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Brandon Villas of Tampa

Schedule B: Cash Flow By Participant

Annual

( BTY )( ATY ) Total 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996
Developer( )( )                      
Acquisition Fee ( 1 142.9) 68000 68000                  
Partnership Managmt Fee (exp) ( 1 166.2) 75000 75000                  
Start-up Oper. Losses (exp.) ( 1 167 ) -15028 -15028                  
Funded Expenses ( 1 169 ) -155700   -24233 -4138 -127328            
Operating Reserve ( 1 173 ) -104500       -104500            
Equity Residual ( 1 196 ) 1,413,363                   1,413,363
Investment ( 1 310 ) -200 -200                  
Investment Adj. ( 1 320 ) 411400 -55754 95015 4138 368000            
Investment Adj. ( 1 320 ) 104500                   104500
Management Fee ( 1 551 ) 585048 23809 49441 51960 55059 58030 61512 65203 69115 73262 77657
Supervisory Mgmt Fee ( 1 553 ) 50312 4000 4200 4410 4631 4862 5105 5360 5628 5910 6205
Net Cash Flow(var:taxexempt) ( 1 698 ) 8059 1429 3166 3267 197            
Net Cash Flow (NCF) ( 1 699 ) 34816   589 1656 3240 3991 4432 4029 4792 5609 6479
Subtotal: Developer( )( ) 2,475,069 101256 128177 61293 199299 66883 71049 74592 79535 84781 1,608,204
                       
Lender ( ****)( )                      
Orig.Mtge(s) ( 2 240 ) -5300000 -5300000                  
Mtge Interest ( 2 660 ) 6,009,613 318000 636000 636000 636000 636000 636000 634960 630723 625761 620169
Interest (Mtge) Variance ( 2 669 ) -544385 -59502 -144009 -104618 -97146 -79500 -53000 -6613   1 2
Mtge Amortization ( 2 670 ) 159326             26427 39127 44090 49682
Mtge Amortization ( 2 670 ) 5,140,685                   5,140,685
Amortization (Mtge) Variance ( 2 679 ) -11             -11 1   -1
Subtotal: Lender ( ****)( ) 5,465,228 -5041502 491991 531382 538854 556500 583000 654764 669852 669852 5,810,536
                       
Investor ( ****)( ****)                      
Equity Residual ( 3 196 ) 3,297,847                   3,297,847
Investment ( 3 310 ) -2100000 -525000 -525000 -525000 -525000            
Return of Investment ( 3 370 ) 2,100,000                   2,100,000
Net Cash Flow(var:taxexempt) ( 3 698 ) 395774 70037 155125 160742 9874       -2   -2
Net Cash Flow (NCF) ( 3 699 ) 1,705,963   28838 81146 158763 195558 217149 197407 234798 274853 317451
Income Taxes (Annual) ( 3 850 ) 348707 62562 105243 85451 54369 36402 18739 16607 2649 -9927 -23389
Inc.Taxes:Equity Residual ( 3 880 ) -1860590                   -1860590
Subtotal: Investor ( ****)( ****) 3,887,700 -392401 -235794 -197661 -301993 231960 235888 214014 237445 264926 3,831,317
                       
Other ( )( )                      
Const.Interest ( 4 155 ) 243288 66495 113875 53349 9568            
Const.Loan ( 4 220 )   -1222937 492206 564332 166400            
Net Cash Flow(var:taxexempt) ( 4 698 ) -403833 -71466 -158291 -164009 -10071       2   2
Subtotal: Other ( )( ) -160545 -1227907 447789 453672 165897       2   2
                       
Public ( )( ****)                      
Income Taxes (Annual) ( 5 850 ) -348707 -62562 -105243 -85451 -54369 -36402 -18739 -16607 -2649 9927 23389
Inc.Taxes:Equity Residual ( 5 880 ) 1,860,590                   1,860,590
Subtotal: Public ( )( ****) 1,511,883 -62562 -105243 -85451 -54369 -36402 -18739 -16607 -2649 9927 1,883,979
                       
Total 13,179,336 -6623116 726921 763235 547687 818942 871198 926763 984184 1,029,486 13,134,038


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