14-20 Cedar Glen Bond Ordinance Addendums

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(iii) all costs and expenses of site preparation and engineering services, including the costs of Issuer or Borrower for test borings, surveys, estimates, plans and specifications and preliminary investigation therefor, and for supervising construction, as well as for the performance of all other duties required by or consequent upon the proper acquisition, construction or installation of the Project; (iv) all costs and expenses which the Issuer or the Borrower shall be required to pay under the terms of any contract or contracts (including the architectural and engineering, development, and legal services with respect thereto) for the acquisition, construction or installation of the Project; and (v) any sums required to reimburse the Issuer or the Borrower for advances made by either of them subsequent to the date of the reimbursement resolution adopted by the Issuer for any of the above items or for any other costs incurred and for work done by either of them which are properly chargeable to the Project. "Deferred Developer Fees" shall mean all developer fees, deferred contractor profit and other fees payable to any party in connection with the development, construction, rehabilitation or operation of the Project that are specifically designated on the Development Budget as being deferred until such time as the Loan is paid in full or has been paid down to the Permanent Loan Amount. Notwithstanding anything contained herein to the contrary, no Project cost shown on the Development Budget shall be deemed to be a Deferred Developer Fee unless Borrower has furnished evidence acceptable to MBI that (i) the party to whom such fee is owed has no rights to any lien upon the Project in the event such fee is not paid, or(ii) the party to whom such fee is owed has waived in writing all rights to any lien upon the Project in the event such fee is not paid. "Developer" shall mean "Development Agreement" shall mean the Amended and Restated Development Agreement between the Borrower and the Developer dated , relating to the development of the Project and providing for the payment of a Development Fee. "Development Budget" shall mean a detailed hard and soft cost budget for (i) the costs of the construction or rehabilitation of the Improvements in accordance with the Plans and Specifications, (ii) the costs of the purchase and installation of the Personal Property, (iii) the payment of all operating expenses through the earlier of the date the Project will reach breakeven operations taking into account revenue from the Project generated prior to the point in time that the Project will reach breakeven operations or the date the Loan will be repaid, including without limitation interest expense, (iv) the payment of all professional fees and financing fees, and (v) the payment of all other related closing costs and soft costs to be incurred in connection with the development and construction or rehabilitation of the Project, all of which if requested by MBI shall be certified by Borrower and, as to the costs of construction or rehabilitation of the Improvements, by the general contractor or construction manager for the Project. The Development Budget shall not be revised without the prior written consent of MBI. The Development Budget, as from time to time modified, must be in form and detail acceptable to MBI in its reasonable discretion. The Development Budget submitted to MBI by Borrower is attached hereto as Exhibit B and by this reference made a part of this Agreement and shall not be revised without the prior written consent of MBI as set forth in Section 10.8 hereof. "Development Fee" shall mean the total development fee in the amount of and 00/100 Dollars ($ ) payable to the Developer in Page 4