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Section 5.5 Affirmative Covenants. ..................................................................................................... 13
Section 5.6 Additional Indebtedness. .................................................................................................. 15
Section 5.7 Nature of Business. ........................................................................................................... 15
Section 5.8 Cooperation in Enforcement of Regulatory Agreement. .................................................. 16
Section 5.9 Tax-Exempt Status of the Bonds. ..................................................................................... 16
Section 5.10 Useful Life. ....................................................................................................................... 17
Section 5.11 Federal Guarantee Prohibition. ......................................................................................... 17
Section 5.12 Prohibited Facilities. ......................................................................................................... 17
ARTICLE VI
PREPAYMENT
Section 6.1 Optional Prepayment. ....................................................................................................... 17
Section 6.2 Borrower’s Obligations Upon Tender of Bonds. .............................................................. 17
ARTICLE VII
EVENTS OF DEFAULT AND REMEDIES
Section 7.1 Events of Default. ............................................................................................................. 18
Section 7.2 Remedies on Default. ........................................................................................................ 19
Section 7.3 No Remedy Exclusive. ..................................................................................................... 20
Section 7.4 Agreement to Pay Attorneys’ Fees and Expenses. ........................................................... 20
Section 7.5 No Waiver. ........................................................................................................................ 20
Section 7.6 Notice of Default. ............................................................................................................. 20
Section 7.7 Investor Limited Partners’ Cure Rights. ........................................................................... 20
ARTICLE VIII
MISCELLANEOUS
Section 8.1 Term of Agreement. .......................................................................................................... 20
Section 8.2 Amounts Remaining in Funds. ......................................................................................... 21
Section 8.3 Notices. ............................................................................................................................. 21
Section 8.4 Extent of Covenants of the Issuer; No Personal Liability ................................................. 21
Section 8.5 Binding Effect. .................................................................................................................. 21
Section 8.6 Amendments and Supplements. ........................................................................................ 21
Section 8.7 Execution Counterparts..................................................................................................... 22
Section 8.8 Severability. ...................................................................................................................... 22
Section 8.9 Governing Law. ................................................................................................................ 22
Section 8.10 Non-Recourse Obligations. ............................................................................................... 22
Section 8.11 HUD-Required Provisions. ............................................................................................... 22
Section 8.12 Limitation on Liability of the Issuer. ................................................................................ 23
Section 8.13 Waiver of Personal Liability. ............................................................................................ 23
Section 8.14 Delivery of Reports, Etc. .................................................................................................. 24
Section 8.15 Audit Expenses. ................................................................................................................ 24
SIGNATURES .......................................................................................................................................... S-1
EXHIBIT A – Form of Promissory Note .................................................................................................. A-1
EXHIBIT B – Form of Completion Certificate ........................................................................................ B-1
EXHIBIT C – Form of FHA Lender’s Certificate to Trustee ................................................................... C-1
EXHIBIT D – Form of Borrower’s Certificate to Trustee ........................................................................ D-1
EXHIBIT E – Form of Disbursement Request ......................................................................................... E-1
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