeedofTrusttobetheactand deed of theGrantor.
Witnessmyhandandofficialsealthis25 dayofOC+Yper_, 2017
[SEAL] NotaryPublicMy CommissionExpires:
NAW,

SignaturePageHPTFDOT,AssignmentofLease& SecurityAgreement
3534EastCapVenture,LLCHPTFDOT,AssignmentofLease& SecurityAgreement
EXHIBITA - PROPERTY LEGAL DESCRIPTION
PartofRecordLot40
TaxedasLot806
SQUARE 5047
DistrictofColumbia
PartofRecordLot40 inSquare5047,DistrictofColumbia,asthesameissetforthonthat
certainPlatofSubdivisionmadeSeptember6,2016by EastCapitolMinnesota,LLC,and
recordedDecember23,2016inSubdivisionBook211atPage196amongtheRecordsofthe
Officeofthe SurveyoroftheDistrictofColumbia;saidpartofLot40beingpartofthesame
landasconveyedtoEastCapitolMinnesota,LLC,by DeeddatedDecember5,200 and
RecordedDecember7,2005asInstrumentNumber2005175664intheOfficeoftheRecorderof
Deedsofthe DistrictofColumbia;saidpartofLot40beingknownforpurposesofAssessment
andTaxationatthedatehereof,asLot806 inSquare5047;andbeingmoreparticularly
describedas follows:

BEGINNINGatapointonthenortherlylineofEastCapito!Street(160ft.wide),beingalsothesoutherlylineofLot40;saidpointlyingDueEAST373.66feetfromtheintersectionofsaid
northerlylineofEastCapitolStreetwiththeeasterlylineof35"Street,N.E.(60ft.wide);thencedepartingsaidEastCapitolStreetandrunningin,through,overandacrossLot40soasto
includeaportionthereof
1)DueNORTH 101.04feettothesoutherlylineofaPublicAlley(16ft.wide)beingalso
thenortherlylineofLot40;thencerunningwithsaidline
2)DueEAST,227.13feettoapoint;thencecontinuingwithsaidPublicAlley
3) North29°48°00”East,133.68feettothesoutherlylineofAmes Street,N.E.(60ft.
wide);thencewithsaidsoutherlylineofAmesStreet
4)DueEAST,82.86feet;thencedepartingsaidAmesStreet,N.E.andrunningwiththe
westerlylineofLot39inSquare5047
5) South29°48°00"West,95.65feettoapoint;thencewiththesoutherlylineofsaidLot39
6) DueEAST,63.51feettoapoint;thencecontinuingwithsaidsoutherlylineofLot39
{D0634234.DOC/7 DC533}3534EastCapVenture,LLCHPTFDOT,AssignmentofLease& SecurityAgreementPage19
3534EastCapVenture,LLCHPTFDOT,AssignmentofLease& SecurityAgreement
7) South 81°10°S0” East,24.62 feetto a point on the westerly lineof Minnesota Avenue,
N.E.(90ft.wide),saidpointbeingalsothenortheastcomeroftheaforementionedLot40;thencewithsaidwesterlylineofMinnesotaAvenue,N.E.
8) South29°48°00”West, 113.01feettoa pointofcurvature;thence
9)67.24alongthearcofa curvetotheright,saidcurvehavingaradiusof64.00feet,delta
angleof60°12°00”,tangentdistanceof37.10feetandachordbearinganddistanceofSouth59°S4°00”West,64.19feettoaforementionednortherlylineofEastCapitolStreet;
thencewithsaidnortherlylineofEastCapitolStreet
10)DueWEST305.03feettopointandplaceofbeginning,containing49,801squarefeetor1.14327acresofland.
Togetherwiththeuseandappurtenantbenefitofthatcertainpublicalley,adjacentand
contiguousto,andimmediatelyNorthandNortheast,ofsaidLot806
TOGETHERWITHalleasements,covenants,agreements,rights,benefits,libertiesandprivilegescreatedorestablishedby,orinanywayrelatingorappertainingto,thatcertainDeclarationofReciprocalEasements,CovenantsandRestrictionsbyandbetween3534EastCapVenture,LLC,aDistrictofColumbialimitedliabilitycompany,and3500EastCapVenture,LLC,aDistrictofColumbialimitedliabilitycompanytobedulyrecordedintheOfficeoftheRecorderofDeedsoftheDistrictofColumbia.
EPR AStata oweeetTSeetet aceio
cecmoougeer 88sams
{1D0634234.DOC/7 1DC533}3534EastCapVenture,LLC
HPTFDOT,AssignmentofLease& SecurityAgreementPage20
HoFly©certo ePremiumTitle& Escrow,LLC340714thStreetNW
Washington,DC20010
UCC FINANCING STATEMENT |
rouuowrwamnucTows 7-24
a RS OTT wamenanrannenaiAntoinetteMoore,Esq.[&EMAILCONTACTATFILER(optional) 12017124020-4

IG.SENDACKNOWLEDGMENTTO:(NameandAdaress)
[ office/f.theGepefalCounsel0CDepartmentofHousingandCommunityDevelopment1800MarjifLutherKingJr.Avenue,SE

L_Waguheton,0¢20020 J‘ THEABOVE SPACEISFOR FILINGOFFICEUSEONLY
1,DEBTOR'SNAME:ProvseonyaneDiorname(181)(40axaulame:donotOmit,may,erabbr anyprotheBebo'snameanypatlhenavalOebior’s‘omewitottinno16,eeealottem1Bor,checkaro(—]ondrevithoindvulDatrintmationnom10oieFinancingSatrantAder FarmUCCIAG)
TaORGANATIONSWane
|3534EastCapVenture,LLC

TbINGWIOUATSSURNANE [FIRSTPERSONALWANE [RODTTTONALWANESINTALIS)[BUFF
TE"MATINGAODRESS lor [STATE[PORTALCODE coun
3050KStreet,NW,Suite125 |Washington loc |20007
2DEBTOR'SNAME.ProvasonyangDalernoma(Zao2)fusenas a naadonaarmada.oraDbOWteanypalheDea‘namewilot inno20,eeealftom2BankcheckNera)aneproviDevid!Debionormatanintm10!tneFinancingSta reyWanyfanoleiaiulDoorsertAder(FormUCCIAC)

(2sORGANIZATIONSWANE a
(OFa5INOWTOUATSSURAT [FASTPERSONALNE [ADOTTIONALWAMETSVINTHAS)—SUFFO
FeMINGROORESS [ore STATE[POSTALCOBE icounray

3SECUREDPARTY'SNAWE(orWaneofASIGNEEoASSIGNORSECUREDPARTY)ProvanonyanySocregPayraefn 3)FmORGANZATIONSRAVEIDCDepartmentofHousingandCommunityDevelopmenton

5 WOTWOUATSSURNAME [FIRSTPERSONALWan [AODTIONALANETSHINTS) [SUFFIX
TeMAILINGRODRESS len IsTATEPOSTALCGE IcounTRY4800MartinLutherKing,Jr.Avenue,SE Washington OC |20020
[COLLATERALThisfnancngwatenentcovehefrougclaire

SeeAttachmentA
“chocSa appaBndChocBaonaborCOTTE [fosTnaTostooeUCCTAGTamTTaneHRMENSTAT”[JOGSETIAaTTDY©DOCUGONTPerseaRapaeTOTeSETTAB [SECRETOPENEOESBATCROERGETONDE
[ipsterinenceTransecien[7]ManecweaomeTaneacion[7]ADebrisaTanaitngUy [OyAeration] Nanceing
TRTERNATIVEGESTONATIONUappreabay|] Ueesoalerao”Tonsgnoalcanigaer—[]Sevier [-]Brinataer Teanssaniennnor

AttachmentA.
StatementCovers
(a)AlloftheDebtor’sright,ttle,interest,estate,claimanddemand,eitheratlaworinequity,inandtoallequipment,machinery,buildingmaterials,furniture,fixtures,architecturalandengineeringplansandarticlesofpersonalpropertyofeverykindandnaturewhatsoeverasarenoworhereafierlocatedinorupon,containedinorupon,
attachedtoorusedorusableinconnectionwithanypresentorfutureoperationonthatcertainparcelofland(andanyandallimprovementsthereon,whethernow
existingorhereafterconstructed)locatedintheDistrictofColumbia,anddescribedinthatcertainDeedofTrustofevendateherewithfromDebtortoJuliaH.Wiley,
Trustee,withsuchparceloflandbeingmoreparticularlydescribedinExhibitAattachedheretoandmadeaparthereofby reference(“Premises”);and
(b)Allearnings,revenues,rents,issues,profitsandotherincomeofandfromthe
Premisesandtheaforesaidcollateral,including,butnotlimitedto,allaccountsreceivableinrespectofanyandallleasesorcontractsofsaleexecutedbytheDebtorforthePremises,oranypartorparcelthereof,whethersaidaccountsreceivablearecurrentlyinexistenceorarehereaftercreated,togetherwithalloftheproceedsthereof,
EXHIBIT A
LEGAL DESCRIPTION
PartofRecordLot40TaxedasLot806SQUARE5047DistrictofColumbia
PartofRecordLot40inSquare5047,DistrictofColumbia,asthesameissetforthonthat
certainPlatofSubdivisionmadeSeptember6,2016byEastCapitolMinnesota,LLC,and
recordedDecember23,2016inSubdivisionBook211atPage196amongtheRecordsofthe
OfficeoftheSurveyoroftheDistrictofColumbia;saidpartofLot40beingpartofthesame
landasconveyedto'EastCapitolMinnesota,LLC,byDeeddatedDecember5,2005and
Recorded December 7, 2005 as InstrumentNumber 175664 in the Officeof the Recorder of
DeedsoftheDistrictofColumbia;saidpartofLot40beingknownforpurposesofAssessment
andTaxationatthedatehereof,asLot806inSquare5047;andbeingmoreparticularly
described as follows:
BEGINNINGatapointonthenortherlylineofEastCapitolStreet(160ft.wide),beingalsothe
southerlylineofLot40;saidpointlyingDueEAST373.66feetfromtheintersectionofsaid
northerlylineofEastCapitolStreetwiththeeasterlylineof35"Street,N.E.(60ft.wide);thence
departingsaidEastCapitolStreetandrunningin,through,overandacrossLot40soasto
includeaportionthereof
1)DueNORTH 101.04feettothesoutherlylineofa PublicAlley(16ft.wide)beingalsothenortherlylineofLot40;thencerunningwithsaidline
2)DueEAST,227.13feettoapoint;thencecontinuingwithsaidPublicAlley
3)North29°48700”East,133.68feettothesoutherlylineofAmesStreet,N.E.(60ft.wide);thencewithsaidsoutherlylineofAmesStreet
4)DueEAST,82.86feet;thencedepartingsaidAmesStreet,N.W.andrunningwiththewesterly lineof Lot 39 in Square 5047
5)South29°48"00”West,95.65feettoapoint;thencewiththesoutherlylineofsaidLot39
6)DueEAST,63.51feettoapoint;thencecontinuingwithsaidsoutherlylineofLot39
7)South81°10°S0”West,24:62feettoapointonthewesterlylineofMinnesotaAvenue,N.E.(90ft.wide),saidpointbeingalsothenortheastcorneroftheaforementionedLot40;thencewithsaidwesterlylineofMinnesotaAvenue,N.E.
8) South 29°48°00” West, 113.01feettoa pointofcurvature;thence
9)67.24alongtheacreofacurvetotheright,saidcurvehavingaradiusof64.00feet,deltaangleof60°12°00”,tangentdistanceof37.10feetandachordbearinganddistanceof,
South60°12°00”West,64.19feettoaforementionednortherlylineofEastCapitolStreet;thencewithsaidnortherlylineofEastCapitolStreet
10)DueWEST305.03feettopointandplaceofbeginning,containing49,801squarefeetor1.14327acresofland.
- . . 31.50
(777 Boe’be20nT24020 pagers asof |(1708/202709 aesanOFFICES)Fes
Filedane CORDEROF DEEDSRe tae oes OE\ as a ey= ¥ \aconmineFEES 6.50 '\ SURCHARGE

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a itera km

DHCD DeclarationofCovenants 2017124010-12
3534EastCapitol
Premium Title& Escrow,LLC
3407 14thStreetNW
‘Washington,DC 20010 DHCD CONTRACT NO. 2017-12
IM1244When Recorded Plegs€Return to:
AntoinetteN. fre,Esq.
Officeofthe GeneralCounsel
Chington,DC 20020
DECLARATION OF COVENANTS
THISDeclarationofCovenants“Declaration”or“Covenant”)ismadethis2™dayofNovember,2017(“CommencementDate”),by3534EastCapVenture,LLC (the“Grantor”
or “Declarant”),aDistrictofColumbialimitedliabilitycompany,theirheirsandassigns,forthebenefitoftheDistrictofColumbia,actingbyandthroughtheDepartmentofHousingand‘CommunityDevelopment,amunicipalcorporation(the“Department”or“Beneficiary”).

WITNESSETH: THAT
WHEREAS,pursuanttotheDepartmentofHousingandCommunityDevelopmentHousingProductionTrustFundActof1988,D.C.,Code§42-2801erseg.andtheDistrictof
Columbia Municipal RegulationsTitle10,Chapter 41, both as may be amended from time to
time(collectively,the“HPTFRegulations”orthe“HPTFStatutes”),theDepartmentisauthorizedtoprovidefundingtofacilitatethedevelopmentofaffordablehousing;and
WHEREAS,theDepartmentandGrantorhaveenteredintoaLoanAgreement,ofevendate(the“LoanAgreement”)herewithpursuanttowhichtheDepartmentagreedtolendNineteenMillionSixHundredSixty-FiveThousandSixHundredThirty-ThreeDollarsandZeroCents($19,665,633.00)(“Loan”)ofHousingProductionTrustFund(“HPTR”)moneytoGrantortopayforcostsassociatedwiththenewconstructiondevelopmentofcertainrealpropertylocatedat3534EastCapitolStreet,NE(the“Project”)morespecificallydescribedinExhibitA (the“Property”),annexedhereto,andmadepartofthisDeclaration;and

WHEREAS,theloanisevidencedbythatcertainSecondDeedofTrustNotedatedasofthedatehereof(“Note”)andsecuredbythatcertainHousingProductionTrustFundProgramDeedofTrust-,AssignmentofLeasesandRentsandSecurityAgreement,datedasofthedatehereof(“DeedofTrust”and,collectivelywiththeNote,thatcertainLoanAgreementbetweenDepartmentandGrantor,andtheotherdocumentsreferencedineachofthem,the“LoanDocuments”);and
WHEREAS,theDepartmenthasdeterminedthatthisHousingProductionTrustFundloanshallmeettheHPTFaffordabilityrequirementsforaperiodoffifty(50)yearscommencingfromthedateoftheissuanceofthecertificateofoccupancy,andasfurtherdescribedintheLoanAgreementofevendateherewith.
{D0634235.D0C/8 DC533}DHCDDeclarationofCovenants3534EastCapitol
DHCD DeclarationofCovenants
3534EastCapitol
NOW THEREFORE,forandinconsiderationoftheLoanprovidedbyBeneficiary,andothervaluableconsideration,thereceiptandsufficiencyofwhichisherebyacknowledged,Grantor covenants as follows:
1. Definitions:ForthepurposeofthisDeclaration,thefollowingtermsshallhavethe
meaningascribedtothembelow:

a.“AffordabilityPeriod”shallmeantheperiodoftimecommencingonthedate
hereofandendingfifty(50)yearsfromthedatethecertificateofoccupancyisissuedfortheProject.b.“AreaMedianIncome”or“AMI”shallmeanthemedianhouseholdincomefor: theWashingtonMetropolitanStatisticalAreaassetforthintheperiocalculationprovidedbytheUnitedStatesDepartmentofHousingandUrbanDevelopmentandadjustedforfamilysizeinaccordancewiththeHPTFStatutes.
c.“ExtremelyLowIncomeHousehold”shallbedefinedintheHPTFStatutes(10DCMR 4107.3and4199)asahouseholdwithatotalhouseholdincomenotexceedingthirtypercent(30%)AMI.
d.“LowIncomeHousehold”shallbedefinedashouseholdswithincomeequalto,orlessthansixtypercent(60%)ofAMI.€. Over-IncomeTenant”shallbedefinedasatenantwhosetotalhousehold
incomeexceedstheapplicableAMIlimitssetforthherein,f. “VeryLowIncomeHousehold”shallbedefinedashouseholdswithincome
equalto,orlessthanfiftypercent(50%)ofAMI

CapitalizedtermsusedbutnotdefinedhereinshallhavethemeaninggivensuchtermsintheLoanAgreement.
2. The recitalsabove shallbe incorporatedhereinby reference. .
3.ThisCovenantshallbeinfullforceandeffectandshallbindtheGrantorandbenefitthe
Department,andtheirrespectiveheirs,personalrepresentatives,successors,andassignsforthefulltermoftheAffordabilityPeriod,unlesstheCovenantisreleasedinwholeor
inpartbytheDepartmentandregardlessofwhethertheLoanhasbeenrepaidinfull.
4.GrantorherebycovenantsthattheReservedUnitsonthePropertyshallbeoperatedas“continuouslyaffordablehousing”toberentedexclusivelytoExtremelyLow,VeryLow
andLowIncomeHouseholdsforthedurationoftheAffordabilityPeriod,regardlessoftransferofownershipofthePropertytoanyoftheGrantor’ssuccessors,assignsandmortgages.
5.ThisCovenantshallrunwiththelandforthebenefitoftheDepartmentinconsiderationfortheLoanprovidedbytheDepartmenttotheGrantor.Allmortgageessecuringandor
recordingtheirinterestinthePropertyafterthisDeclarationacknowledgethetermsandconditionsofthisDeclarationandthatanymortgageordeedoftrustplacedagainstthe
PropertyafterthisDeclarationissubordinatetothisDeclaration.TheDepartmentshallbeentitledtoenforcethisCovenantuntilsuchtimeasthisCovenantisterminated,
{1D0634235.DOC/8 DC533}DHCDDeclarationofCovenants3534EastCapitol
DHCDDeclarationofCovenants,3534EastCapitol
throughtheexerciseofallremediesavailabletoitinlaworequity.Thetermsofthis
CovenantareforthebenefitoftheDepartmentandnootherpersonshallhaveanyrightorcauseofactiononaccountthereof.
6.NotwithstandinganythingtothecontraryinthisCovenantortheotherLoanDocuments,
theDepartment'srightsandremedieshereunderandundertheotherLoanDocumentsshallbesubjectandsubordinateinallrespectstotherightsofanySeniorLender.
7.NodelayoromissionbytheDepartmenttoexerciseanyrightorremedyavailable
hereundershallbeconstruedasacontinuingwaiverbytheDepartmentorawaiveroftheDepartment'srights,privilegesorremedieshereunder.
8.ThisCovenantconstitutesthefulland,completeunderstandingbetweenthepartieswithregardtothecovenantshereinandallagreementsand/orcontractseitheroralorwrittenregardingsuchcovenants,areherebysuperseded.
9. This Covenant shallbe governed by the laws of the Districtof Columbia. In theevent
thatany term hereof isdeemed invalidand unenforceable,such term shallbe stricken
from thisCovenant and allotherterms shallremain valid,bindingand enforceable
againstthepartieshereto.
10.TheReservedUnitsonthePropertyshallbequalifiedandoperatedasaffordablehousing
infullcompliancewiththeprovisionsoftheHPTFStatutes,asmaybeamendedfromtimetotime,forthedurationoftheAffordabilityPeriod.Fromtimetotime,asdeemed
reasonablynecessaryandwiththeconsentoftheLender,theunitsmaybetakenofflinetoberenovatedintheordinarycourseofbusiness.Duringsuchperiods,theReserved
UnitsshallcontinuetobequalifiedasaffordablehousinginfullcompliancewiththeprovisionsoftheHPTFStatutes.TheLoanClosingshallbedefinedasthedatethattheLoanDocumentsarefullyexecutedanddeliveredtoLender.

11.ThetermoftheCovenantshallbefromtheCommencementDatethroughtheendofthe
AffordabilityPeriod.ThroughoutthetermoftheCovenant,Grantorshallcomplyfullywiththefollowingaffordabilityrequirements:
12.
a. Fifteen(15)unitswillbe deed restrictedas PSH unitsto be affordabletoand
occupiedbyhouseholdsatorbelow30%ofAMI
i.IftheDistrictofColumbiaDepartmentofHumanServices(DHS)shall
failtoprovidefundingforthePSHservices,thentheGrantorshallprovideimmediatenoticetoLenderofthenon-availability.GrantorshallhavetheopportunitytoidentifyareplacementPSHservicessubsidy.Intheevent
thattheGrantorhasexerciseddiligenteffortstosecureanalternatesourceofsubsidywithoutsuccess,andprovidedtheDepartmentwithevidenceof
same,anddespitesuchdiligence,Grantorisunabletoprovidea

{D0634235.D0C/8 1DC533)DHCDDeclarationofCovenants3534EastCapitol
DHCDDeclarationofCovenants3534EastCapitol
replacementsubsidyinanamountthatisatleastequivalenttotheDHSsubsidyandisunabletoprovidethefundsneededtoreplacethesubsidywithinsixty(60)daysafterthesubsidyrunsout,thePSHservicesshallno
longerberequiredwithrespecttosuchunits.
b. Onehundredtwenty-two(122)unitswillbedeedrestrictedatorbelow50% of
AMI asdefinedintheHPTFstatute.
¢.ThroughoutthetermoftheLoan,theReservedUnitsshallbeoperatedintheircurrentconfigurationof:
Sixty-Three(63)OneBedroom
Fifty-Nine(59)TwoBedroom
Fifteen(15)ThreeBedroomapartments.
* Thefifteen(15)PSHunitsshallbedesignatedasfollows:ten(10)units
shallbetwo(2)bedroomunits;five(5)unitsshallbethree(3)bedroomunitsandeight(8)unitsshallbeUniformFederalAccessibilityStandard(“UFAS”)accessible.
Notwithstandingtheforegoing,LenderacknowledgesthatGrantorandtheDistrictofColumbiaHousingAuthority(“DCHA")haveenteredintoanagreementforDHCA toprovide
atleastfifteen(15)yearsofLocalRentalSubsidyProgram(“LRSP”)project-basedrentsubsidytothePSHUnitsaftertheProjectisPlacedinService.IftheLRSPrentalsubsidyisnotavailablefromDCHA,thentheGrantorshallprovideimmediatenoticetoLenderofthenon-
availability.Grantorshallhavetheopportunitytoidentifyareplacementrentalsubsidy.IntheeventthattheGrantorhasexerciseddiligenteffortstosecureanalternatesourceofsubsidy
withoutsuccess,andprovidedtheDepartmentwithevidenceofsame,anddespitesuch diligence,Grantorisunabletoprovideareplacementrentalsubsidyinanamountthatisatleastequivalent
totheLRSPsubsidyandisunabletoprovidethefundsneededtoreplacethesubsidywithinsixty(60)daysafterthesubsidyrunsout,GrantorshallbeentitledtorentthePSHUnitstoLow
IncomeHouseholdsnotmakingmorethan60%of AMIoncethepriorExtremelyLowIncometenant(s)vacatetheirapartments.ThroughoutthetermoftheLoan,Grantorshallhavea
continuingobligationtomakeagoodfaithefforttohavesuchunitsrentedtoExtremelyLowIncomeHouseholdsandatalltimesduringtheLoanTerm,GrantorshallcontactDCHA everytimeaReservedUnitbecomevacanttogeta replacementPSHtenantandreplacementLRSP
funds.GrantorshallallowDCHA atleastsixty(60)daysfromthedateofcontacttofindareplacementPSHtenantandtoprovideLRSPfunds.ThemaximumallowablemonthlyrentforaReservedUnit,includingutilities,shallbethirtypercent(30%)ofone-twelfth(1/12th)ofthe
annualtopincomelimitforLowIncomeHouseholds,VeryLowIncomeHouseholds,andExtremelyLowIncomeHouseholds,aspublishedperiodicallybytheDepartmentfortheHPTF.
GrantorshallusetheformulasestablishedintheHPTFregulationsat10DCMR 4107.3toadjustrentlevelstohouseholdsize(baseduponthemaximumhouseholdsizethatcanreasonably
occupya specificReservedUnit)andtoincludeanallowanceforutilitiesiftheyarenotincludedintherent,AnyrentincreaseforaReservedUnitshallnotexceedthemaximumallowable
monthlyrentascalculatedinkeepingwiththeformulaaboveandinaccordancewith10DCMR4112.8.TheReservedUnitshallremaincontinuouslyaffordablethroughouttheAffordability
Period.ThisCovenantofcontinuousaffordabilityshallbeapplicabletoalloccupantsofthe

{1D0634235.DOC/8 C533}DHCDDeclarationofCovenants3534EastCapitol
DHCDDeclarationofCovenants3534EastCapitol
ProjectorReservedUnits.EachtimeaReservedUnitisrentedduringtheAffordabilityPeriod,
therentshallnotexceedthemaximumamountallowableascalculatedaboveandthenewtenant
shallbe certifiedasa Low Income Household.
13.GrantorshallcomplywiththeHPTFStatutesandanyapplicablefederalstatuteswithregardtotheoperationofthePropertyandtheReservedUnits,includingbutnotlimitedto:
a.TherequirementtomaintainthePropertyandtheReservedUnitsinhabitableconditionandincompliancewithallDistrictofColumbiabuildingcodesasmay
beamended,and
b.TherequirementnottodiscriminateasrequiredbytheD.C.HumanRightsActof
1977,asamended(D.C.OfficialCode§2-1401.01etseq.)
14,GrantorshallatalltimesmaintainaccuratebooksofaccountandrecordsreflectingtheoperationoftheProperty,anupdatedrentroll,andhouseholdincomecertifications.SuchbooksandrecordsandthePropertyitselfshallbeopentoinspectionbytheDepartment
duringnormalbusinesshoursanduponreasonablenotice.Financialstatementsshallbekeptinamannerconsistentwithgenerallyacceptedaccountingprinciplesandshallbeauditedbyacertifiedpublicaccountantonanannualbasis.Grantorshallkeepallbooks
andrecordsforaperiodofseven(7)yearsfromthedatethatsuchrecordsaregenerated,GrantorshallsubmittotheDepartment,within120daysaftertheendofGrantor’sfiscal
year,annualauditedfinancialstatementsfortheoperationoftheProperty.TheaboverequirementsareinaccordancewiththeHPTFregulationsat10DCMR 4112.2and4112.4,

17.Grantorcovenantsthatnopersonwhoisanemployee,agent,consultant,officer,electedorappointedofficialoftheDistrictGovernment,independentagency,orofGrantorshall
obtainapersonalorfinancialbenefitforthemselvesorforthosewithwhomtheyhavefamilyorbusinessties,inconnectionwiththerentalofReservedUnits.Intheeventof
defaultofanyoftheabovecovenants,thatshallremainuncuredafterthirty(30)days’noticetoGrantorandGrantor’sinvestormember(whoshallhavethesamerighttonoticeandcureasGrantor),theDepartmentshallhavetherighttoseekanyandallremedies
availabletoitinlaworequity.TheDepartment'sremediesshallinclude,attheoptionoftheDepartment,therighttoseekspecificperformance,therighttoacceleratethe
repaymentofallunpaidprincipalandinterestdueundertheLoan,ortherighttodemandthepaymentof liquidateddamagesintheamountof$108,830.27foreachReservedUnit
thatisoutofcomplianceunderthetermsofthisCovenant.Fortheavoidanceofdoubt,onceaReservedUnitisbroughtbackintocompliancewiththisCovenant,such
liquidateddamagesmaybeassessedbyLenderatthetimeofa subsequentdefaultinthefutureifsuchReservedUnitonceagainfailstocomplywiththetermsofthisCovenantbeyondapplicablecureperiods.

18.Notwithstandingtheabove,ifatanytimeaReservedUnitdoesnotmeettheaffordabilityrequirementsassetforthherein,theGrantorshallhavetherightto
(1D0634235.D0C/8 DCS33)DHCDDeclarationofCovenants3534EastCapitol
DHCDDeclarationofCovenants3534EastCapitol
demonstrategoodfaithefforts,asdeterminedbytheDepartmentinitsreasonablediscretion,tobringtheReservedUnitintocomplianceandhavingdemonstratedgood
faitheffort,Grantorshallnotbeconsideredtobeindefaultoftheaffordabilityrequirementshereinwithrespecttosuchunit.GrantorshallnotifytheDepartmentinwritingofany ReservedUnitsthatarenotincompliancewiththeaffordability
requirementshereinandofGrantor'seffortstobringsuchunitsintocompliance.GrantorshallprovidesuchnoticetotheDepartmentnolaterthanthirty(30)daysofdiscoveringthenon-complianceandGrantorshallkeeptheDepartmentapprisedofGrantor's
progressinrestoringcompliancethroughregularprogressreportsonamonthlybasis.Allpaymentsofliquidateddamages,ifany,shallbecreditedtowardareductionoftheprincipalamountoftheLoan

19.1naccordancewith10DCMR §4112.13,theDepartmentmayreleasethisCovenantinwholeorinpartpriortotheexpirationoftheAffordabilityPeriod,uponthewrittenrequestofGrantor.UnlesstheCovenanthasbeenreleasedbytheDepartment,this,CovenantshallautomaticallyterminateattheendoftheAffordabilityPeriod.NoexecutionorauthorizationoftheDepartmentshallberequiredforsuchterminationandremovaloftheCovenantfromthelandrecords.
20.Noticesrequiredhereinshallbedeemedtohavebeengivenandreceived,three(3)businessdaysafterhavingbeensenttotheappropriatepartylistedbelow,byregularand
certifiedmail,orone(1)businessdayafterhavingbeensentbyhanddeliveryorovernightdeliveryservicefordeliveryonthenextbusinessday.Thebelowaddresses
maybechangedbywrittennoticetotheappropriateparty:
NOTICETO DEPARTMENT:D.C.DepartmentofHousingand‘CommunityDevelopment
1800MartinLutherKing,Jr.,Avenue,S.E.Washington,D.C.20020
Attn:Director
Withacopyto:
TheOfficeoftheGeneralCounselfortheDepartmentofHousingandCommunityDevelopment
1800MartinLutherKing,Jr.,Avenue,S.E.Washington,D.C.20020
Attn:GeneralCounsel,DHCD
NOTICETOBORROWER:3534EastCapVenture,LLCc/oMRPRealty3050K Street,NWSuite125Washington,DC20007Attention:J.RichardSaas
{1D0634235.DOC/8 DC533)DHCDDeclarationofCovenants3534EastCapitol
DHCDDeclarationofCovenants3534EastCapitol
{10634235.D0C3534EastCapitol
Withacopyto:
Reno& CavanaughPLLC455MassachusettsAvenueNW
Suite400Washington,DC20001‘Attention:MeganGlasheen
And:
Wells Fargo AffordableHousing
CommunityDevelopmentCorporation301 South College Street
MAC D1053-170
Charlotte,NC 28288
Attention:DirectorofTaxCreditAssetManagement
And:
PillsburyWinthropShawPittmanLLP120017thStreetNW
Washington,DC 20036
Attention:Craigde Ridder
[signaturesonthefollowingpages]
18 DC533}DHCDDeclarationofCovenants
DHCDDeclarationofCovenants3534EastCapitol
INWITNESS WHEREOF, GrantororGrantor'sdulyauthorizedrepresentativehas
executedthisDeclarationofCovenantsasitsactanddeed.
WITNESS/ATTEST:
BORROWER:
3534EAST CAP VENTURE,LLC,
a DistrictofColumbialimitedliability
company
By:
SIGNATUREPAGEDHCDDECLARATIONOFCOVENANTS
3534EastCapOperator,LLC,
aDistrictofColumbialimited
liabilitycompany,
itsManagingMember

3534MRP,LLC,
aDistrictofColumbialimited
liabilitycompany,
itsManagingMember
MRP EastCapitolPartners,LLC,
aDistrictofColumbialimited
liabilitycompany,itsManager
MidAtlanticRealtyPartners,LLC,
aVirginialimitedliabilitycompany,
itsManager
RobertJ.Murpl
AuthorizedSignatory
DHCDDeclarationofCovenants3534EastCapitol
ACKNOWLEDGEMENT
DistrictofColumbia,ss:
1QoayeFegliorn,aNotaryPublicinandfortheabovejurisdiction,herebycertifythat,DaburSMuyhy inhis/hercapacityas\.wonraSl3534EastCapVenture,LLC ,theGrantorinthe
ToregoingDeclarationofCovenantsbearingthedateofQukOey OS ,2017personallyappearedbeforemeinsaidjurisdiction,andassaidattorney-in-fact,acknowledgedanddeliveredsaidDeclarationofCovenantstobetheactanddeedoftheGrantor.
dayof(AV, 2017.

Witnessmyhandandofficialsealthis
[SEAL]

NotaryPublicMy CommissionExpires
\erisay,

SIGNATUREPAGEDHCDDECLARATIONOFCOVENANTS
DHCD DeclarationofCovenants
. 3534 EastCapitol
WITNESSWHEREOF,theDistrictofColumbia,asAgency,actingbyandthroughthe
DepartmentofHousingandCommunityDevelopment,doesherebyappointMaryR.(Polly)Donaldson,Directory,asitstrueandlawfulattorney-in-facttoexecute,acknowledgeanddeliverthisDeclarationofCovenantsandRentRegulatoryAgreementastheactanddeedoftheDistrictof Columbia.
AGENCY:
DISTRICTOF COLUMBIA,amunicipalcorporation,actingbyandthroughthe
D.C.DepartmentofHousingandCompminityDevelopyfent
B:
AllisonLaddDeputyDirector

ACKNOWLEDGEMENT
DistrictofColumbia,ss:
I,Maa WiibeTens-egs,aNotaryPublicinandfortheabovejurisdiction,herebycertify
that,AllisonLadd,Deputy’DirectoroftheDepartmentofHousingandCommunityDevelopment
intheforegoingDeclarationofCovenantsandRentRegulatoryAgreement,personallyappeared
beforemeinsaidjurisdiction,andassaidattomney-in-fact,acknowledgedanddeliveredsaid
DeclarationofCovenantsandRentRegulatoryAgreementtobetheactanddeedoftheDistrict
of Columbia.

Witnessmyhandandofficialsealthis18*dayofNewer, 2017.
. ae Gh et yeUsp SS NofaryPubl
“unRIGTCBfusnissionExpires
MaeJ.White-Jennings |
DistrictofColumbiaNotaryPublic
MyCommissionExpires:7.0.2020
{1D0634235.DOC/8 DC533}DHCD DeclarationofCovenants
3534EastCapitol
+. DHCD DeclarationofCovenants
3534EastCapitol
EXHIBIT A
LEGAL DESCRIPTION
Part of Record Lot 40
Taxed as Lot 806
SQUARE 5047
Districtof Columbia
Part of Record Lot 40 in Square 5047, Districtof Columbia, as the sam set forthon that
certainPlatofSubdivisionmadeSeptember6,2016byEastCapitolMinnesota,LLC,andrecorded December 23, 2016 in Subdivision Book 211 at Page 196 among the Records of the
OfficeoftheSurveyoroftheDistrictofColumbia;saidpartofLot40beingpartofthesamelandasconveyedtoEastCapitolMinnesota,LLC,byDeeddatedDecember5,2005andRecorded December 7,2005 as InstrumentNumber 2005175664 inthe Officeof the Recorder of
Deeds of the Districtof Columbia; saidpartof Lot 40 being known forpurposes of Assessment
andTaxationatthedatehereof,asLot806inSquare5047;andbeingmoreparticularlydescribedasfollows:

BEGINNINGatapointonthenortherlylineofEastCapitolStreet(160fi.wide),beingalsothesoutherlylineofLot40;saidpointlyingDueEAST373.66feetfromtheintersectionofsaidnortherlylineofEastCapitolStreetwiththeeasterlylineof35"Street,N.E.(60fi.wide);thencedepartingsaidEastCapitolStreetandrunningin,through,overandacrossLot40soastoincludeaportionthereof
1)DueNORTH 101.04feettothesoutherlylineofa PublicAlley(16ft.wide)beingalso
thenortherlylineofLot40;thencerunningwithsaidline
2) Due EAST, 227.13feettoa point;thencecontinuingwithsaidPublicAlley
3)North29°48700”East,133.68feettothesoutherlylineofAmes Street,N.E.(60ft.
wide);thencewithsaidsoutherlylineofAmes Street
4)DueEAST,82.86feet;thencedepartingsaidAmesStreet,N.E.andrunningwiththewesterlylineofLot39inSquare5047
5)South29°48°00"West,95.65feettoapoint;thencewiththesoutherlylineofsaidLot39
6)DueEAST,63:51feettoapoint;thencecontinuingwithsaidsoutherlylineofLot39
7) South 81°10°50” East,24.62 feetto a pointon the westerly lineof Minnesota Avenue,
N.E.(90ft.wide),saidpointbeingalsothenortheastcorneroftheaforementionedLot40;thencewithsaidwesterlylineofMinnesotaAvenue,N.E.
8)South29°48°00”West,113.01feettoapointofcurvature;thence
{10634235.D0C/8 DC533}DHCDDeclarationofCovenants3534EastCapitol
+ » DHCDDeclarationofCovenants3534EastCapitol
9)67.24alongtheareofa curvetotheright,saidcurvehavingaradiusof64.00feet,delta
angleof60°12°00”,tangentdistanceof37.10feetandachordbearinganddistanceofSouth'59°54°00”West,64.19feettoaforementionednortherlylineofEastCapitolStreet;
thencewithsaidnortherlylineofEastCapitolStreet
10)DueWEST305.03feettopointandplaceofbeginning,containing49,801squarefeetor1.14327 acresof land.
Togetherwiththeuseandappurtenantbenefitofthatcertainpublicalley,adjacentand
contiguousto,andimmediatelyNorthandNortheast,ofsaidLot806.
TOGETHER WITH alleasements,covenants,agreements,rights,benefits,libertiesandprivilegescreatedorestablishedby,orinanywayrelatingorappertainingto,thatcertainDeclarationofReciprocalEasements,CovenantsandRestrictionsbyandbetween3534East
CapVenture,LLC,a DistrictofColumbialimitedliabilitycompany,and3500EastCapVenture,LLC,aDistrictofColumbialimitedliabilitycompanytobedulyrecordedintheOfficeoftheRecorderofDeedsoftheDistrictofColumbia.

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(006342350c/8 C533}DHCDDeclarationofCovenants3534EastCapitol

DC Council Version 13
Exhibit E

HPTF Loan Documents Omnibus Amendment
May 15, 2021
[see attached]

Doc #: 202106879305/19/202308:30amt
WHEN RECORDED MAIL TO:
Reno& Cavanaugh,PLLC
455 MassachusettsAvenue NW
Suite400
Washington,DC 20001
Attention:MattGreeson
DHCD CONTRACT NO. 2017-12
HPTF LOAN DOCUMENTS OMNIBUS AMENDMENT
ThisHPTFLoanDocumentsOmnibusAmendment(this“Amendment”)isenteredintoasofMay14,2021,byandbetween3534EastCapVenture,LLC(“Borrower”),andtheDistrictofColumbia,amunicipalcorporationactingbyandthroughtheD.C.DepartmentofHousingandCommunityDevelopment(“Lender”;togetherwiththeBorrower, the“Parties”).
Recitals:
‘A.WHEREAS,thePartieshaveheretoforeenteredintothefollowingdocuments,amongothers:
1)thatcertainHousingProductionTrustFundProgramDeedofTrust,AssignmentofLeasesandRentsandSecurityAgreement,datedasofNovember2,2017byBorrowertoJuliaH.Wiley,astrustee,forthebenefitofLender,andrecordedasDocumentNumber2017124018withtheRecorderofDeedsfortheDistrictofColumbia(the“Records”);
2)thatcertainLoanAgreement,datedasofNovember2,2017,betweenBorrowerandLender(the“LoanAgreement”);
3)thatcertainDeclarationofCovenants,datedasofNovember2,2017,madebyBorrowerforthebenefitofLender;
4)thatcertainConditionalCommitmentforaHousingProductionTrustFundProgramLoan,datedMay1,2017,betweenLenderandBorrower;and
5)thatcertainSecondDeedofTrustNote,datedasofNovember2,2017madebyBorrower.
ThedocumentslistedinitemsRecital(A)(1)-(5)aboveshallbecollectivelyreferredtohereinasthe“OriginalDocuments.”Capitalizedtermsusedinthis
AmendmentthatarenotdefinedhereinshallhavethemeaningsgiventosuchtermsintheOriginalDocuments.
{01099854,00/3 bc532-100)
B,WHEREAS,thePartiesenteredintotheOriginalDocumentstosecurepaymentofa loanfromLendertoBorrowerintheoriginalprincipalamountofNineteenMillionSixHundredSixty-FiveThousandSixHundredThirty-ThreeDollarsandZeroCents($19,665,633.00)(the“Loan”),asapartofaloantransactionfortheprojectknown as The SolsticePhase I (the“Project”) (which is locatedon real
propertymoreparticularlydescribedonExhibitA attachedheretoandmadeaparthereof);
C. WHEREAS, theProjecthasexperiencedhigherthanexpectedcollectionlossesdue
totheCOVID-19pandemic;
D.WHEREAS,thePartieshavedeterminedthatadditionalfundingisrequiredtoreducetheexistingfirsttrustloanatpermanentconversion;and
E. WHEREAS, the Partiesdesireto amend the OriginalDocuments to increasethe
principalamount of theLoan toTwenty MillionSix Hundred FifteenThousand Six
HundredThirty-Threeand00/100Dollars($20,615,633.00).
The Partiesare entering into thisAmendment to evidence and effectuatethe
foregoing,andtoamendtheOriginalDocuments.
NOW, THEREFORE, thePartiesagreeasfollows:
1.TheprincipalamountoftheLoanisincreasedbyagreementofLenderandBorrowertoa maximumprincipalamountofTwentyMillionSixHundredFifteenThousandSix HundredThirty-Threeand 00/100Dollars($20,615,633.00).
2. ExhibitB attachedtotheLoanAgreementisherebydeletedandreplacedwith
ExhibitB attachedheretoasofthe datehereof.
3.LenderandBorrowerherebyremakeandreaffirm,asofthedateofthis‘Amendment,allof theirrepresentations,warranties,covenantsandundertakingsunderthevariousOriginalDocuments.
4. The PartiesintendthatthisAmendmentconstitutean amendmenttothe
OriginalDocuments,as applicable.The Partiesagreetoexecuteand
acknowledge(orcausetobeexecutedandacknowledged)anddeliverall
documents,andtakeallactions,reasonablyrequiredfromtimetotimetogive
effecttotheprovisionsof thisAmendment and toconfirmtherightscreatedor
now or hereafterintendedto be createdunder the OriginalDocuments, as
amendedbythisAmendment,orotherwisetocarryoutthepurposesofthis
Amendment.
{01093554,000/3 (0C533-100) 2
5. As amended by thisAmendment, theOriginalDocuments shallcontinueto be
and remaininfullforceand effect,and areherebyratifiedand confirmed.
6.ThisAmendmentdoesnotaffecttheseniorpriorityofthatcertainDeedofTrust,SecurityAgreementandAssignmentofRentsandLeases,datedasofNovember1,2017byBorrowertoToddA.Lee,astrustee,forthebenefitoftheDistrictofColumbiaHousingFinanceAgency,andrecordedasDocumentNumber2017124013in theRecords.
[SIGNATURES APPEAR ON THE FOLLOWING PAGE]
{01093554.D0C/3 0533-100) 3
IN WITNESS WHEREOF, thePartiesheretohave executedthisAmendment under
sealasof thedatefirstabove written.
{01093854.000/3 0533-100)
BORROWER:
3534 EAST CAP VENTURE, LLC,
a Districtof Columbia limitedliability
company
By:
By:
3534EastCapOperator,LLC,aDistrictofColumbialimitedliability
company,itsManagingMember
3534MRP,LLC,aDistrictofColumbialimitedliability
‘company,itsManagingMember
MRP EastCapitolPartners,LLC,aDistrictofColumbialimitedliability
company,itsManager
MidAtlanticRealtyPartners,LLC,aVirginialimitedliabilitycompany,itsManager
CeRobertJ.MurphyAuthorizedSignatory

Districtof Columbia, ss:
1,KhaiWilliams,aNotaryPublicinandfortheabovejurisdiction,herebycertifythatRobertJ.MurphyinhiscapacityasAuthorizedSignatoryintheforegoinginstrumentbearingthedateasof _May{4 ,2021,personallyappearedbefore
me insaidjurisdiction,andassaidattomey-in-fact,acknowledgedanddeliveredsaidinstrumenttobetheactanddeedoftheBorrower.
Witnessmyhandandofficialsealthis!! dayof _) ,2021.aA 7
A Loy
[SEAL] LANotaryPublic
My CommissionExpires:1/28 /poza
401093554.D0C/3. (0033-100) 4
LENDER:
DISTRICT OF COLUMBIA, a municipal
Corporation,actingbyandthroughtheDepartmentpf Housing and Community
ZnDirector< DistrictofColumbia,ss:
shagien1,Jehu D.WASirSee, Publicinandfortheabovejurisdiction,herebycertifytheMar fdsoninhercapacityasDirectoroftheDistrictofColumbiaDepartmentofHousingandCommunityDevelopmentintheforegoinginstrumentbearingthedateasof _fhpvr!AG", 2021,personallyappearedbeforeme in saidjurisdiction,and as saidattorneyin-fact,“acknowledged and deliveredsaid
instrumenttobe theactand deedof theLender.
thomWitnessmyhandandofficialsealthis29 dayofApes! 2021.
A > a[SEAL] ( LO MU ashing
PotaryPublic |MyCommissionExpires: q é
JeanO.Washington
NotaryPublic,DistrictofColumbiaMyCommissionExpiresApri30,2025

{01093554.000/3 106533-100)
ExhibitA

PropertyDescription
PartofRecordLot40TaxedasLot806SQUARE5047
DistrictofColumbia
PartofRecordLot40inSquare5047,DistrictofColumbia,asthesameissetforthonthatcertainPlatofSubdivisionmadeSeptember6,2016byEastCapitolMinnesota,LLC,andrecorded December 23, 2016 in SubdivisionBook 211 at Page 196 among the Records of the
OfficeoftheSurveyoroftheDistrictofColumbia;saidpartofLot40beingpartofthesamelandasconveyedtoEastCapitolMinnesota,LLC,byDeeddatedDecember5,2005andRecordedDecember7,2005asInstrumentNumber2005175664intheOfficeoftheRecorderofDeedsoftheDistrictofColumbia;saidpartofLot40beingknownforpurposesofAssessmentandTaxationatthedatehereof,asLot806inSquare5047;andbeingmoreparticularlydescribedasfollows:
BEGINNINGatapointonthenortherlylineofEastCapitolStreet(160ft.wide),beingalsothesoutherlylineofLot40;saidpointlyingDueEAST373.66feetfromtheintersectionofsaidnortherlylineofEastCapitolStreetwiththeeasterlylineof35"Street,N.E.(60fl.wide);thencedepartingsaidEastCapitolStreetandrunningin,through,overandacrossLot40soastoincludeaportionthereof
1)DueNORTH101.04feettothesoutherlylineofa PublicAlley(16ft.wide)beingalsothenortherlylineofLot40;thencerunningwithsaidline
2)DueEAST,227.13feettoapoint;thencecontinuingwithsaidPublicAlley
3) North29°48'00”East,133.68feettothesoutherlylineofAmes Street,N.E.(60ft
wide);thencewithsaidsoutherlylineof Ames Street
4)DueEAST,82.86feet;thencedepartingsaidAmesStreet,N.E.andrunningwiththewesterlylineofLot39inSquare5047
5) South29°48'00”West,95.65feettoa point;thencewiththesoutherlylineof saidLot 39
6) Due EAST, 63.51feettoa point;thencecontinuingwithsaidsoutherlylineof Lot 39
7) South 81°10°50”East,24.62feettoa pointon thewesterlylineof MinnesotaAvenue,
N.E. (90 ft.wide),saidpointbeingalsothenortheastcornerof theaforementionedLot
40;thencewithsaidwesterlylineof MinnesotaAvenue,N.E.
8) South29°48°00”West, 113.01feettoa pointofcurvature;thence
tD109385400/3 es33-100) 7
9)67.24alongthearcofa curvetotheright,saidcurvehavingaradiusof64.00feet,deltaangleof60°12°00”,tangentdistanceof37.10feetandachordbearinganddistanceofSouth59°54°00”West,64.19feettoaforementionednortherlylineofEastCapitolStreet;thencewithsaidnortherlylineofEastCapitolStreet
10)DueWEST305,03feettopointandplaceofbeginning,containing49,801squarefeetor
1.14327acresofland
Togetherwiththeuseandappurtenantbenefitofthatcertainpublicalley,adjacentandcontiguousto,andimmediatelyNorthandNortheast,ofsaidLot806.
TOGETHERWITHalleasements,covenants,agreements,rights,benefits,libertiesandprivilegescreatedorestablishedby,orinanywayrelatingorappertainingto,thatcertainDeclarationofReciprocalEasements,CovenantsandRestrictionsbyandbetween3534EastCapVenture,LLC,aDistrictofColumbialimitedliabilitycompany,and3500EastCapVenture,LLC,aDistrictofColumbialimitedliabilitycompanytobedulyrecordedintheOfficeoftheRecorderofDeedsoftheDistrictofColumbia.

101093854D0C/3 1DC533-100}, 8
ExhibitB
ProjectBudget
tD1093554DOC/3 1De533-100),
arcd PROJECT SUMMARY INFORMATION

PrimaryDebtServiceFinancing_

“Amortization AnmalSourceofFunds Lender InterestRate| Term| LoanTerm| Payment Amount
[Tax-exemptBonds PMC 5.1%] 35 [18years 490,640 8,000,000‘TotalDebtServiceFinancing ‘S_490,640[$8,000,000
‘SubordinateDebtServiceFinancing AmalRequestedSourceofFunds Lender InterestRate| LoanTerm|_ Payment Amount
PTF [DHCD 7.00%] 40 20,615,635,TotalCashFlowFinancing, 3 S_ 20,615,633,
Equity TypeofEquity SourceofEquity Amount[DevelopersEquity(notfromsyndicationproceeds) DeferredDeveloperFees 33.215 049[HistoricTaxCreditProceeds[LowIncomeHousingTaxCreditProceeds 13,540,912
‘TotalEquity 16,755,961‘TotalSourcesofFunds(mustequalTotalUsesofFunds) 45,371,594
USESOFFUNDS
TipeofUses ‘Amount[ConstructionorRehabilitationCosts 326351337FeesRelatedtoConstructionorRehabilitation 33,600,152,
FinancingFeesandCharges S 3,980,269[AcquisitionCosts S$,024,272[TotalDevelopmentCosts $38,956,030[SyndicationRelatedCosts $ 176,619[GuaranteesandReserves S___1,226,988[Developer'sFee $3,011,957‘TotalUsesofFunds 45,371,594
PROJECTDESCRIPTION
137unitslocatedat3534ECapitolStNE.

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AdvertisingandMarketing 335399 [5s[DeveopersmaOiticeSalaries Tor.a1s| 19[DeveloperestimateOfficeSupplies 900 7[Developerestimate
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UTILITYEXPENSES(paidbyowner) SinesGeepalotaCost[ost]Sateeal
Fuel 5 = ipaeitBketicy BSH| 3AeetpeestimateGas 3.900-|28[DeveloperimateWateSewer 23.000260[DeselperexitOthereasedescribe)Serviceee 1940] 14JDeveloperexit(therpleasedescribe) = [DevetperexisteOthe(peasedescrib) = [DesperateTocacyExpenses se [ ae
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RentFloorElectionTherentfloorforteprojectwillbeestablishedasoffinanoneboxomy)1 Dateofallocation1BDatetheprojectisplacedinservice
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SYNDICATIONINFORMATION

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‘TypeofOffering(markoneboxonly) ‘ScheduleforFundstobePaid© Public PercentPaid]AmoumPaid| DatePaidBiPrivate 10.02%|1,383,730)1/011712.68%]1,751,400| 05/30/20‘TypeofInvestors(markoneboxonty) 73.55% 5,782| 05/0121Jinc!downwardadjusters
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Doc #: 2021068793Filed& Recorded05/19/202108:30aMIDAWILLIAMSRECORDEROF DEEDSWASH DC RECORDEROF DEEDSRECORDINGFEES $150.00
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