Regarding Issurance of economic development revenue refunding bonds Regency Place Project

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Outstanding may do so, but only upon the receipt of written approval by FHA of the appointment. Section 710. Qualification of Successor. A successor trustee shall be a state or national bank with trust powers or a bank and trust company or a trust company having capital and surplus of at least $10,000,000, shall be a mortgagee approved by FHA, and shall immediately upon and as a condition of becoming trustee hereunder, be assigned the Note and Mortgage and the Security Agreement. Section 711. Instruments of Succession. Any successor trustee shall execute, acknowledge and deliver to the Issuer an instrument accepting such appointment hereunder; and thereupon such successor trustee, without any further act, deed or conveyance, shall become fully vested with all the estates, properties, rights, powers, trusts, duties and obligations of its predecessor in the trust hereunder, with like effect as if originally named Trustee herein. The Trustee herein shall assign the Note and Mortgage and the Security Agreement to such successor trustee, without recourse or warranty (express or implied), and shall pay over to the successor trustee all moneys held by it hereunder; and the Trustee herein and the Issuer shall execute and deliver an instrument transferring to the successor trustee all the estates, properties, rights, powers and trusts hereunder of the Trustee herein. - Section 712. Merger of Trustee. Any corporation into which any trustee hereunder may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which any Trustee hereunder shall be a party, shall be the successor trustee under this Indenture, without the execution or filing of any paper or any further act on the part of the parties hereto, anything herein to the contrary notwithstanding, provided that such Issuer shall meet the requirements of Section 710. Section 713. Enforcement of the Note.Mortgage and Servicing Agreement; Amendments to Note and Mortgage. (a) The Trustee shall maintain at all times its status in good standing as an FHA-approved mortgagee. (b) The Trustee shall enforce the full and punctual performance by the Developer of all covenants, agreements and obligations on the part of the Developer to be performed under the Note, Mortgage, Building Loan Agreement, Security Agreement, Regulatory Agreement and Loan Agreement, and the full and punctual performance by the Mortgage Banker of all covenants, agreements and obligations on the part of the Mortgage Banker to be performed under the Servicing Agreement. In the event of a termination of the Servicing Agreement, or a resignation by the Mortgage Banker, the Trustee shall use its best efforts to arrange for the appointment of a substitute Mortgage Banker which is an FHA-approved mortgagee with experience in servicing FHA-insured loans for multifamily housing or health care projects; and pending the appointment of a substitute Mortgage Banker, the Trustee shall perform all duties to be performed by the Mortgage Banker under the Servicing Agreement. 2975.1 48