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

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(d) if at any time there is outstanding any unpaid Deferred Interest the AdjustedtRate risna described any ime less than (b) above, and i per annum, the amount of ten and one - fourth percent (10 -1/4 %) the the monthly installments Monthly never Installment,continue and peach n such amount of the Init .first to Deferred monthly installment shall be applied such Interest and interest thereon, and if sufficient he p balance Deferred Interest and interest thereon, shall be applied to accrued interest. When all such Deferred Interest and intonthl thereon installments hall been reduced the amount of the m Y accrued interest only at the Adjusted Rate. The Iss e of hthe not be deemed to be indefault of each ymonthly installment deficiency between the p a y ment and the actual amount of interest accrued on such date at the Adjusted Rate; and (e) the outstanding principal amount hereof and any other amounts due hereon, monthlyoi the extent nstallment not as paid forthlabovem a portion of each shall be due and payable on December 1, 2009. The "Adjusted Rate" shall be equal to 10 -1/4% from the date of issuance and delaaeusted on d a 1quarterlyDbasi�s, commencing and thereafter shall be 7 January 1, 1985, and on each April 1, July 1, October 1 and January 1 thereafter, to a rate equal to 75% (the "Index Percentage ") of the rate on new issue long -term A -rated utility s bonds as reported by Salomon Brothers, last lfull calendar „week Market Round -up report prior to the week in which the applicable quarter begins. In the event Salomon Brothers. or frequency successor no longer hat so said report or the reporting determination cannot be mkee aateeoflsimila�vbondsewh�ch ismthen report indicating the ma the in use and is mutually ratheprabeeadjustment. no nod event shall Borrower shall be used the Adjusted Rate exceed the d maximum should interest may be borne by the Bonds, entitled (but for this limitation) then holders the Adjusted dau major ty in to a rate which would be aggregate principal amount of the Bonds outstanding shall have the option to either (1) accept the maximum rate permissible by law, or (2) declare the Bonds immediately due and payable in full, in accordance with Paragraph 11(d) hereof, or (3) require that the amount of any such excess over the maximum rate p mi s bamountlof be paid and applied to the reduction of the principal the Bonds. -4-