EX-10.01






Municipal Mortgage & Equity, LLC



621 East Pratt Street


Baltimore, Maryland 21202


T 443.263.2900 F 410.727.5387



November 24, 2008




Synovus Bank


12450 Roosevelt Boulevard,


St. Petersburg, FL 33716


Attn:Cathy Swanson,


Senior Vice President



Re: Notice and Request for Waiver, Forbearance and Extension of Maturity Date



Ladies and Gentlemen:



Reference is made to that certain Fourth Amended and Completely Restated Loan Agreement, dated
as of February 23, 2007, by and among Synovus Bank (formerly, United Bank and Trust), MMA Capital
Corporation, MuniMae TEI Holdings, LLC, MMA Mortgage Investment Corporation, MMA Construction
Finance, LLC, Municipal Mortgage & Equity, LLC MMA Financial Holdings, Inc. and MMA Financial, Inc.
(formerly, MuniMae Investment Services Corporation) (the “Agreement”). All capitalized
terms used but not defined herein shall have the meaning assigned to such terms in the Agreement.



Notice



This correspondence will serve as notice of the matters set forth herein given pursuant to the
requirements of Section 11.03 of the Agreement.



As we notified you by the Notice and Request for Waiver, dated March 3, 2008, and by prior
communications, our continuing efforts to restate certain of the historical GAAP financial
statements of Municipal Mortgage & Equity, LLC (“MuniMae”) and certain other matters have
delayed the completion of certain of our 2006 financial statements and periodic reports, as well as
the financial statements for certain of our affiliates.



As a result and as we have informed you previously, we will be unable to comply with the
applicable financial reporting and related covenants set forth in Article VI (including, but not
limited to, Section 6.06) of the Agreement, including, without limitation, such covenants as they
apply to the fiscal years 2006, 2007, 2008 and 2009.



Request for Waiver, Forbearance and Extension of Maturity Date



We hereby request a waiver of compliance with the above-referenced covenants and forbearance
from declaring, and exercising any remedial or enforcement rights with respect to, any and all
Defaults or Events of Default under the Agreement, and such waiver and forbearance shall be in full
force and effect up to and including the Maturity Date as extended herein and shall result in the
Borrowing Group being eligible, subject to the satisfaction of all applicable preconditions set
forth in the Agreement, (i) to receive Disbursements for the purpose of funding additional draws
relating to Pledged Loans currently posted as collateral under the Agreement or (ii) to have
letters of credit renewed pursuant to the Agreement with such renewed letters of credit maturing on
or before May 31, 2009; provided, however, that the foregoing waiver and forbearance shall not
apply to any Event of Default (i) pursuant to Section 9.01(a) of the Agreement or (ii) resulting
from any act or omission by any member of the Borrowing Group or any Guarantor that constitutes
fraud or willful misconduct. In addition, we hereby request, notwithstanding anything to the
contrary in the Note or the Agreement, that the Maturity Date of the Asset Based Loan and L.O.C.
Facility be extended to May 31, 2009.



Effective Date



The foregoing waiver, forbearance and extension of Maturity Date shall take effect on the date the
Obligations relating to the three Pledged Loans described on Exhibit A hereto shall have
been satisfied in full.



This notice is being delivered to you as confirmation of our earlier discussion with you and
our understanding that this does not present any issues under the Agreement. Please contact me by
phone at (813) 868-8070 or e-mail at jeff.muller@munimae.com if this is not the case.



Sincerely,



	 	 	 
	MUNICIPAL MORTGAGE & EQUITY, LLC

	 	MMA FINANCIAL, INC.
	By:/s/Earl Cole III

Name:Earl Cole III

Title:Executive Vice President

	 	By:/s/Jeffrey T. Muller

Name: Jeffrey T. Muller

Title:Senior Vice President & Treasurer
	MMA FINANCIAL HOLDINGS, INC.

	 	MMA CAPITAL CORPORATION
	By:/s/Jeffrey T. Muller

Name:Jeffrey T. Muller

Title:Senior Vice President & Treasurer

	 	By:/s/Jeffrey T. Muller

Name:Jeffrey T. Muller

Title:Senior Vice President & Treasurer
	MMA MORTGAGE INVESTMENT

CORPORATION

	 	MMA CONSTRUCTION FINANCE, LLC



	By:/s/Jeffrey T. Muller

Name:Jeffrey T. Muller

Title:Senior Vice President & Treasurer

	 	By:/s/Jeffrey T. Muller

Name:Jeffrey T. Muller

Title:Senior Vice President & Treasurer






Please indicate your grant of the waiver and forbearance and extension of the Maturity Date
requested above by signing below and returning a copy of this page to me by e-mail or facsimile.



SYNOVUS BANK



By:/s/Cathy Swanson

Name:Cathy Swanson

Title:Executive Vice President




Date:November 24, 2008



1




Exhibit A




Pledged Loans




1. Ardmore project, Los Angeles, CA, $12,700,000 principal amount committed



2. Redemptorist project, New Orleans, LA, $9,676,000 principal amount committed



3. Esplanade project, Wallingford, PA, $31,776,031 principal amount committed




2