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200109054
<br />Notwithstanding the foregoing, and provided no Event of Default exists, if the Credit Enhancer
<br />determines that the work required to complete the repairs or restoration of the Property can be completed
<br />no later than March 1, 2008, any damage or destruction which costs less than Two Hundred Fifty
<br />Thousand Dollars ($250,000) to repair or replace may be adjusted by Grantor without the consent of
<br />Grantee or Trustee.
<br />(g) Amounts of Insurance. Unless specified to the contrary herein, all insurance
<br />shall be in such amount or amounts acceptable to the Credit Enhancer.
<br />(h) Credit Enhancer Approvals. Grantor shall deliver to Grantee written evidence of
<br />the Credit Enhancer's approvals pursuant to this Section. If an Event of Default described in Section
<br />801(a), (b) or (c) of the Indenture has occurred and is continuing, the insurance coverages required under
<br />this Section will be those determined to be commercially reasonable for a multifamily housing project. In
<br />making this determination, Grantee may engage, at the expense of the Grantor, an independent insurance
<br />consultant to determine commercial reasonableness.
<br />2.04 Indemnification. Protect, indemnify and save harmless Trustee and Grantee from
<br />and against any liability, obligation, claim, damage, penalty, cause of action, cost and expense (including
<br />without limitation reasonable attorneys' fees and expenses), imposed upon, incurred by or asserted
<br />against Grantee or Trustee by reason of (a) ownership or use of the Property or any interest therein; (b)
<br />any accident, injury to or death of persons or loss of or damage to property occurring in, on or about the
<br />Property or any part thereof or on any adjoining sidewalks, curbs, adjacent parking areas, streets or ways;
<br />(c) any use, nonuse or condition in, on or about the Property or any part thereof or on any adjoining
<br />sidewalks, curbs, adjacent parking areas, streets or ways; (d) any failure on the part of Grantor to perform
<br />or comply with any of the terms of this Deed of Trust; or (e) performance of any labor or services or the
<br />furnishing of any materials or other property in respect of the Property or any part thereof. Any amounts
<br />payable to Grantee by reason of the application of this Section shall become immediately due and payable
<br />and shall bear interest at a per annum rate of interest equal to the highest rate of interest provided for after
<br />a default under the terms of the Obligations (the "Default Rate "). The obligations of Grantor under this
<br />Section shall survive any termination or satisfaction of this Deed of Trust.
<br />2.05 Hazardous Waste.
<br />Grantor represents and warrants to Grantee that:
<br />(a) To the best of its knowledge, the Premises are free from any asbestos, asbestos
<br />containing material, petroleum (including crude oil or any fraction thereof), natural gas or synthetic gas,
<br />including mixtures thereof and whether liquefied or not, or other Hazardous Materials (as defined below)
<br />and that the Premises are not in violation of any laws, regulations or orders concerning Hazardous
<br />Materials.
<br />(b) To the best of its knowledge, the Premises are not listed or proposed for listing or
<br />threatened to be listed on the National Priorities List by the Environmental Protection Agency or on any
<br />registry or list maintained by any state or local agency, department or entity regarding Hazardous
<br />Materials, and that there have been no discussions between Grantor or its agents, employees or attorneys
<br />and state, federal or local officials concerning the possibility of such listings.
<br />(c) To the best of its knowledge, there has been no storage, disposal, discharge,
<br />deposit, injection, dumping, leaking, spilling, placing or escape of any Hazardous Materials on, in, under
<br />or from the Premises. Grantor shall not permit the storage, disposal, discharge, deposit, injection,
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