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<br />r <br />I- <br /> <br />. <br /> <br />t <br /> <br />. <br /> <br />t <br /> <br />tive Qualified Take-Out Loan and any note taken in renewal, <br /> <br />substitution or extension thereof, <br /> <br />The use by the undersigned <br /> <br />of that portion of the proceeds of its sale of this note <br /> <br /> <br />intended for funding of each Qualified Take-Out Loan-is <br /> <br />conditioned upon the satisfaction of the following requirements: <br /> <br />(a) <br /> <br />The outstanding principal balance of such <br /> <br />Qualified Take-Out Loan at the date of purchase shall not <br /> <br /> <br />exceed eighty percent (80%) of the appraised fair market value <br /> <br />of the rehabilitated property after completion of the contem- <br /> <br />plated rehabilitation, as determined by an appraiser satisfac- <br /> <br />tory to Bank. <br /> <br />(b) <br /> <br />This note shall, contemporaneously with the <br /> <br />funding of such Qualified Take-Out Loan, be secured by a written <br /> <br /> <br />assignment (herein called "Assignment of Deed of Trust") in <br /> <br />form and substance satisfactory to Bank of the corresponding <br /> <br />Borrower Note and the deed or deeds of trust, any assignments <br /> <br />of leases and any security agreements securing the same, being <br /> <br />acquired with the proceeds of purchase of this note. <br /> <br />(c) <br /> <br />The work of rehabilitation on the property <br /> <br />described in the deed of trust securing such Borrower Note: <br /> <br />(i) <br /> <br />Shall have been completed pursuant to <br /> <br />an Owner-Participation Agreement with the undersigned to <br />implement the undersigned's redevelopment plan and the <br /> <br />undersigned shall have so certified to Bank; and <br /> <br />(ii ) <br /> <br />Shall have been completed substantially <br /> <br />in accordance with applicable building codes and plans ~nd <br /> <br /> <br />specifications approved by Bank, as evidenced by a notice <br /> <br />of completion, a certificate of occupancy (if appropriate), <br />a certificate of an architect or other professional <br /> <br />acceptable to Bank, and/or such other reasonable evidence <br /> <br />-6- <br /> <br />7/ <br /> <br />5-E <br />