Regarding Issurance of economic development revenue refunding bonds Regency Place Project

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SENT BY:KUTAKROCK ;11- 4-92 ; 2:26PM ; 2022230491-► 12192371125+#33 L t ARTICLE 11I REDEMPTION OF BONDS Section 301. Redemption of Bonds. The Bonds are subject to redemption prior to maturity as provided below. (a) Optional Redemption: The Bonds are subject to redemption prior to maturity by the Issuer, but only upon the request of the Developer, in whole at any time, or in part by lot • thereafter, from optional prepayments of principal on the Mortgage Note made by the Developer and deposted in the Redemption Fund established under the Trust Indenture, in an aggregate amount which, together with all such prior redemptions under this paragraph during the then current calendar year, does not exceed 15% of the original principal amount of the Mortgage Note, as initially endorsed by FHA. Any such redemption shall be made at a redemption price of 100% of the principal amount thereof, plus interest accrued to the redemption date. The Bonds are also subject to redemption prior to maturity by the Issuer, but only upon the request of the Developer, in whole at any time from optional prepayments of principal on the Mortgage Note made by the Developer and deposited in the Redemption Fund established under this Indenture, or from the proceeds of refunding bonds. Any such redemption shall be made at a redemption price (shown below as a percentage of the principal amount to be redeemed which is in excess of the amounts redeemed pursuant to the preceding paragraph during the then current calendar year), plus interest accrued to the redemption date: Redemption Period Redemption Price Closing Date to July 31, 1993 102% August 1, 1993 to July 31, 1994 101-1/2% August 1, 1994 to July 31, 1995 101 % August 1, 1995 to July 31, 1996 100-.112% August 1, 1996 and thereafter 100% (b) Mandatory Special Redemption Provisions. The Bonds are subject to special mandatory redemption prior to their respective stated maturities upon payment of the applicable redemption price, without premium, by such maturity or*maturities as are determined in accordance with Section 308 (1) as a whole, or in part (and if in part, the Bonds maturing February 1, 2011 shall be redeemed first, until all such Bonds have been redeemed, and then the Bonds maturing August 1, 2011 shall be redeemed until all such Bonds have been redeemed, and by lot within a maturity in integral multiples of $5,000 on the first day of any month for which notice of redemption may be timely given, from moneys transferred from the Bond Fund to the Redemption Fund, and (2) as a whole on any Payment Date for which notice of 3152.1 19 - •