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

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Mandatory Redemption - Default The Bonds are subject to mandatory redemption by the City prior to maturity in whole if a default is declared under the Credit and Reimbursement Agreement. In the event of such a default, the Bonds will be redeemed on the earliest practicable date thereafter for which proper notice of redemption may be given at 100� of the principal amount thereof, plus accrued interest to the redemption date. Notice of Redemption Notice of any call for redemption, identifying the Bonds to be redeemed, will be given by publication at least twice in a newspaper or financial journal of general circulation published in the City of Chicago, Illinois or in The Bond Buyer, if then being published, the first of which shall be published not less than 30 days nor more than 90 days prior to the redemption date, and, in the case of the redemption of the Bonds registered as to principal (except to bearer) or fully registered, by mailing a copy of the redemption notice by registered or certified mail to the registered owner of each Bond to be redeemed at the address shown the registration books of the Trustee, at least 30 days but not more than 90 days prior to the redemption date. Published notice need not be given if all Bonds to be redeemed are at that time registered as to principal (except to bearer) or fully registered. Failure to give any such notice by mailing, or any defect therein, will not affect the validity of any proceedings for the redemption of Bonds. After the redemption date, no further interest will accrue on any Bond called for redemption if payment of the redemption price has been duly made or provided for. Security for the Bonds The Bonds are limited obligations of the City and will not constitute an indebtedness of the City or a loan of credit thereof within the meaning of any constitutional provision or statutory limitation but will be payable (except to the extent payable out of Bond proceeds or the income of the temporary invest- ment thereof) solely out of revenues and receipts derived by the City from payments made by the Partnership on the Note evidencing the Partnership's obligations under the Loan Agreement, as secured by the Mortgage and the Assignment of Rents, the moneys available to be drawn under the Letter of Credit and certain other available moneys specified in the Indenture. Under the Indenture the Issuer will pledge and assign all of its right, title and interest in and to the Loan Agreement, the Note and the Mortgage and the Assignment of Rents (other than certain indemnifications, rights and certain fees and expenses of the City) to the Trustee for the benefit of the holders of the Bonds. Additional Bonds Pursuant to the Indenture no additional bonds on a parity with the Bonds may be issued. 7