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<br />. <br /> <br />. <br /> <br />. <br />. <br /> <br />. <br />. <br /> <br />ARTICLE IV <br />REDEMPTION OF BONDS <br /> <br />401. Privilege of Redemption and Redemption Price. <br /> <br />(A) The Bonds shall be subject to redemption prior to maturity at <br />the times, at the Redemption Prices provided in a Supplemental Resolution, <br />plus accrued interest to the Redemption Date, and upon the terms provided <br />be1CYt1. <br /> <br />(1) The Bonds are subject to special mandatory redemption in <br />whole or in part at any time on and after one (1) year from the Issue Date of <br />the Bonds from and to the extent that there are funds in the Mortgage Loan <br />Purchase Account which are not used to purchase Mortgage Loans within a period <br />which terminates one (1) year from the Issue Date of the Bonds or such other <br />date as may be directed in the Supplemental Resolution. <br /> <br />(2) The Bonds are subject to special mandatory redemption in <br />whole or in part on any Interest Payment Date from and to the extent there are <br />funds in the Asset Accumulation Fund to be applied to special mandatory <br />redemption as provided in Section 607. <br /> <br />(3) Term Bonds are- subject to mandatory redemption in part <br />on each Principal Installment Date from Sinking Fund Installments in the <br />arrounts and in the years specified in the Supplemental Resolution. <br /> <br />(4) The Bonds may be subject to optional redemption at the <br />direction of the Agency in whole but not in part on any Interest Payment Date <br />as shall be provided in the Supplemental Resolution. <br /> <br />(B) In the event the Bonds are to be redeemed in part, the Bonds <br />shall be selected and redeemed on a reasonably proportionate basis from among <br />all the then outstanding maturities of the Bonds, such basis to be determined <br />and effectuated as nearly as practicable by the Trustee by selecting from each <br />such maturity an arrount equal to the result obtained by multiplying the total <br />amount of moneys to be available to redeem 8onds on the Redemption Date by the <br />ratio which the principal arrount of all 80nds Outstanding in each such <br />maturity (including Sinking Fund Installments as the maturities for Term <br />Bonds) bears to the principal arrount of all Outstanding Bonds, provided that <br />Bonds shall be redeemed only in multiples of five thousand dollars ($5,000). <br />Any arrount in excess of the five thousand dollar ($5,000) multiple remaining <br />after such redemption shall be applied by the Trustee to the next succeeding <br />redemption of Bonds. <br /> <br />(C) Except as provided in Section 401(A)(2), no Bonds shall be <br />redeemed pursuant to this Article IV unless there shall be available for <br />deposit in the Redemption Fund at the time of such redemption rroneys in an <br />amount of not less than Twenty-Five Thousand Dollars ($25,000). <br /> <br />24 <br />