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Attachment B the Loans during the Construction Phase in accordance with the Construction Phase Financing Agreement and the other Financing Documents. E. The Borrower has agreed to use a portion of the proceeds of the Project Loan to refund the Prior Note and to use the remaining proceeds of the Prior Note (which will be treated as proceeds of the Project Loan) to finance the acquisition, construction, and equipping of the Project and to pay certain closing costs with respect to the Loans. F. The BorrowerÓs repayment obligations in respect of the Project Loan will be evidenced by the Multifamily Note dated June ___, 2020 (together with all riders and modifications thereto, the Ð Project Note Ñ), delivered to the Governmental Lender, which Project Note will be endorsed by the Governmental Lender to the Fiscal Agent as security for the Funding Loan. G. To secure the BorrowerÓs obligations under the Project Note, the Borrower will execute and deliver to the Governmental Lender (i) a Mortgage, Security Agreement and Fixture Financing Statement, and (ii) an Assignment of Leases and Rents, each dated as of the date hereof (collectively, the Ð Security Instrument Ñ), with respect to the Project, which Security Instrument will be assigned by the Governmental Lender to the Fiscal Agent as security for the Funding Loan. H. The Federal Home Loan Mortgage Corporation, a shareholder-owned government- sponsored enterprise (Ð Freddie Mac Ñ), has entered into a commitment with Greystone Servicing Company LLC, a Delaware limited liability company (the Ð Freddie Mac Seller/Servicer Ñ), dated _____________________, 2020 (the Ð Freddie Mac Commitment Ñ), whereby Freddie Mac has committed, subject to the satisfaction of the Conditions to Conversion set forth in the Construction Phase Financing Agreement on or before the Forward Commitment Maturity Date, to facilitate the financing of the Project in the Permanent Phase by purchasing the Funding Loan from the Freddie Mac Seller/Servicer following the Conversion Date. I. If the Conditions to Conversion are satisfied on or before the Forward Commitment Maturity Date as provided for in the Freddie Mac Commitment and the Construction Phase Financing Agreement, the Project Loan will convert from the Construction Phase to the Permanent Phase on the Conversion Date and, on such Conversion Date, the Initial Funding Lender shall deliver, and the Freddie Mac Seller/Servicer shall purchase, the Funding Loan, as evidenced by the Governmental Note. If the Conditions to Conversion are not satisfied on or before the Forward Commitment Maturity Date, the Project Loan will not convert from the Construction Phase to the Permanent Phase, and neither the Freddie Mac Seller/Servicer nor Freddie Mac will have any obligation with respect to the purchase of the Funding Loan and the Initial Funding Lender will remain the owner of the Funding Loan as the holder of the Governmental Note. J. As a Condition to Conversion, the Project Note and the Security Instrument are required to be amended and restated and the Borrower is required to enter into a Continuing Covenant Agreement with the Freddie Mac Seller/Servicer (the Ð Freddie Mac Continuing Covenant Agreement Ñ), in each case pursuant to the forms attached to the Construction Phase Financing Agreement. 2 12502516v3