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121712O1O Page 5 of 5
<br /> ANNUAUEQUITYREQUIREMRNT a `. ,; n e f of INTERNAL*2RR.EOFaRET,URN;PllAW,,SJSa .QG1T,—YiPARTNER$ a ? �s,h i
<br /> Year Initial CASH Safe Total
<br /> Ameuniol Equity 8,000,000 Years Year Investment Flow Price Cash Flow
<br /> Minimum Rate Of Return-Percent 10.00% 2011 (8,000.000) (8,000,000)
<br /> Minimum Rate Of Return-Amount 800,000 1 2012 (732,429) (732,429)
<br /> 2 2013 867,496 867,496
<br /> 3 2014 992,112 092,112
<br /> SA L'ANiCL:SIS 4 2015 1,092,875 1,092,875
<br /> 5 2016 1,212,850 1,212,850
<br /> Net Operating Income Year15 4,463,633 6 2017 1,335,335 1,335,335
<br /> Divided By Cap Rate 9.00% 7 2018 1,461,669 1.461,569
<br /> Gross Sale Price 49,595,919 8 2019 1,691,631 1,59t.631
<br /> 9 2020 1,725.649 1,725,649
<br /> Minus Debt-Bank-End 2022 34.322062 10 2021 1,863,741 15,273,857 17,137,698
<br /> Net Sale Amount 15,273,857
<br /> Developer 15.273.857
<br /> 0
<br /> Sales Expense 0
<br /> Final Amount 15,273,857 Total (B,aoD,aoo) 11,410,828 15.273,857 18,684,685
<br /> 15.48%
<br /> Prepared By Ehlers IRRAnalysis 11-29-10
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