14-20 Cedar Glen Bond Ordinance Addendums

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Section 6.9 Non presentment of Bonds. If any Bond shall not be presented for payment when the principal thereof becomes due, either at maturity, or at the date fixed for redemption thereof, or otherwise, if funds sufficient to pay any such Bond shall have been made available to the Paying Agent for the benefit of the holder or holders thereof, all liability of the Issuer to the holder thereof for the payment of such Bond shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Paying Agent to hold such funds for five years without liability for interest thereon, for the benefit of the holder of such Bond, who shall thereafter be restricted exclusively to such funds, for any claim of whatever nature on his part under this Agreement or on, or with respect to, such Bond. Any moneys so deposited with and held by the Paying Agent not so applied to the payment of Bonds within five years after the date on which the same shall become due shall be repaid by the Paying Agent to the Borrower, and, thereafter, Bondholders shall be entitled to look only to the Borrower for payment, and then only to the extent of the amount so repaid, and the Borrower shall not be liable for any interest thereon and shall not be regarded as a trustee of such money. Section 6.10 Direction of Bondholders. Whenever any action, direction or consent is required of the Issuer, the Issuer shall consult with the holders of the Bonds and shall take such action, give such direction or give such consent as shall be directed by the Requisite Bondholders. ARTICLE VII. CONSTRUCTION LOAN Section 7.1 Construction Loan. Upon the written request of an authorized representative of Borrower and subject to the terms and conditions of this Agreement and the compliance by Borrower with its obligations to MBI hereunder, MBI shall advance principal of the Bonds and pay such proceeds to Borrower as provided herein and Borrower shall borrow from the Loan as shall be necessary for the purpose of the construction or rehabilitation of the Improvements and the purchase and installation of the Personal Property which is contemplated by the Development Budget to be purchased and installed. The Loan shall be advanced as provided for in Article X of this Agreement and the proceeds shall be used by Borrower solely for the purposes permitted under the terms of this Agreement. The Loan shall bear interest on amounts advanced as provided for under the Note. The Loan shall be evidenced by and payable in the manner specified in the Note. Section 7.2 Loan Repayment; Delivery of Note. Upon the terms and conditions of this Agreement,the Issuer will make the Loan to Borrower. In consideration of and in repayment of the Loan, Borrower shall deliver or cause to be delivered to MBI, on or before each date payment is due under the Note,payments equal to the amount necessary to pay interest on and principal of the Bonds next due. All such Loan payments shall be paid to MBI in accordance with the terms of the Note for the account of the Issuer and shall be held and disbursed in accordance with the provisions of this Agreement. To the extent that amounts are in the Bond Fund for the payment of the Bonds,the Borrower shall be entitled to a credit against the Loan payments required to be made with respect to the Bonds on any date equal to the amount withdrawn from the Bond Fund for the payment of principal and interest on the Bonds on that date. To secure the Borrower's performance of its obligations under this Agreement, the Borrower shall execute and deliver the Loan Documents concurrently with the issuance and delivery of the Bonds. Upon payment in full of the Bonds, in accordance with this Agreement, whether at the Original Maturity Date or otherwise, or upon provision for the payment thereof having been made in accordance Page 25