11-14-01 2. LOAN AGREEMENT - Laserfiche WebLink

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(c) By no later than 45 days after the last day of each quarter of the Fiscal Year, beginning with the first full quarter following the Completion Date, financial statements prepared by or on behalf of the Borrower(which need not be audited), setting forth in accordance with generally accepted accounting principles consistently applied,the revenues and expenses of the Borrower for the quarter,in comparison with the same period for the prior fiscal year,together with a balance sheet-and, a statement of cash flow, and evidence and a certification of the Borrower's satisfaction of the requirements of Section 6.13 herein,which shall in each case be certified by any authorized officer of the Borrower with knowledge of its financial affairs to be true and accurate to the best of such officer's knowledge. (d) By no later than 45 days after the last day of each quarter of the Fiscal Year, beginning with the first full quarter following the Completion Date,a statement as to the occupancy of the Project Facilities for each of the last preceding twelve consecutive months, setting forth for each month the number of units leased, percentage of units leased, number of units occupied by new tenants, number of persons on a waiting list,and number of units for which a lease terminated. In addition to the foregoing,prior to the Completion Date,on or before the 15th day of each month,commencing December 15,2001,the Borrower shall cause a narrative description to be prepared in reasonable detail, explaining (i) the progress toward completion of the Project in comparison with the schedule of completion contemplated on the Date of Issuance of the Series 2001 Bonds,(ii)a summary of the costs incurred to date in comparison with costs incurred to such date that were expected on the Date of Issuance of the Series 2001 Bonds,(iii)a statement of the costs required to be paid to complete the Project in accordance with the Plans in comparison to amounts then on deposit in the Construction Account,(iv)a brief description of any marketing activities undertaken since the last report furnished pursuant to this paragraph. The Borrower shall promptly deliver,or cause to be delivered to the Trustee all reports and tax returns filed by the Sole Member with the Internal Revenue Service, including each Form 990 (or any equivalent successor form or forms). Borrower acknowledges that so long as any item required to be provided by this Section is past due,under the Indenture,no amounts will be disbursed for payment of costs from the Surplus Fund or the Repair and Replacement Fund,and no amounts will be released to the Borrower from the Surplus Fund. Section 6.03 Annual Budget. No later than 30 days prior to the commencement of each Fiscal Year,the Borrower shall prepare and submit to the Trustee,the Original Purchasers and any Holder who has so requested to the Trustee,a budget for the Fiscal Year(the "Budget"),reflecting the Borrower's best estimates of(i)all revenues and expenditures of any nature related to the Project Facilities or amounts held by the Trustee reasonably anticipated for the year, including reasonable detail as to various categories of such revenues and expenditures,(ii)projecting the expected ratio for such year of Net Revenues Available for Senior Debt Service in comparison to expected Senior Debt Service Requirements for the year,and(iii) projecting the excepted ratio for such year of Net Revenue Available for Debt Service in comparison to expected Debt Service Requirements for the year. Whenever, in the reasonable judgment of the Borrower, the amount by which expected revenues will exceed expenditures for a Fiscal Year is anticipated to be more than 10%less than previously budgeted, or whenever, in the reasonable judgement of the Borrower, the amount by which expected -41-