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84~-- p94999 <br />29 <br />of the Sank Loan, shall be applied (i) first to the initial <br />legal expenses of the Partnership, filing fees, the costs of <br />filing the partnership agreement and related documents, the <br />closing costs relating to the acquisition of the Property, <br />and S250,000 in partial payment of the purchase price of the <br />Property, (ii) next 5120,000 in payment of the commitment fee <br />referred to in Section 7.4, (iii) next 5220,000 in payment of <br />the management fee referred to in Section 16.1, (iv± next in <br />an amount not to exceed 5250,000 in ;payment of the fixed <br />'portion of the Construction Management Eee, and (v) the <br />balance, if any, to be used for Partnership purposes subject <br />to the terms of this Agreement. <br />72.5.2 The Partnership capital contri- <br />bntions received pursuant to Section 7.7.2 shall be applied <br />(i) first to pay 529,000 of principal, and any interest an <br />the Bank Loan, (ii} next to pay 5225,430 of interest on the <br />Contract Note, and (iii) the balance, if any, to be used for <br />Partnership purposes subject to the terms of this Agreement. <br />12,5.3 The Partnership capital contri- <br />butions received pursuant to Section 7.7.3 shall be applied <br />(i) first to pay 5202,000 of principal, and any interest on <br />the Bank Loan, tii} next to gay 5765,540 of interest on the <br />Contract Note, and (iii) the balance. if any, to be used for <br /> <br />L <br /> <br />