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<br />r <br /> <br />. <br /> <br />. <br /> <br />"Notwithstanding the above provisions of this <br /> <br />Section, Agency agrees to waive its remedies for <br /> <br />Participant's default in failing to provide advances of <br /> <br />funds in response to Agency's calls for such advances made <br /> <br />prior to the date of execution of this First Amendment to <br /> <br />Participation Agreement and to make no further calls for <br /> <br />such advances prior to the date of conveyance of title, in <br /> <br />return for Participant's payment to Agency of interest at <br /> <br />the rate of one,percent (1%) per month on the amounts of <br /> <br />such previously called for advances, said interest to cover <br /> <br />the period from August 21, 1980 to the date of conveyance of <br /> <br />. <br /> <br />title. The parties hereby stipulate that the amounts of <br /> <br />such previously made calls for advance payments is Seven <br /> <br />Hundred Twenty-Seven Thousand Three Hundred Dollars <br /> <br />($727,300.00). <br /> <br />Payment by Participant to Agency of Fifty <br /> <br />Three Thousand Eight Hundred Twenty Dollars ($53,820.00), <br /> <br />representing $727,300.00 x 1% per month, covering the period_ <br /> <br />from August 21, 1980 to April 1, 1981 shall be a <br /> <br />precondition to the effectiveness of this 'First Amendment <br /> <br />to Participation Agreement,' and by its execution hereof, <br /> <br />Agency acknowledges the receipt of such payment. <br /> <br />. <br /> <br />"In the event that title to the Sales Parcel is <br /> <br />conveyed to Participant prior to April 1, 1981, Participant <br /> <br />shall be ~ntitle~ to receive from Agency a return of <br /> <br /> <br />interest equal in amount to one percent (1%) of $727,300.00 <br /> <br />multipli~'d by the number of months or portion thereof by <br />I <br />which the date of such' conveyance precedes April 1, 1981. <br /> <br />. <br /> <br />7. <br /> <br />4B <br /> <br />\48 <br />