PRILIMINARY OFFIC STATEMENT 11-15-2001 44.

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Agreement,or if the accountant shall have obtained knowledge of any such default, a description of such default; but such accountant shall not hereby be held liable directly or indirectly to anyone for such accountant's failure to obtain knowledge of any default. (b By no later than 120 days after the last day of each Fiscal Year during the Term of the Loan Agreement,beginning with the first full Fiscal Year following the Completion Date,a Certificate of the Authorized Borrower Representative stating that the Borrower whether or not, after such review as is appropriate, the Borrower has complied with all terms and covenants during such year,and if the Borrower has not, specifying the same. (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, a statement of cash flow, and evidence and a certification of the Borrower's satisfaction of the requirements of Section 6.13 of the Loan Agreement,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 15`h 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. Rate Covenant. The Borrower agrees as follows: