14-20 Cedar Glen Bond Ordinance Addendums

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remedies and the security therefor, and to obtain any additional information needed in order to verify the accuracy of the information obtained to the extent that the Issuer and the Borrower possess such information or can acquire it without unreasonable effort or expense. It is not relying on for information concerning the financial status of the Issuer or the Borrower or the ability of the Issuer or the Borrower to honor its financial obligations or other covenants under the Bonds,the Bond Purchase and Loan Agreement or the Loan Documents. 3. It is acquiring the Bonds for its own account with no present intent to resell; and will not sell, convey,pledge or otherwise transfer the Bonds without prior compliance with applicable registration and disclosure requirements of state and federal securities laws. 4. It understands that the Bonds have not been registered under the 1933 Act and,unless so registered,may not be sold without registration under the 1933 Act or an exemption therefrom. It is aware that it may transfer or sell the Bonds only if the Trustee shall first have received(i) a satisfactory opinion of counsel that the sale or transfer will not violate the 1933 Act, the Securities Exchange Act of 1934, as amended, or the Investment Company Act of 1940, as amended, or regulations issued pursuant to such Acts, or(ii) a no-action letter of the staff of the Securities and Exchange Commission that the staff will recommend that no action be taken with respect to such sale or transfer, or(iii) a certificate stating that it reasonably believes that the transferee is a "Qualified Institutional Buyer" within the meaning of Section (a)of Rule 144A("Rule 144A")promulgated by the Securities and Exchange Commission pursuant to the 1933 Act and has informed the transferee of the transfer restrictions applicable to the Bonds and that the transferor may be relying upon Rule 144A with respect to the transfer of the Bonds. 5. It understands that the sale or transfer of the Bonds in principal amounts less than $100,000 is prohibited other than through a primary offering. 6. It has investigated the security for the Bonds to its satisfaction,and it understands that the Bonds are payable from loan repayments from the Borrower under the Loan Documents. It further understands that the Issuer does not have the power or the authority to levy a tax to pay the principal of or interest on the Bonds. 7. It recognizes that the opinions it has received express the professional judgment of the attorneys participating in the transaction as to the legal issues addressed herein. It also recognizes that,by rendering such opinions, the attorneys do not become insurers or guarantors of that expression of professional judgment, of the transaction opined upon, or of the future performance of parties to such transaction, nor does the rendering of the opinions guarantee the outcome of any legal dispute that may arise out of the transaction. The Bonds are issuable in registered form without coupons in the denominations of$100,000 and any$1 integral in excess thereof.The sale or transfer of this Bond in principal amounts of less than$100,000 is prohibited other than through a primary offering.This Bond is transferable by the registered holder hereof in person or by its attorney duly authorized in writing at the office of the Controller of the Issuer,but only in the manner, subject to the limitations and upon payment of the charges provided in the Bond Purchase and Loan Agreement and upon surrender and cancellation of this Bond.Upon such transfer a new registered Bond will be issued to the transferee in exchange therefor. The Issuer and the Paying Agent may deem and treat the Registered Owner hereof as the absolute owner hereof for the purpose of receiving payment of or on account of principal hereof and premium, if any,hereon and interest due hereon and for all other purposes,and neither the Trustee nor the Paying Agent shall be affected by any notice to the contrary.