14-20 Cedar Glen Bond Ordinance Addendums

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(b) When received in connection with any subsequent Principal Advance, the proceeds of the Bonds shall be deposited in the Construction Account of the Construction Fund, as described in Article III hereof. Amounts on deposit in the Construction Account and the Costs of Issuance Account shall be paid out from time to time by MBI to or upon the order of the Borrower to pay,or as reimbursement to the Borrower for its payment of, the Costs of Construction and Bond Issuance Costs for the Project within two Business Days of receipt by MBI of the written request in the form attached hereto as Exhibit E signed by the Authorized Representative of the Borrower and the Investor Limited Partner and approved in writing by MBI: (1) stating that the costs of an aggregate amount set forth in such written request have been made or incurred and were necessary for the acquisition, construction, equipping or installation of the Project and were made or incurred in accordance with the construction contracts, plans and specifications, or purchase contracts therefor then in effect or that the amounts set forth in such written request are for allowable Costs of Construction of the Project; (2) stating that the amount paid or to be paid, as set forth in such written request, is reasonable and represents a part of the amount payable for the Costs of Construction of the Project, and that such payment was not paid in advance of the time, if any, fixed for payment and was made in accordance with the terms of any contracts applicable thereto and in accordance with usual and customary practice under existing conditions; (3) stating that no part of said costs was included in any written request previously filed with MBI under the provisions hereof; (4) stating that such costs are appropriate for the expenditure of proceeds of the Bonds under the Act; and MBI shall rely fully on any such written request delivered pursuant to this Section 4.3(a)and shall not be required to make any investigation in connection therewith. (c) The Borrower shall deliver to the Issuer and the Bondholders within 30 days of completion of the Project a certificate of the Authorized Representative of the Borrower: (i) stating the date that the Project was completed; and (ii) stating that it has made such investigation of such sources of information as are deemed by him to be necessary, including pertinent records of the Issuer, and that it is of the opinion that the Project has been fully paid for, and that no claim or claims exist against the Borrower or the Issuer or against the properties of either out of which a lien based on furnishing labor or material for the Project exists or might ripen; provided, however, that there may be excepted from the foregoing statement any claim or claims out of which a lien exists or might ripen if the Borrower intends to contest such claim or claims, in which event such claim or claims shall be described; provided, further, however, that it shall be stated that funds are on deposit in the Construction Account sufficient to make payment of the full amount which might in any event be payable in order to satisfy such claim or claims. Page 20