14-20 Cedar Glen Bond Ordinance Addendums

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(jjj) Borrower shall tender such portion of the Limited Partner's Third Equity Payment to MBI necessary in an amount that is sufficient to repay the outstanding principal balance of the Loan, such portions of the Limited Partner's Equity shall be immediately tendered by Borrower to MBI upon Borrower's receipt of such Limited Partner's Equity, or any portion thereof,pursuant to the terms and conditions of the Partnership Agreement. (kk() [This paragraph is intentionally left blank]. (111) [This paragraph is intentionally left blank]. (mmm)Borrower shall cause a minimum of fifty percent(50%)of the costs of the Project to be funded with proceeds of tax exempt bonds and otherwise comply with the requirements of the Code to maintain the Bonds'tax exempt status. (mm) Borrower shall record on a timely basis the LURA in conjunction with the issuance of tax exempt bonds for the Project approved by MBI with respect to the Project. (000) Prior to the issuance of a written Notice of Conversion, Borrower shall not make anypayments of Deferred Developer Fees. P Ym p ARTICLE XV. LOAN ADVANCEMENTS AND USE OF PROCEEDS Section 15.1 Written Advancement Request. Upon the satisfaction of all terms and conditions contained in this Agreement for the advancement of proceeds of the Loan (including without limitation the conditions set forth in Section 9.1 and Section 10.1), MBI will from time to time, but not more than once per calendar month, advance principal on the Bonds to, or for the benefit of, Borrower upon the written request by an authorized representative of Borrower to finance Unpaid Project Costs. The proceeds of all advancements obtained by Borrower under this Agreement shall be used solely for the payment of Unpaid Project Costs and any other proper charge incurred by Borrower in making the Loan. Each application required for an advancement of the Loan shall be accompanied by a Draw Request from Borrower on a form approved by MBI and shall be only for work done upon the Real Estate or proper charges incurred by Borrower in the making of the Loan and shall be accompanied by copies of all invoices for hard and soft costs and such other supporting documentation required by the terms of this Agreement. Section 15.2 Supporting Documentation for Each Request. Each Draw Request shall be supported by (i) an AIA Form G702/G703 (or such similar forms acceptable to MBI) for construction or rehabilitation of the Improvements and the purchase and installation of the Personal Property,executed by Borrower, the general contractor and the architect of record in form and substance acceptable to MBI, (ii) any further affidavits and requests for payment which MBI may require, (iii) if requested by MBI, a conditional acknowledgment of payment and release of lien from the general contractor which conditionally waives the general contractor's rights to file a lien against the Project as to any work performed or furnished and materials supplied in the construction or rehabilitation of the Improvements and furnishing of the Personal Property down to the date of the advancement contingent upon payment in full from the requested advancement of the amount specifically stated in the lien waiver as currently due and payable to the general contractor from Borrower, less any applicable retainage, and (iv) acknowledgments of payment and releases of liens down to the date covered by the last advancement from any contractor, architect, subcontractor, mechanic,journeyman, laborer, materialman, lessor leasing construction or other equipment and tools, or other person against the Project, covering all work performed or furnished and materials supplied in the construction or rehabilitation of the Improvements, Page 52