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

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SUMMARY OF CERTAIN PROVISIONS OF THE LOAN AGREEMENT, THE NOTE AND THE MORTGAGE Representations The Partnership represents that it is a limited partnership duly orga- nized, validly existing and in good standing under the laws of the State of Illinois, owns 100X of the beneficial interest and power of direction under the Land Trust, and has full power to issue the Note and to enter into the Loan Agreement and to execute, and cause the Land Trustee to execute, the Mortgage. Payment of Bonds, Assignment of Rights Pursuant to the terms of the Indenture, the City's rights under the Loan Agreement and the Note (except the City's rights to indemnification, its right to reimbursement for expenses and its right to reimbursement for attorney fees and expenses in the event of any default by the Partnership) , the Note and the Mortgage shall be assigned and pledged to the Trustee to secure the payment of the Bonds, and the Partnership shall make all payments in respect of the Note directly to the Trustee for the account of the City. Construction of the Project; Completion Date The Partnership has agreed to comglete the renovation, reconstruction and equipping of the Project as promptly as practicable in accordance with the plans and specifications therefor, which plans and specifications may be modified upon the conditions set forth in the Loan Agreement. The Completion Date shall be evidenced to the Trustee by a certificate of the Partnership stating the Cost of the Project, and stating that the renova- tion, reconstruction and equipping of the Project has been completed substan- tially in accordance with the plans, specifications and work orders therefor, and all labor, services, materials and supplies used in such renovation, recon- struction and equipping have been paid. Such certificate may state it is given without prejudice to any rights against third parties which exist or may subsequently come into being, and may set forth an estimate of any Cost of the Project which has not yet been incurred or for which the Partnership has not yet requested a disbursement from the Trustee. Disbursements from the Construction Fund Upon written request and certification of the Partnership, the moneys in the Construction Fund are required to be disbursed to pay the Cost of the Project, including renovation, reconstruction and equipping of the Project, costs of preparing plans and specifications therefor and taxes during the Construction Period, Trustee's and Paying Agent's fees during the Construction Period, Underwriter's fees, legal and accounting fees and expenses, printing and engraving costs incurred in connection with the authorization, sale and issuance of the Bonds and payment of all fees, costs and expenses of the Bank under the Credit Agreement and for the preparation, execution and recording of the Loan Agreement, the Indenture, the Note, the Mortgage, the Bonds, the Bond Purchase Agreement, the Credit Agreement, the Letter of Credit and any prelimi- 28