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Attachment C (a) The Borrower shall have executed and delivered to the Governmental Lender the Project Note and the Governmental Lender shall have endorsed the Project Note to the Fiscal Agent; (b) The Security Instrument and the Assignment, with only such changes therein as shall be approved in writing by Funding Lender Representative, shall have been executed and delivered by the Borrower and the Governmental Lender, respectively, and delivered to the Title Company for recording in the appropriate office for officially recording real estate documents in the jurisdiction in which the Project is located (the Ð RecorderÓs Office Ñ); (c) The Tax Regulatory Agreement shall have been executed and delivered by the parties thereto and shall have been delivered to the Title Company for recording in the RecorderÓs Office, and the Fiscal Agent shall have received evidence satisfactory to it of such delivery; (d) All other Financing Documents not listed above shall have been executed and delivered by all parties thereto and delivered to the Fiscal Agent; (e) The Borrower shall have delivered to the Fiscal Agent, the Governmental Lender, the Funding Lender Representative, the Financial Monitor and the Servicer a certificate confirming, as of the Delivery Date, the matters set forth in Section 2.02 hereof and an opinion of its counsel or other counsel satisfactory to the Fiscal Agent, the Governmental Lender, Bond Counsel, the Funding Lender Representative, Freddie Mac and the Freddie Mac Seller/Servicer; and (f) The Borrower shall have satisfied all conditions to the first advance set forth in the Construction Continuing Covenant Agreement. Section 3.02 Terms of the Project Loan; Servicing. (a) The Project Loan shall (i) be evidenced by the Project Note; (ii) be secured by the Security Instrument; (iii) be in the maximum aggregate principal amount of $34,000,000; (iv) bear interest as provided in the Project Note; (v) provide for principal and interest payments in accordance with the Project Note; and (vi) be subject to optional and mandatory prepayment at the times, in the manner and on the terms, and have such other terms and provisions, as provided herein and in the Project Note. The outstanding principal balance of the Project Loan at any time shall be an amount equal to the proceeds of the Funding Loan advanced by the Funding Lender, minus any amounts prepaid with respect to the principal in accordance with the terms hereof and the Project Note. The outstanding principal balance of the Project Note at any time shall be an amount equal to the proceeds of the Governmental Note advanced by the Funding Lender, minus any amounts prepaid with respect to the principal in accordance with the terms hereof and the Project Note. Amounts repaid and prepaid in respect of the Project Loan and the Project Note may not be re-borrowed. (b) The Funding Lender Representative may appoint a (i) Servicer to service the Loans for all or a portion of the term of the Loans\[, and (ii) Financial Monitor to provide monitoring 14 12502464v3