2011-100 Housing - The Landings at Winmore, LLC - Crosland, LLC - Community Home Trust - Development Agreement $300,000

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Prom the funds held in the Operating Account, Agent will make the following disbursements promptly when payable: (a) Reimbursement to Agent for employee costs properly attributable to the Property in accordance with Section 13 hereof. (b) Payments of ad valorem property taxes and assessments, if applicable, with respect to the Property as and when due, to the extent that such payments have not been made directly by Owner as and when such payments are due. (c) All sums otherwise due and payable by Owner as expenses of the Property authorized to be incurred by Agent under the terms of this Agreement, including without limitation: (i) Legal expenses associated with operation of the Property and accounting and audit expenses, including tax return preparation expenses. (ii) Compensation payable to Agent for its services hereunder pursuant to Section 5 hereof. (iii) All other reasonable and necessary costs associated with the operation and maintenance of the Property. (d) Distributions of net cash flow to Owner when and as requested by Owner 15. Budgets. Annual operating and reserve for replacements budgets for the Property for each Development Fiscal Year will be prepared in a timely manner by Agent and approved by Owner. Agent (i) will prepare and submit a recommended operating reserve for replacements and capital expenditures budget on or before October 1St of each year, and (ii) will prepare and submit to Owner such budgets as may be required. Recommended budgets submitted pursuant to clause (i) of the preceding sentence shall be approved or revised by Owner not later than thirty (30) days after submission thereof by Agent. Owner will promptly inform Agent of any changes incorporated in the approved budget, and Agent will keep Owner informed of any anticipated material deviation from the receipts or disbursements stated in the approved budget. I6. Records and Reports. (a) Agent will establish and maintain true and accurate books, records and accounts reflecting the operation of the Property in accordance with sound accounting practices, in a manner sufficient to permit preparation of all required financial statements and reports in accordance with Generally Accepted Accounting Principles and the audit thereof in accordance with generally accepted accounting standards. All records, books and accounts will be subject to examination at reasonable hours by any authorized 9