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<br />505. Application of Commitment Fees and Program Participati.on Fees. <br />Corrmitment Fees and Program Participation Fees paid by the developer of the <br />Project for participation in the Mortgage Loan Program Qf the Agency shall be <br />applied as follows: <br /> <br />(1) The developer shall, concurrently with the delivery of the <br />Bonds t.o the purchasers, pay as a Commitment Fee the sum of $131,019 to <br />the Trustee, which sum the Trustee shall deposit in the Principal Fund <br />for applicati.on as provided in Section 604; <br /> <br />(2) The developer- shall, c.oncurrently with the delivery of the <br />Bonds to the purchasers, pay as an additional Commitment Fee the sum of <br />$65,509 to the Agency, which sum shall be free and clear of the lien of <br />the Resolution; <br /> <br />(3) The developer shall, concurrently with the purchase of a <br />participati.on in a Mortgage Loan by the Trustee on behalf of the Agency, <br />Pé\Y (or otherwise cause to be credited) as a Program Participation Fee <br />to the Trustee pursuant to the applicable sales escrow a sum equal to <br />two percent of the initial principal amount of such Mortgage L.oan, which <br />sum the Trustee shall deposit in the Principal Fund for application as <br />provided in Section 604; and <br /> <br />(4) The developer shall, concurrently with the purchase of a <br />participation in a Mortgage Loan by the Trustee on behalf of the Agency, <br />Pé\Y (or otherwise cause to be credited) as an additional Pr.ogram <br />Participation Fee to the Agency pursuant to the applicable sales escrow <br />a sum equal to one-half .of one percent of the initial principal amount <br />.of such Mortgage Loan, which sum shall be free and clear of the lien .of <br />the Resolution; <br /> <br />(5) The developer may, pursuant to the C.onmitment Contract (and <br />Reservati.on of Funds), pay an additional sum (t.o reduce the annual <br />interest rate on the applicable Mortgage Loan) concurrently with the <br />pé\Yment described in (3) above, which additional sum, if any, the <br />Trustee shall deposit in the Revenue Fund. <br /> <br />506. Trustee Reliance on Documents. The Trustee may exclusively rely, <br />as to the truth of the statements and the correctness of the opinions <br />expressed therein, upon all Requisitions, certificates or other documents <br />furnished to the Trustee pursuant to this Article and believed by the Trustee <br />to be genuine. All such Requisitions, certificates and other documents shall <br />be retained in the possession of the Trustee, subject at all times during <br />normal business hours to the inspection .of the Agency. The Trustee has no <br />responsibility or liability for, and the Agency assumes all responsibility and <br />liability for, the correctness, validity and genuineness of any such <br />Requisition, certificate .or .other document believed by the Trustee to be <br />genuine, valid and correct. <br /> <br />31 <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br />