82-25 AUTHORIZING, APPROVING, RATIFYING AND CONFIRMING CERTAIN ADDITIONS AND CHANGES TO ECONOMIC DEVELOPMENT REVENUE BONDS (BRETTWOOD VILLAGE ASSOCIATES PROJECT)

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Leases dated as of February 1, 1982 (the "Assignment of Rents"), from the Partnership and the Land Trustee to the Trustee. See "SUMMARY OF CERTAIN PROVISIONS OF THE LOAN AGREEMENT, THE NOTE AND THE MORTGAGE" herein. THE BONDS ARE ALSO ENTITLED TO THE BENEFIT OF A TRANSFERABLE IRREVOCABLE STAND-BY LETTER OF CREDIT (THE "LETTER OF CREDIT") ISSUED BY THE FIRST NATIONAL BANK OF CHICAGO (THE "BANK") SECURING PAYMENT OF THE PRINCIPAL, PREMIUM, IF ANY, AND INTEREST ON THE BONDS. See "THE LETTER OF CREDIT" herein. The Letter of Credit is issued pursuant to the Application for a Stand-by Letter of Credit and Reimbursement Agreement dated as of February 1, 1982 (the "Credit Agree- ment") between the Partnership and the Bank. See "APPENDIX C" herein. Pursuant to the Credit Agreement the reimbursement obligations of the Partnership will be secured by a Junior Mortgage and Security Agreement (the "Bank Mortgage") , a Junior Assignment of Rents, a Junior Security Agreement and certain other collateral assignments, all dated as of February 1, 1982 from the Partnership and/or the Land Trustee to the Bank (collectively referred to as the "Bank Mortgage Documents"). The Bank Mortgage Documents will be subject and subordinate to the prior lien and security interest of the Mortgage and the Assignment of Rents securing the Note and the obligations of the Partnership under the Loan Agreement or in the case of certain collateral assignments will obligate the Bank to hold the collateral for the prorata benefit and security of the Bank and the Trustee. The Letter of Credit is being issued for $3,795,000 and for an initial term expiring on July 1, 1986 and will be auto- matically extended for a renewal term ending July 1, 1987 and a second renewal term ending July 1, 1988 and a third renewal term ending July 1, 1989, unless the Bank in its sole discretion determines not to extend the then applicable expiration date of the Letter of Credit by notifying the Trustee at least 121 days prior to the then applicable expiration date of its intention not to extend the Letter of Credit. The Letter of Credit provides that it shall expire on the earlier of (i) July 1, 1986 or such date to which the term of the Letter of Credit shall have been extended pursuant to the preceding sentence or (ii) 60 days after the Trustee shall receive notice from the Bank of a default under the Credit Agreement; provided, however, that if any payment of interest on, principal of, or redemption premium, if any, on the Bonds shall have been made on or within the 61 day period preceding such notice in whole or in part from moneys other than the proceeds of the Letter of Credit then such expiration date shall be extended to the date occurring 121 days after the most recent of such payments or (iii) 121 days after the date on which all Bonds are paid in full or deemed to be paid in full in accordance with the Indenture. Upon notice that the Letter of Credit will not be renewed, or will expire, or will be terminated prior to July 1, 1989, the Trustee is required to draw upon the Letter of Credit in an amount which together with Eligible Moneys (as defined in Appendix A hereto) will be sufficient to redeem all of the out- standing Bonds on the earliest practicable date for which proper notice of redemption may be given. The City is a municipal corporation and a home rule unit of the State of Illinois (the "State") . Pursuant to the provisions of Section 6(a) of Article VII of the Illinois Constitution of 1970 and an Enabling Ordinance adopted by the City Council of the City on February 5, 1973, as amended, the City is authorized and empowered to issue the Bonds, to loan the proceeds thereof to 2