07 120312 SA HA WASHINGTON Pl BLA - Attach 3

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TABLE OF CONTENTS Page ARTICLE I ....................................................................................................................................................2 DEFINITIONS; PRINCIPLES OF CONSTRUCTION .............................................................................. ..2 Section 1.1. Specific Definitions ............................................................................................................ ..2 . Section 1.2. Definitions.........o .........................o..............oo........s.....ee..................................................... ..2 ARTICLE II ................................................................................................................................................ 17 GENERAL .................................................................................................................................................. 17 Section 2.l . Origination of Borrower Loan ............................................................................................. 17 Section 2.2. Security for the Funding Loan ............................................................................................ 17 Section 2.3. Loan; Borrower Notes; Conditions to Closing ................................................................... 19 Section 2.4. Borrower Loan Payments ................................................................................................... 20 Section 2.5. Additional Borrower Payments .......................................................................................... 20 Section 2.6. Overdue Payments; Payments if Default ............................................................................ 21 Section 2.7. Calculation of Interest Payments and Deposits to Real Estate Related Reserve Funds..... 22 Section 2.8. Grant of Security Interest; Application of Funds ............................................................... 22 Section 2.9. Marshalling; Payments Set Aside ....................................................................................... 22 Section 2.10. Borrower Loan Disbursements ......................................................................................... 23 ARTICLE III ............................................................................................................................................... 23 CONVERSION ........................................................................................................................................... 23 Section 3.1. Conversion Date and Extension of Outside Conversion Date ............................................ 23 Section 3.2. Notice From Funding Lender; Funding Lender's Calculation Final .................................. 23 Section 3.3. Mandatory Prepayment of the Borrower Loan ................................................................... 23 Section 3.4. Release of Remaining Loan Proceeds ................................................................................ 24 Section 3.5 . No Amendment .................................................................................................................. 24 Section 3.6. Determinations by Funding Lender .................................................................................... 24 ARTICLE IV ........................................................................o....o..............•s..............s..•...............s......s.......• 24 REPRESENTATIONS AND WARI'~ANTIES ........................................................................................... 24 Section 4.1. Borrower Representations .................................................................................................. 24 Section 4.1.1 Organization; Special Purpose ......................................................................................... 24 Section 4.1.2 Proceedings; Enforceability .............................................................................................. 25 Section 4.1.3 No Conflicts ..................................................................................................................... 25 Section 4.1.4 Litigation; Adverse Facts ................................................................................................. 25 Section 4.1.5 Agreements; Consents; Approvals ................................................................................... 26 Section 4.1.6 Title .................................................................................................................................. 26 Section 4.1.7 Survey ............................................................................................................................... 27 Section 4.1.8 No Banikruptcy Filing ....................................................................................................... 27 Section 4.1.9 Full and Accurate Disclosure ........................................................................................... 27 Section 4.1.10 No Plan Assets ................................................................................................................ 27 Section 4.1.11 Compliance ..................................................................................................................... 27 Section 4.1.12 Contracts ......................................................................................................................... 27 Section 4.1.13 Financial Information ..................................................................................................... 27 Section 4.1.14 Condemnation ................................................................................................................ 28 Section 4.1.15 Federal Reserve Regulations .......................................................................................... 28 Section 4.1.16 Utilities and Public Access ............................................................................................. 28 Section 4.1.17 Not a Foreign Person ...................................................................................................... 28 Section 4.1.18 Separate Lots .................................................................................................................. 28 Section 4.1.19 Assessments .................................................................................................................... 28 Section 4.1.20 Enforceability ................................................................................................................. 28 C:1UsersltadlDesktoplSanta Ana HA Washington Place BLA.doc DRAFT 11/28/12 8:41AM