South Oak Manor

Odd fellows South Oak building corporation (the "corporation") is a not-for-profit corporation that was formed in 1977 under the not-for-profit statutes of the state of nebraska. The corporation was formed for the purpose of constructing, owning and operating an 82-unit community known as South Oak Manor (the "community") located in north platte, nebraska.the corporation entered into a regulatory agreement dated july 10, 2009, with hud which contains, among other things, restrictions on transferring any of the community's property, assigning the rights to manage or receive rents and profits of the community or assuming additional indebtedness. Pursuant to the regulatory agreement, the community must maintain all its units as affordable to low-income elderly persons. The community receives housing assistance payments ("hap contract") for all of its 82 units under terms of a contract with hud. The community is obligated to recertify resident eligibility on an annual basis.