Common use of DEVELOPMENT DEFICIT GUARANTY Clause in Contracts

DEVELOPMENT DEFICIT GUARANTY. ▇▇▇▇ hereby guarantees ▇▇▇▇ shall advance to or for the account of the Company amounts equal to all Development Deficits at such time as such Development Deficits occur ("Development Deficit Payments"). ▇▇▇▇ shall make Development Deficit Payments required of him by the earlier of (A) the date required to avoid a default under Company obligations, including without limitation the Construction Loan, and (B) the date required to keep all sources of funding for the Project "in balance" as adequate sources of funds to timely cause Final Completion of the Project and satisfaction of other obligations of the Company. In any event, all Development Deficits shall be paid by ▇▇▇▇ in full prior to the Final Closing Date. All Development Deficit Payments made to the Company shall be non- reimbursable payments, and ▇▇▇▇ shall not be entitled to any repayment from the Company (unless advances of the Construction Loan are later available to reimburse ▇▇▇▇ for the same), and the Capital Account of ▇▇▇▇ shall not be affected by any Deficit Payments made by ▇▇▇▇. Without limiting the generality of the foregoing, ▇▇▇▇ shall not be entitled to reimburse himself for any Development Deficits.

DEVELOPMENT DEFICIT GUARANTY. ▇▇▇▇ hereby guarantees ▇▇▇▇ shall advance to or for the account of the Company amounts equal to all Development Deficits at such time as such Development Deficits occur ("Development Deficit Payments"). ▇▇▇▇ shall make Development Deficit Payments required of him by the earlier of (A) the date required to avoid a default under Company obligations, including without limitation the Construction Loan, and (B) the date required to keep all sources of funding for the Project "in balance" as adequate sources of funds to timely cause Final Completion of the Project and satisfaction of other obligations of the Company. In any event, all Development Deficits shall be paid by ▇▇▇▇ in full prior to the Final Closing Date. All Development Deficit Payments made to the Company shall be non- non-reimbursable payments, and ▇▇▇▇ shall not be entitled to any repayment from the Company (unless advances of the Construction Loan are later available to reimburse ▇▇▇▇ for the same), and the Capital Account of ▇▇▇▇ shall not be affected by any Deficit Payments made by ▇▇▇▇. Without limiting the generality of the foregoing, ▇▇▇▇ shall not be entitled to reimburse himself for any Development Deficits.