14-20 Cedar Glen Bond Ordinance Addendums

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any way be affected or impaired. SECTION 14. Multiple Counterparts. This Agreement may be simultaneously executed in multiple counterparts, all of which shall constitute one and the same instrument and each of which shall be deemed to be an original. SECTION 15. Limitation of Liability. It is understood and agreed by the Borrower that no covenant of the Issuer gives rise to a pecuniary liability of the Issuer or a charge against its general credit. It is further understood and agreed that no covenant or agreement of any member of the Borrower or the Issuer or any director, officer, agent, employee or representative of the Borrower or the Issuer in his or her individual capacity, and none of such persons shall be subject to any personal liability or accountability by reason of the execution hereof, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty, or otherwise. SECTION 16. Change in Use. The Borrower understands and acknowledges that Section 150(b)(2) of the Code provides that if the requirements for a "qualified residential rental project" are not met under Section 142(d) of the Code with respect to the Project, no deduction shall be allowed for interest paid on the Bonds that accrues during the period beginning on the first day of the taxable year in which the Project fails to meet such requirements and ending on the date the Project meets the requirements. SECTION 17. Monitoring Requirements. The Issuer may, from time to time, engage the service of a third-party monitoring agent for purposes of monitoring the Borrower's performance under this Agreement. In such event, such monitoring agent shall have authority to act in all matters relating to the Borrower's obligations under this Agreement. In the event the Issuer engages the service of a monitoring agent, all reasonable fees and expenses of such monitoring agent shall be paid by the Borrower, but shall not exceed $3,000 per year. Further, such monitoring agent shall not be held liable for any action taken or omitted under this Agreement so long as it shall have acted in good faith and without gross negligence. SECTION 18. Right to Cure. This Agreement is a "Borrower Document" as defined in the Loan Agreement. Section 2.2 of the Loan Agreement grants to the Investor Member (as defined in the Indenture) the right to cure any default or event of default on the part of the Borrower. Reference is hereby made to said Section 7.7 of the Loan Agreement for a full statement of said cure right. SECTION 19. Trustee. (a) The Trustee is executing and delivering this Agreement solely for the purposes of acknowledging the matters set forth herein, and being bound to undertake only those duties and responsibilities specifically set forth with respect to the Trustee. With respect to matters set forth in the remaining Sections of this Agreement, the Trustee has made no investigation, makes no representation and undertakes no duties or responsibilities. No implied duties or responsibilities may be read into this Agreement against the Trustee, and the Trustee shall be entitled to the protections, privileges, exculpation and indemnities contemplated under the Indenture. Except pursuant to Section 19(e), after the date on which no Bonds remain outstanding as provided in the Loan Agreement, the Trustee shall have no duties or responsibilities under this Agreement, and all references herein to the Trustee 11