SHALL HAVE FURNISHED TO AGENT ALL OTHER ITEMS REASONABLY REQUESTED
BY AGENT.
IF BORROWER (OR SUCH MEMBER) SHALL FAIL AT ANY TIME TO COMPLY WITH
THE ABOVE CONDITIONS TO CONTEST OR THE PREMISES OR ANY PART THEREOF IS, IN THE
JUDGMENT OF AGENT, IN ANY IMMINENT DANGER OF BEING FORFEITED OR LOST, AGENT MAY
REQUIRE BORROWER (OR SUCH MEMBER) TO, AND BORROWER (OR SUCH MEMBER) WILL,
THEREUPON MAKE THE PAYMENT WHICH IS THE SUBJECT OF THE CONTEST.
DURING THE
CONTINUANCE OF AN EVENT OF DEFAULT, AGENT MAY, AT ITS OPTION, CREDIT ALL OR ANY
PART OF ANY CASH, BOND OR OTHER SECURITY THEN HELD BY IT TO THE INDEBTEDNESS IN
SUCH ORDER AS AGENT MAY ELECT.
UPON FINAL DETERMINATION OF SUCH CONTEST,
BORROWER (OR SUCH MEMBER) WILL TAKE ALL STEPS NECESSARY TO COMPLY WITH ANY
REQUIREMENTS ARISING THEREFROM.
BORROWER (ON BEHALF OF ITSELF AND EACH MEMBER)
HEREBY ABSOLUTELY AND UNCONDITIONALLY COLLATERALLY ASSIGNS TO AGENT FOR THE
BENEFIT OF LENDERS ALL OF ITS RIGHT, TITLE AND INTEREST IN AND TO ANY REFUND OF
PROPERTY TAXES OR OTHER ASSESSMENTS (NET OF ALL REASONABLE COLLECTION EXPENSES
AND ANY PORTIONS THEREOF PAYABLE TO TENANTS AND, AFTER THE NYTC UNITS
REDEMPTION, TO NYTC MEMBER) (SUCH NET REFUND AMOUNT, A "TAX REFUND") NOW OR
HEREAFTER PAYABLE TO BORROWER OR ANY MEMBER AS A RESULT OF ANY TAX CONTEST,
PROTEST, TAX CERTIORARI PROCEEDING ("TAX PROCEEDING") OR OTHERWISE.
IF BORROWER
OR ANY MEMBER SHALL RECEIVE ANY TAX REFUND APPLICABLE TO THE PROJECT OR ANY
UNIT, SUCH TAX REFUND SHALL BE DEPOSITED WITH AGENT BY BORROWER OR SUCH MEMBER,
WITHIN THREE (3) BUSINESS DAYS OF RECEIPT THEREOF, TO BE APPLIED OR DEPOSITED,
AT THE OPTION OF BORROWER (A) IF THE COLLECTION ACCOUNTS AGREEMENT HAS BEEN
EXECUTED AS OF SUCH DATE AND BORROWER AND EACH MEMBER HAVE COMPLIED WITH THEIR
OTHER OBLIGATIONS UNDER SECTION 7.57 HEREOF, TO A COLLECTION ACCOUNT, (B) TO THE
PREPAYMENT OF THE LOANS ON THE NEXT INTEREST PAYMENT DATE OR (C) ON THE NEXT
ADVANCE DATE, TO PAY BUILDING LOAN COSTS AND/OR PROJECT LOAN COSTS ALLOCABLE TO
THE APPLICABLE UNITS.
DURING THE CONTINUANCE OF AN
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EVENT OF DEFAULT, AGENT MAY, AT ITS OPTION, CREDIT ALL OR ANY PART OF THE TAX
REFUND TO THE INDEBTEDNESS IN SUCH ORDER AS AGENT MAY ELECT.
COPIES OF ALL
PROPERTY TAX BILLS RECEIVED BY BORROWER SHALL BE PROMPTLY SENT BY BORROWER TO
AGENT.
SECTION 7.06
REIMBURSABLE COSTS, TRANSACTION COSTS AND OTHER FEES
AND COSTS.
(A)
(I) TO REIMBURSE AGENT FOR ALL REASONABLE, THIRD-PARTY
OUT-OF-POCKET COSTS AND EXPENSES WHICH MAY HEREAFTER BE INCURRED BY AGENT IN
CONNECTION WITH, OR COINCIDENTAL TO, THE PROJECT LOAN, INCLUDING, (1) ALL
TRANSACTION COSTS AND (2) ALL REIMBURSABLE COSTS, AND (II) TO REIMBURSE AGENT
AND EACH LENDER FOR ALL REASONABLE, THIRD-PARTY OUT-OF-POCKET COSTS AND EXPENSES
(INCLUDING, WITHOUT LIMITATION, ATTORNEYS' FEES) WHICH MAY HEREAFTER BE INCURRED
BY AGENT OR ANY LENDER IN CONNECTION WITH ASSIGNMENTS (OTHER THAN ANY PLEDGE OR
HYPOTHECATION) OF THE PROJECT LOAN AND PROJECT LOAN UP TO A MAXIMUM OF
$90,000.00 IN