Authorizing Issurance and Sale $6,500,000 Multi Family Housing Revenue Bonds Maple Lane Associates Phase VIII

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aggregate principal amount of Multi- Family Housing Revenue Bonds (Maple Lane Associates Project) of the Issuer (the "Bonds "). Any additional Costs of the Project will be paid for by the Borrower. Section 3. Terms for the Bonds. The total principal amount of Bonds that may be issued is hereby expressly limited to istered $6,500,000. The Bonds (a) shall be issued in shall beelettered form (without coupons) in any denomination, (b) and numbered R -1 and upward, (c) shall be executed by the official manual signatures of the Mayor and the Clerk of the thereon, and the corporate seal shall be impressed or printed shall be dated as of the date of issue and delivery, and (e) shall have a final maturity of December 1, 2009 (a term of approximately 25 years). The Bonds shall be due and payable as follows: Commencing on the first day of the month following the date hereof and on the first day of each month thereafter to and including Decmber 1, 2009 shall Abe an payable, subjecgtu to the following: at the Adjuste (a) subject to the provisions of clause (c) below, the amount of such monthly installment shall not exceed an amount equal to 1/12 times 10 -1/4% times the outstanding principal amount hereof (the "Initial Monthly Installment "); provided, however, that the Issuer may at its option pay any or all accrued interest above and beyond the Maximum Monthly Installment; (b) if the Initial Monthly Installment is insufficient to pay the interest accrued at the Adjusted Rate, then the difference between the amount of the Initial Monthly Installment and the interest accrued shall constitute deferred interest ( "Deferred Interest ") and forshall bear day interest, to the extent legally enforceable, until paid hereon shall be added d oc the amoundt Interest of interest interest t payment date; accrued on the next monthly pay (c) if the total amount anun timef exceed rten percent Interest (10%ed interest thereon shall at y of the original principal amount hereof, then commencing on the first (1st) day of the next calendar month following, the monthly installment payable hereon shall be equal to interest at the Adjusted Rate so that the total amount of Deferred Interest and interest thereon shall not exceed ten percent (100) of the original principal amount hereof, said monthly installments to continue in the amount of interest at the Adjusted Rate stallment,s at which time the provisions h Initial of clause Monthly In (d) below shall be applicable; -3-