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<br />. <br /> <br />. <br /> <br />. <br />. <br /> <br />. <br />. <br /> <br />ARTICLE IV <br />APPLICATION OF BOND PROCEEDS <br /> <br />401. Appl ication of Proce~ds of Bonds. The proceeds of the Bonds shall <br />be paid to the Trustee for deposit into the Bond Proceeds Fund for transfer by <br />the Trustee into various Funds and Accounts established by Section 502 of the <br />Resolution, and from the Bond Proceeds Fund the Trustee shall so transfer and <br />deposit sums as follows: <br /> <br />(1) Into the Interest Account the amount of interest accrued from <br />the date of. the Bonds to the date of delivery thereof; then <br /> <br />(2) Into the Issuance Expense Account, an amount to be specified <br />in an Officer I s Certificate to be del ivered to the Trustee prior to del ivery <br />of the Bonds to the Purchasers; then <br /> <br />(3) Into the Debt Service Reserve Fund $1,190,000, being a portion <br />of the amount of the Debt Service Reserve Requirement; then <br /> <br />(4) Into the Operating Fund, an amount to be specified in an <br />Officer's Certificate to be delivered to the Trustee prior to the delivery of <br />the Bonds to the Purchaser; then <br /> <br />(5) Into the Mortgage Reserve Fund $138,500, being the Mortgage <br />Reserve Requirement; then <br /> <br />(6) The balance of the proceeds of the Bonds shall be deposited in <br />the Mortgage Loan Purchase Account. <br /> <br />402. Application of Program Participation Fees and Lett~r of Credit. <br />Fees paid by the developer of the Project and by the Mortgagor for <br />participation in the Residential Mortgage Financing Program of the Agency <br />shall be applied as follows: <br /> <br />(l) The developer shall, concurrently with the delivery of the <br />8onds to the Purchasers, pay the sum of $198,000 to the Trustee, which sum the <br />Trustee shall deposit in the Mortgage Loan Purchase Account; <br /> <br />(2) The developer shall, concurrently with the delivery of the <br />80nds to the Purchasers, pay the sum of $27,000 to the Agency, which sum shall <br />be free and clear of the lien of the Resolution; <br /> <br />(3) The developer shall, concurrently with the purchase of a <br />Mortgage Loan by the Trustee on behalf of the Agency, pay (or otherwise cause <br />to be credited) to the Trustee pursuant to the applicable sales escrow a sum <br />equal to two percent of the initial principal amount of such Mortgage Loan, <br />which sum the Trustee shall deposit in ~he Mortgage Loan Purchase Account; and <br /> <br />9 <br />