14-20 Cedar Glen Bond Ordinance Addendums

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polychlorinated biphenyls, lead, lead-based paints, radon, radioactive materials, flammables and explosives. "Housing Authority" shall mean Indiana Housing and Community Development Authority. "HUD" shall mean the U.S.Department of Housing and Urban Development. "HUD Loan" shall mean the loan in the amount of and 00/100 Dollars ($ ) extended by Senior Lender to Borrower, and insured by HUD pursuant to Section 223(f) of the National Housing Act. "HUD Mortgage" shall mean that certain Multifamily Mortgage, Assignment of Leases and Rents and Security Agreement executed or to be executed by Borrower in favor of Senior Lender, which secures the obligations of Borrower under the HUD Loan. "HUD Mortgage Documents" shall mean the HUD Mortgage, the HUD Note and any and all other documents executed or to be executed by Borrower in connection with the HUD Loan. "HUD Note" shall mean that certain Note(Multi-State) executed or to be executed by Borrower in favor of Senior Lender in the principal amount of and 00/100 Dollars ($ )to evidence the HUD Loan. "Improvements" shall mean the site development and improvements to be made on and to the Real Estate pursuant to this Agreement and according to the Plans and Specifications which includes a 304-unit multifamily housing project and related facilities, together with (i) any paved driveways and parking facilities and sidewalks to be located on the Real Estate required under the Plans and Specifications or any other construction contract or agreement entered into in connection with the Project, (ii) any mechanical, electrical, plumbing, heating, ventilating, air conditioning and life safety equipment and systems; appliances, elevators and escalators and other similar systems and items of equipment installed in or upon, and affixed to such improvements, whether or not the same may be movable and whether or not removal thereof would cause damage to such improvements, (iii) any improvements off the Project required to be completed by Borrower as a condition to the approval of the Project by any applicable governmental authorities, (iv) any appropriate surrounding street improvements, and(v) all site demolition, site clearance,well capping,utility pipeline removal and relocation, site grading, landscaping, signage, installation of utilities, curb and gutter and any other items of construction required under the Plans and Specifications or any other construction contract or agreement entered into in connection with the Project. "In-Balance" shall mean, from time to time, with respect to the Loan, that the following conditions are all satisfied, as determined by MBI in its sole reasonable discretion: (i) the unadvanced portion of the Loan plus the Contingent Required Equity plus the unadvanced portion(s) of the Other Available Sources of Funds plus any other sums deposited with MBI pursuant Section 16.1, is sufficient to pay the Unpaid Project Costs and will be available to Borrower to pay the Unpaid Project Costs when such costs become due and payable, and (ii) the Contingent Required Equity expected to be funded to Borrower will be sufficient to pay the Loan in full on or before its maturity. For purposes of determining if the Loan is In-Balance, MBI shall use its sole reasonable judgment to determine the timing of when the Contingent Required Equity and the Other Available Sources of Funds will be advanced and available to Borrower for the payment of Unpaid Project Costs and for the payment of sums owing under the Loan, including without limitation whether the conditions that must be satisfied for the funding of the Contingent Required Equity and the funding of the Other Available Sources of Funds will be satisfied Page 6