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Attachment C and disbursing services with respect to the Loans during the Construction Phase. During the Construction Phase, Greystone Servicing Company, a Delaware limited liability company, is the initial Servicer and the Financial Monitor.\] OR \[. The initial Servicer of the Loans during the Construction Phase is ________________________, Greystone Servicing Company LLC, a \[national banking association\]Delaware limited liability company.\] On the Freddie Mac Purchase Date, the Freddie Mac Seller/Servicer shall become the Servicer and shall service the Loans as required by the Freddie Mac Commitment and the Guide and the role of the Financial Monitor shall terminate. The Funding Lender Representative may, in its sole and absolute discretion, remove or appoint a replacement Servicer or a replacement Financial Monitor, as applicable, by written notice provided to the Governmental Lender, the Fiscal Agent and the Borrower. Any successor Servicer or Financial Monitor, as applicable, shall signify its acceptance of the respective duties and obligations imposed upon it by the Funding Loan Agreement, this Project Loan Agreement and the Construction Continuing Covenant Agreement by executing such instrument(s) as shall be acceptable to the Funding Lender Representative, a copy of which shall be provided to the parties hereto. (c) Notwithstanding any provision in this Project Loan Agreement to the contrary, during any period that a Servicer is engaged with respect to the Loans, the Governmental Lender and the Fiscal Agent agree that all payments of principal of, Prepayment Premium, if any, and interest on the Funding Loan and all fees due hereunder and under the Funding Loan Agreement shall be paid by the Borrower to the Servicer. The Servicer shall remit all payments collected from the Borrower of principal of, Prepayment Premium, if any, and interest on the Funding Loan, together with other amounts due to the Funding Lender, directly to the Funding Lender (without payment through the Fiscal Agent) per the instructions of the Funding Lender Representative. After payment to Funding Lender of all amounts then due in respect of principal of, Prepayment Premium, if any, and interest on the Funding Loan, together with other amounts due to the Funding Lender, the Servicer shall be entitled to retain its Servicing Fee (if any) collected from the Borrower and shall remit the Governmental Lender Fee to the Governmental Lender and shall remit the Fiscal AgentÓs Ordinary Fees and Expenses to the Fiscal Agent, together with any other amounts due to the Governmental Lender and the Fiscal Agent collected by the Servicer from the Borrower, in each case in accordance with their respective instructions. Any payment made in accordance with the provisions of this Section shall be accompanied by sufficient information to identify the source 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 Funding 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. After payment has been made each month by the Borrower to the Servicer, payment of fees to which the Financial Monitor is entitled shall be paid by Borrower directly to the Financial Monitor as set forth in the Financial Monitoring Agreement. (d) The Governmental Lender, the Fiscal Agent, and the Borrower hereby acknowledge and agree that (i) the Funding Lender Representative has appointed (1) the Servicer to service and administer the Project Loan, and (2) during the Construction Phase, the Financial Monitor to provide monitoring and disbursing services in connection with the Loans, (ii) the 15 12502464v3