14-20 Cedar Glen Bond Ordinance Addendums

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ARTICLE IV. REVENUE AND FUNDS Section 4.1 Source of Payment of Bonds. The Bonds herein authorized and all payments to be made by the Issuer hereunder are not general obligations of the Issuer but are special and limited obligations payable solely from the Trust Estate as authorized by the Act and as provided herein. No covenant or agreement contained in the Bonds or this Agreement shall be deemed to be a covenant or agreement of the Issuer or of any member, director, officer, agent, attorney or employee of the Issuer in his or her individual capacity, and neither the Issuer nor any member, director, officer, agent, attorney or employee of the Issuer executing the Bonds shall be liable personally on the Bonds or be subject to any personal liability or accountability by reason of the issuance of the Bonds. Section 4.2 Bond Fund. MBI shall establish and maintain, so long as any of the Bonds are outstanding, a separate fund to be known as the "Bond Fund." There shall be deposited into the Bond Fund, as and when received, (a)all payments received pursuant to the Note,respectively; (b) all payments specified in this Agreement, unless this Agreement provides for those payments to be made to another payee; (c) any amount remaining in the Construction Fund to be transferred to the Bond Fund pursuant to this Agreement upon completion of the Project, and any amount remaining in the Construction Fund to be transferred to the Bond Fund pursuant to this Agreement upon acceleration of the maturity of the Bonds; (d) all interest and other income derived from investments of Bond Fund moneys as provided herein; and (e)all other moneys received by MBI under and pursuant to any of the provisions of the Loan Documents which are required, or which are accompanied by directions that such moneys are to be paid, into the Bond Fund. The Issuer hereby covenants and agrees that, so long as any of the Bonds issued hereunder are outstanding, it will deposit, or cause to be paid to MBI for deposit into the Bond Fund, all revenues derived from the Note and the Loan Documents,promptly to meet and pay the principal of and premium, if any, and interest on the Bonds as the same become due and payable, along with such additional amount as is required to pay Annual Fees to MBI. Nothing herein should be construed as requiring the Issuer to deposit or cause to be paid to MBI for deposit into the Bond Fund money from any source other than receipts derived from the Note, and the Loan Documents. Moneys in the Bond Principal and Interest Account shall first be used by MBI to pay interest on the Bonds as it becomes due. MBI shall transmit such funds to the Paying Agent for the Bonds in sufficient time to ensure that such payment will be made as it becomes due. Money deposited in the Bond Principal and Interest Account for the payment of payments specified in the Loan Documents, other than principal and interest, shall be paid to the holder of the Bonds, unless the Loan Documents provide for a different payee. Money remaining in the Bond Principal and Interest Account after each principal and interest payment and after payment of other amounts specified under the Loan Documents shall remain in said account until the next Interest Payment Date. Section 4.3 Construction Fund. The Issuer shall establish with MBI a separate fund to be known as the "Construction Fund", to the credit of which the deposits are to be made as required by Section 3.1 hereof. The Construction Fund shall consist of the Construction Account and within the Construction Fund on account for the Project and the Costs of Issuance Account. (a) On the Issue Date, $0.00 of the proceeds of the initial Principal Advance of the Bonds shall be deposited in the Costs of Issuance Account of the Construction Fund and the remaining proceeds of the initial Principal Advance in the amount of$ of the Bonds shall be deposited into the Construction Account, as described in Article III hereof. Page 19