What happens to the sponsor-investor agreement after a refinance?

[Daniel Alfandre]

Do investors accept a, say, 3-5 year investment term, which ends in a refinance, where all their capital, preferred return, and appreciation split are paid back and the investor-sponsor partnership is terminated?  If so, would this give the sponsor sole entitlement to the cash flows and appreciation after that?  If not, how do sponsor-investor agreements typically work after a refinance (for the sponsor's purpose of holding on to the property) if the investors are paid out from the refinance?