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Attachment B and proper application of such payment. The Servicer shall promptly notify the Fiscal Agent, the Funding Lender Representative, and the Governmental Lender in writing of any failure of the Borrower to make any payment of principal of, Prepayment Premium, if any, and interest on the Funding Loan when due or to pay any fees due hereunder or under the Project Loan Agreement, and the Fiscal Agent and the Governmental Lender shall not be deemed to have any notice of such failure unless it has received such notice in writing. (b) If the Funding Loan is sold or transferred as provided in Section 2.08 hereof, the Funding Lender Representative or the Servicer (during the Construction Phase) shall notify the Fiscal Agent and the Borrower in writing of the name and address of the transferee. (c) So long as payments of principal of, Prepayment Premium, if any, and interest on the Governmental Note and all fees due hereunder and under the Project Loan Agreement are being made to the Initial Funding Lender or the Servicer in accordance with this Section 2.12 and no Event of Default has occurred of which the Fiscal Agent has been given, or been deemed to have, notice thereof pursuant to this Funding Loan Agreement, the Fiscal Agent shall have no obligations to collect loan payments with respect to the Funding Loan, nor shall it be obligated to collect loan payments or fee payments pursuant to the Project Loan Agreement, except at the express written direction of the Funding Lender Representative or the Servicer (during the Construction Phase). Notwithstanding the foregoing, the Funding Lender Representative or the Servicer (during the Construction Phase) may elect to have the Fiscal Agent act as Paying Agent upon written notice of such election to the Fiscal Agent, the Borrower and the Governmental Lender. Section 2.13 Conversion. If the Notice of Conversion is issued in the timeframe required under the Construction Phase Financing Agreement, Conversion will occur on the Conversion Date indicated in such Notice of Conversion. If the Notice of Conversion is not so issued, Conversion will not occur and neither the Freddie Mac Seller/Servicer nor Freddie Mac will have any obligations with respect to the purchase of the Funding Loan or otherwise with respect to the Loans or the Project. ARTICLE III PREPAYMENT OF THE FUNDING LOAN Section 3.01 Prepayment of the Funding Loan Prior to Maturity. (a) Optional Prepayment. The Funding Loan, together with accrued interest thereon, is subject to optional prepayment in whole upon optional prepayment of the Project Loan in accordance with the notice and other prepayment provisions set forth in the Project Note or, during the Construction Phase, the Construction Continuing Covenant Agreement. (b) Mandatory Prepayment. The Funding Loan, together with accrued interest thereon, and together with Prepayment Premium (to the extent payable under the Project Note), is subject to mandatory prepayment on any Business Day, in whole or in part as indicated below, at the earliest practicable date upon the occurrence of any of the following: 25 12502516v3