Laserfiche WebLink
instructions from Funding Lender's counsel or such other counsel as may be acceptable to the <br />Funding Lender); and <br />(ii) delivery to the Fiscal Agent or into escrow with the Title Company (or separate <br />escrow company, if applicable) of all amounts required to be paid in connection with the <br />origination of the Borrower Loan and the Funding Loan and any underlying real estate transfers <br />or transactions, including the Costs of Funding Deposit and the Borrower Initial Equity, all as <br />specified in written instructions delivered to the Title Company by counsel to the Funding Lender <br />(or such other counsel as may be acceptable to the Funding Lender) and/or as specified in a <br />closing memorandum of the Funding Lender; <br />(iii) payment of all fees payable in connection with the closing of the Borrower Loan <br />including the Governmental Lender's Closing Fee and the initial fees and expenses of the Fiscal <br />Agent and the Funding Lender. <br />In addition, closing of the Borrower Loan shall be subject to the delivery of an opinion of counsel to the <br />Borrower addressed to the Governmental Lender and the Funding Lender, dated the Closing Date, in form <br />and substance acceptable to Tax Counsel, regarding the due execution by the Borrower of, and the <br />enforceability against the Borrower of, the Borrower Loan Documents. <br />Section 2.4. Borrower Loan Payments. <br />(a) The Borrower shall make Borrower Loan Payments in accordance with the Borrower <br />Notes. Each Borrower Loan Payment made by the Borrower shall be made in funds immediately <br />available to the Funding Lender or the Servicer by 2:00 p.m., New York City time, on the Borrower Loan <br />Payment Date. Each such payment shall be made to the Fiscal Agent or the Servicer, as applicable, by <br />deposit to such account as the Fiscal Agent or Servicer, as applicable, may designate by Written Notice to <br />the Borrower. Whenever any Borrower Loan Payment shall be stated to be due on a day that is not a <br />Business Day, such payment shall be due on the first Business Day immediately thereafter. In addition, <br />the Borrower shall make Borrower Loan Payments in accordance with the Borrower Notes in the amounts <br />and at the times necessary to make all payments due and payable on the Funding Loan. All payments <br />made by the Borrower hereunder or by the Borrower under the other Borrower Loan Documents, shall be <br />made irrespective of, and without any deduction for, any set-offs or counterclaims, but such payment shall <br />not constitute a waiver of any such set offs or counterclaims. <br />(b) Unless there is no Servicer, payments of principal and interest on the Borrower Notes <br />shall be paid to the Servicer and the Servicer shall then remit such funds to the Fiscal Agent. If there is <br />no Servicer, payments of principal and interest on the Borrower Notes shall be paid directly to the Fiscal <br />Agent. <br />Section 2.5. Additional Borrower Payments. <br />(a) The Borrower shall pay the following amounts: <br />(i) to the Fiscal Agent, the Rebate Amount then due, if any, to be deposited in the <br />Rebate Fund as specified in Section 5.35 hereof and the Rebate Analyst's Fee and any other costs <br />incurred to calculate such Rebate Amount (to the extent such costs are not included in the <br />Borrower Loan Payment); <br />(ii) to the Fiscal Agent for remittance to the Governmental Lender, the ongoing <br />Gover~unental Lender Fee and all fees, charges, costs, advances, indemnities and expenses, <br />C:1Use~~sltadlDesktoplSanta Ana HA Washington Place 20 <br />,° r <br />;yk; <br />~, <br />BLA.doc <br />DRAFT 11/28/12 8:41AM <br />