14-20 Cedar Glen Bond Ordinance Addendums

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(v) To the best of Borrower's knowledge after diligent inquiry, Borrower is in full compliance with all federal, state and local health, safety, building, zoning, environmental and other statutes,regulations and ordinances; (w) To the best of Borrower's knowledge after diligent inquiry, Borrower is in full compliance with all federal, state and local laws, statutes and ordinances, rules or regulations pertaining to Wetlands; (x) The financial statements of Borrower and, to the best of Borrower's knowledge after diligent inquiry, each Co-Maker heretofore delivered to MBI are true and correct in all material respects and fairly present the financial condition of Borrower and each Co-Maker as of the dates indicated therein, and there has been no material adverse change in the financial condition of Borrower or any Co-Maker since the date of such statements. (y) To the best of Borrower's knowledge after diligent inquiry, any and all employee pension plans of Borrower are in full compliance with the terms and provisions of the Employee Retirement Income Security Act of 1974 and all other federal, state and local statutes, regulations and ordinances governing the establishment and administration of pension plans; (z) The Loan is being incurred by Borrower solely for the purpose of carrying on a business or commercial enterprise, and not for personal, family or household purposes and the Note evidences a business loan exempt from the Federal Truth in Lending Act (15 USC 1601, et seq.), Regulations G, U, X and Z of the Board of Governors of the Federal Reserve System, and the Indiana Uniform Consumer Credit Code(IC 24-4.5-3-101, et seq.); (aa) Neither Borrower nor any Co-Maker is a "foreign person" within the meaning of Section 1445 or 7701 of the Internal Revenue Code; (bb) Borrower, General Partner, the Project and, to the knowledge of Borrower, the Limited Partner are in compliance with all of the terms and conditions of the Partnership Agreement; (cc) The Project has received a reservation of Tax Credits, and that the reservation of Tax Credits has not expired and remains in full force and effect; (dd) (i) Borrower is not now engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any margin stock (within the meaningRegulation U of the Board of Governors of the Federal Reserve System); of � Y ), (ii) nopart of theproceeds of anycredit hereunder has been or will be used topurchase or p c ase carry any such margin stock or to extend credit to others for the purpose of purchasing or carrying any such margin stock; and (iii) no part of the proceeds of any credit hereunder has been or will be used for any purpose that violates or which is inconsistent with the provisions of Regulations G, U or X of said Board of Governors; (ee) As of the date hereof, no construction activity has commenced on the Real Estate; (ff) General Partner is a limited liability company duly organized and validly existing under the laws of the State of Indiana, and has full power under its Operating Agreement to perform its obligations under the Loan Documents; Page 38