MXD Proposal, Scenario 2-A

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MXD Proposal, Scenario 2-A:Phase 1: Hotel

Schedule B: Cash Flow By Participant

Annual

( BTY )( ATY )	Total	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000
Developer( )( )
Start-up Oper. Losses (exp.) ( 1 167)	-1866887	-1866887
Investment Adj. ( 1 320)	-6091165	-6091165
Return of Investment ( 1 370)	7,164,416										7,164,416
Subtotal: Developer( )( )	-793635	-7958052									7,164,416

Public ( )( )
Net Cash Flow (NCF) ( 2 699)

Investor ( 8.5%)( )
Investment ( 3 310)	-7056000	-7056000
Return of Investment ( 3 370)	7,056,000										7,056,000
Special Return of Equity ( 3 686)	5,977,993		115224	380323	473228	569849	670335	774840	883525	996558	1,114,112
Net Cash Flow (NCF) ( 3 699)
Subtotal: Investor ( 8.5%)( )	5,977,993	-7056000	115224	380323	473228	569849	670335	774840	883525	996558	8,170,112

Other ( )( )
Const.Interest ( 4 155)	3,583,000	3,583,000

Lender ( ****)( )
Financing Fees ( 5 158)	391000	391000
Orig.Mtge(s) ( 5 240)	-17812000	-17812000
Mtge Interest ( 5 660)	15,913,679	888903	1,764,996	1,746,430	1,725,921	1,703,264	1,678,234	1,650,584	1,620,038	1,586,294	1,549,016
Mtge Amortization ( 5 670)	2,538,108	82243	177298	195863	216373	239030	264059	291710	322255	356000	393277
Mtge Amortization ( 5 670)	15,273,892										15,273,892
Subtotal: Lender ( ****)( )	16,304,679	-16449853	1,942,293	1,942,293	1,942,293	1,942,293	1,942,293	1,942,293	1,942,293	1,942,293	17,216,186

Total	25,072,037	-27880905	2,057,517	2,322,617	2,415,521	2,512,142	2,612,628	2,717,133	2,825,818	2,938,851	32,550,714