1. MIDA Bond Sisters of Presentation

2.7. MUTILATED.LoSTORDESTROYEDBoNDS. Incase any Bond issued hereunder shall become mutilated or be destroyed or lost the Issuer shall, if not then prohibited by law, cause to be executed and delivered, a new Bond of like outstanding principal amount, number and tenor in exchange and substitution for and upon cancellation of such mutilated Bond, or in lieu of and in substitution for such Bond destroyed or lost, upon the Lender's paying the reasonable expenses and charges of the Issuer in connection therewith, and in the case of a Bond destroyed or lost, the filing with the Issuer of evidence satisfactory to the Issuer with indemnity satisfactory to it If the mutilated, destroyed or lost Bond has already matured or been called for redemption in accordance with its terms it shall not be necessary to issue a new Bond prior to payment 2.8. OWNERSHIP OF BONDS. The Issuer may deem and treat the person in whose name the Bond is last registered in the Bond Register and by notation on the Bond whether or not such Bond shall be overdue, as the absolute owner of such Bond for the purpose of receiving payment of or on account of the principal, redemption price or interest and for all other purposes whatsoever, and the Issuer shall not be affected by any notice to the contrary. 2.9. LIMITATION ON BOND TRANSFERS. The Bonds have been issued without registration under state or other securities laws. pursuant to an exemption for such issuance; and accordingly the Bonds may not be assigned or transferred in whole or part nor may a participation interest in the Bonds be given pursuant to any participation agreement. except in accordance with an applicable exemption from such registration requirements. 2.10. ISSlJANCE OF NEW BONDS. Subject to the provisions of Section 2.9, the Issuer shall, at the request and expense of the Lender, issue new Bonds in aggregate outstanding principal amount equal to that of the Bonds sun-endered, and oflike tenor except as to number and principal amount. and registered in the name of the Lender or such transferee as may be designated by the Lender. 2.11. ACCOUNTS. (a) Bond AccoU11I, There is hereby established with the Lender a Multifamily Housing Revenue Bonds (Sisters of the Presentation BVM Project), Series 2006 Bond Account (the "Bond Account") into which all payments of the principal of and interest on the Bonds shall be deposited and credited against the principal of and interest due on the Bonds. Sums shall be paid by the Corporation for deposit in the Bond Account as provided in the Loan Agreement. (b) Construction Account. There is hereby established with the Lender a Multifamily Housing Revenue Bonds (Sisters ofthe Presentation BVM Project), Series 2006 Construction Account (the "Construction Account") into \vhieh the sale proceeds of the Bonds shall be deposited. Proceeds of the Bonds and earnings thereon shall be disbursed by the Lender to pay the cost of renovating and equipping the Facilities upon compliance with the provisions of the Loan Agreement. -4-