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200003557 (k) Completion of Required Repairs. Lender's approval of any plans for any Required Repair, release of funds from the Required Repair Reserve, inspection of the Property by Lender or Lender's agents, or other acknowledgment of completion of any Required Repair in a manner satisfactory to Lender shall not be deemed an acknowledgment or warranty to any person that the Required Repair has been completed in accordance with applicable laws. Section 5. Failure to Make Required Replacements. (a) Event of Default. Upon the occurrence and during the continuance of an Event of Default under this Security Instrument, Borrower shall not be entitled to receive any funds from the Required Repair Reserve and Lender may use the Required Repair Reserve Fund (or any portion thereof) for any purpose, including, but not limited to, completion of the Required Repairs as provided in Section 4, or for any other repair or replacement to the Property or toward payment of the Debt in such order, proportion and priority as Lender may determine in its sole discretion. Lender's right to withdraw and apply the Required Repair Reserve Fund shall be in addition to all other rights and remedies provided to Lender under the Note, this Security Instrument, the Other Loan Documents, and at law or in equity. (b) Insufficient Funds in the Required Repair Reserve. The insufficiency of any balance in the Required Repair Reserve shall not relieve Borrower from its obligation to complete all Required Repairs in accordance with the covenants and agreements in this Special Stipulation and to pay all costs in connection therewith. B -2 Repayment Subsequent to Optional Prepayment Date. Section 1. Repayment; Refinancing. Borrower shall repay the indebtedness secured hereby in accordance with the provisions of the Note. Borrower shall deliver to Lender a written letter (a "Refinance Letter"), which Refinance Letter shall confirm at a minimum that a loan to refinance the Property is under consideration, with third party reports to be completed within thirty (30) days and funding to occur prior to the Optional Prepayment Date, by a Qualified Institutional Lender on or before the date which is three (3) months prior to the Optional Prepayment Date, as defined in the Note (the "Refinance Notification Date "). If Borrower fails to deliver such Refinance Letter prior to the Refinance Notification Date or if such Refinance Letter is delivered on or before the Refinance Notification Date, but lapses, terminates or is otherwise withdrawn prior to the funding of such Refinance Letter and the use of the proceeds thereof to pay the entire outstanding amount of the indebtedness secured hereby on or before the Optional Prepayment Date (the date upon which such Refinance Letter lapses, terminates or is otherwise withdrawn is hereinafter referred to as the "Void Commitment Date "), unless the indebtedness secured hereby shall have been paid in full prior to the Refinance Notification Date or the Void Commitment Date, as the case may be, an Operative Period shall be in effect. All Excess Rent (as defined in the Lockbox - Deposit Account Agreement among Borrower, Lender and PNC Bank, National Association ( "Lockbox Agreement ")) during any such Operative Period shall be paid to Lender for deposit to the Curtailment Reserve (as hereinafter defined) and application to amounts due under the Note pursuant to this Special Stipulation and the Lockbox Agreement. The term Qualified Institutional Lender means any of the following: (a) any bank, savings and loan association, savings institution, trust company or national banking association, acting for its own account or in a fiduciary capacity, (b) any charitable foundation, (c) any insurance company or pension and /orannuity company, (d) any fraternal benefit society, (e) any pension, retirement or profit sharing trust or fund within the meaning of Title I of ERISA or for which any bank, trust company, national banking association or investment adviser registered under the Investment Advisers Act of 1940, as amended, is acting as trustee or agent, (f) any investment company or business development company, as defined in the Investment Company Act of 1940, as amended, (g) any small business investment company licensed under the Small Business Investment Act of 1958, as amended, (h) any broker or dealer registered under the Securities and ATLANTA4181845.4 GMACCM (SLP) - DOT (8/98) B - 5 Grand Isle, Nebraska