Document:

EXHIBIT 10.7.4

 Exhibit 10.7.4 
 SECOND AMENDMENT TO 
 LETTER OF CREDIT 
 FACILITY AGREEMENTS 
 THIS SECOND AMENDMENT TO LETTER OF CREDIT FACILITY
AGREEMENTS (this “Amendment”) made as of the 15th day of October, 2004, between MMA CONSTRUCTION
FINANCE, LLC, a Maryland limited liability company (“MMCF”), MIDLAND MORTGAGE INVESTMENT CORPORATION, a Florida corporation (“MMI”) (MMCF and MMI are collectively referred to herein as the
“Companies”) and BANK OF AMERICA, N.A. (the “Bank”). 
 WITNESSETH 
 WHEREAS, MuniMae Midland Construction Finance, LLC and MMI each entered into a Letter of Credit Facility Agreement dated October 18, 2002 with the
Bank, as amended by a First Amendment to Letter of Credit Facility Agreement dated as of December 23, 2002 (individually the “MMCF Facility Agreement” and the “MMI Facility Agreement,” and collectively the
“Facility Agreements”); and 
 WHEREAS, on March 26, 2004 MuniMae Midland Construction Finance, LLC changed its name to
“MMA Construction Finance, LLC;” 
 WHEREAS, the Companies have requested that the Bank make certain amendments to the Facility
Agreements, and the Bank is willing to do so subject to the terms and conditions set forth herein; 
 NOW, THEREFORE, in consideration of the
premises herein contained and other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
 1. Defined Terms. All capitalized terms used but not otherwise defined in this Amendment shall have the meaning ascribed to them in the
Facility Agreements. Unless otherwise specified, all section references herein refer to sections of the Facility Agreements. 

 2. Amendments to the MMCF Facility Agreement. 
 2.1. MMCF is substituted for MuniMae Midland Construction Finance, LLC in the definition of “Company” and in all Exhibits to the
Facility Agreement. 
 2.2. The definition of “Availability Date” is revised to read as follows: 
 “‘Availability Date’ means January 18, 2005, or, if the Availability Date is extended pursuant to Section 2.11, the
Availability Date as so extended.” 
 3. Amendments to the MMI Facility Agreement. The definition of “Availability
Date” is revised to read as follows: 
 “‘Availability Date’ means January 18, 2005, or, if the Availability
Date is extended pursuant to Section 2.11, the Availability Date as so extended.” 
 4. Effectiveness of
Amendment. This Amendment shall be effective upon receipt by the Bank of an executed copy of this Amendment and an administration fee of $6,250.00. 
 5. Ratifications, Representations and Warranties. 
 5.1. The terms and
provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Facility Agreements and, except as expressly modified and superseded by this Amendment, the terms and provisions of the Facility
Agreements are ratified and confirmed and shall continue in full force and effect. MMCF, MMI and the Bank agree that the Facility Agreements, as amended hereby, shall continue to be legal, valid, binding and enforceable in accordance with their
respective terms. 
 5.2. To induce the Bank to enter into this Amendment, MMCF and MMI ratify and confirm each representation
and warranty set forth in the Facility Agreements as if such representations and warranties were made on the even date herewith, and further represent and warrant (i) that there has not occurred since the date of the last financial statements
delivered to the Bank any event or circumstance that has resulted or could reasonably be expected to result in a Material Adverse Effect, (ii) that no Event of Default exists on the date hereof, and (iii) that MMCF and MMI are each fully
authorized to enter into this Amendment. 
  

 2 

 6. Benefits. This Amendment shall be binding upon and inure to the benefit of MMCF, MMI and
the Bank, and their respective successors and assigns; provided, however, that MMCF and MMI may not, without the prior written consent of the Bank, assign any rights, powers, duties or obligations under this Amendment, or the Facility Agreements.

 7. Construction. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

 8. Invalid Provisions. If any provision of this Amendment is held to be illegal, invalid or unenforceable under present or
future laws, such provision shall be fully severable and the remaining provisions of this Amendment shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance. 

9. Entire Agreement. The Facility Agreements, as amended by this Amendment, contain the entire agreement among the parties regarding the
subject matter hereof and supersedes all prior written and oral agreements and understandings among the parties hereto regarding same. 
 10.
Reference to Facility Agreement. The Facility Agreements and any and all other agreements, documents or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Facility
Agreements, as amended hereby, are hereby amended so that any reference in the Facility Agreements to the Facility Agreements shall mean a reference to the Facility Agreements as amended hereby. 
 11. Counterparts. This Amendment may be separately executed in any number of counterparts, each of which shall be an original, but all of
which, taken together, shall be deemed to constitute one and the same agreement. 
 [Remainder of page intentionally left blank]

  

 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by
their proper and duly authorized officers as of the day and year first above written. 
  

			
	MMA CONSTRUCTION FINANCE, LLC
		
	By:	  	MuniMae Investment Services Corporation
	Its:	  	Sole Member
		
	By:	  	 /s/ William S. Harrison

		
	Name:	  	 William S. Harrison

		
	Title:	  	 Chief Financial Officer

	
	NOTICE ADDRESS:
	
	33 North Garden Avenue, Suite 1200
	Clearwater, Florida 33755
	Attention: Lynn Coovert
	Facsimile: (727) 443-6067
	
	 MIDLAND MORTGAGE INVESTMENT
 CORPORATION

		
	By:	  	 /s/ William S. Harrison

		
	Name:	  	 William S. Harrison

		
	Title:	  	 Chief Financial Officer

	
	NOTICE ADDRESS:
	
	33 North Garden Avenue, Suite 1200
	Clearwater, Florida 33755
	Attention: Thomas Vandergrift
	Facsimile: (727) 443-6067

			
	BANK OF AMERICA, N.A
		
	By:	 	 /s/ Jeff Journey

		
	Name:	 	 Jeff Journey

		
	Title:	 	 Senior Vice President

	
	NOTICE ADDRESS:
	
	901 Main Street, 51st Floor
	TX1-492-51-01
	Dallas, Texas 75202-3715
	Telephone: (214) 209-9325
	Facsimile: (214) 209-1571
	Attention: Loan Administration – Susan Mogish
	
	With copy to:
	
	Bank of America, N.A.
	333 S. Beaudry Avenue, 19th Floor
	CA9-703-19-23
	Los Angeles, CA 90017-1466
	Telephone: (213) 345-0098
	Facsimile: (213) 345-6710EXHIBIT 10.7.5

 Exhibit 10.7.5 
 Execution Copy 
 THIRD AMENDMENT TO 
 LETTER OF CREDIT 
 FACILITY AGREEMENTS 
 THIS THIRD AMENDMENT TO LETTER OF CREDIT FACILITY AGREEMENTS (this “Amendment”) made as of the 20th day of January, 2005, among MMA CONSTRUCTION FINANCE, LLC, a Maryland limited liability company (“MMCF”), MMA MORTGAGE INVESTMENT
CORPORATION, a Florida corporation (“MMI”) (MMCF and MMI are collectively referred to herein as the “Companies”) and BANK OF AMERICA, N.A. (the “Bank”). 
 WITNESSETH 
 WHEREAS, MMCF and
MMI each entered into a Letter of Credit Facility Agreement dated October 18, 2002 with the Bank (as amended, individually the “MMCF Facility Agreement” and the “MMI Facility Agreement,” and collectively the
“Facility Agreements”); and 
 WHEREAS, the Companies have requested that the Bank make certain amendments to the Facility
Agreements, and the Bank is willing to do so subject to the terms and conditions set forth herein; 
 NOW, THEREFORE, in consideration of the
premises herein contained and other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
 1. Defined Terms. All capitalized terms used but not otherwise defined in this Amendment shall have the meaning ascribed to them in the
Facility Agreements. Unless otherwise specified, all section references herein refer to sections of the Facility Agreements. 
 2.
Amendments to the MMCF Facility Agreement. 
 2.1 Availability Date. The definition of
“Availability Date” is revised to read as follows: 
 “‘Availability Date’ means
March 18, 2006 or, if the Availability Date is extended pursuant to Section 2.11, the Availability Date as so extended.” 
 2.2 Section 2.11. Section 2.11, Extension of Availability Date, is amended by substituting “one (1) year” for “two (2) years” on line five thereof.

 2.3 Section 5.13. Section 5.13, Proceeds of Letter of
Credit, is amended to read as follows: 
 “5.13 Proceeds of Letters of Credit; Margin Regulations. The proceeds of
the Letters of Credit are to be used solely in connection with the Construction Advance Loan Facility. No part of the proceeds of any Letter of Credit will be used by the Company to purchase or carry any Margin Stock or to extend credit to others
for the purpose of purchasing or carrying any Margin Stock. Neither the issuance of any Letter of Credit nor the use of proceeds thereof will violate or be inconsistent with the provisions of Regulations T, U or X.” 
 2.4 Section 6.01. Section 6.01, Financial Statements, is amended by substituting “sixty (60)” for
“thirty (30)” on lines three and four thereof, and by substituting “one hundred twenty (120)” for “ninety (90)” on line six thereof. 
 2.5 Section 8.02. Section 8.02, Notices, is amended by providing that copies of all notices to the Company
shall be delivered to: 
 “Gallagher Evelius & Jones LLP 
 218 North Charles Street, Suite 400 
 Baltimore, Maryland 21201 
 Fax: (410) 468-2786 
 Attention: Stephen A. Goldberg” 
 3. Amendments to the MMI Facility Agreement. 
 3.1 Change of Name. The Bank hereby
consents to the change of the corporate name of “Midland Mortgage Investment Corporation” to “MMA Mortgage Investment Corporation,” which change of name was effective as of January 11, 2005. MMA Mortgage Investment
Corporation is hereby substituted for Midland Mortgage Investment Corporation in the definition of “Company” and in all Exhibits to the MMI Facility Agreement. 
 3.2 Availability Date. The definition of “Availability Date” is revised to read as follows: 
 “‘Availability Date’ means March 18, 2006 or, if the Availability Date is extended pursuant to
Section 2.11, the Availability Date as so extended.” 
 3.3 Section 2.11.
Section 2.11, Extension of Availability Date, is amended by substituting “one (1) year” for “two (2) years” on line five thereof. 
  

 2 

 3.4 Section 5.13. Section 5.13, Proceeds of Letter of
Credit, is amended to read as follows: 
 “5.13 Proceeds of Letters of Credit; Margin Regulations. The proceeds of
the Letters of Credit are to be used solely in connection with the Bond Credit Enhancement and Commitment Fee Facility. No part of the proceeds of any Letter of Credit will be used by the Company to purchase or carry any Margin Stock or to extend
credit to others for the purpose of purchasing or carrying any Margin Stock. Neither the issuance of any Letter of Credit nor the use of proceeds thereof will violate or be inconsistent with the provisions of Regulations T, U or X.” 

3.5 Section 6.01. Section 6.01, Financial Statements, is amended by substituting “sixty (60)”
for “thirty (30)” on lines three and four thereof, and by substituting “one hundred twenty (120)” for “ninety (90)” on line six thereof. 
 3.6 Section 8.02. Section 8.02, Notices, is amended by providing that copies of all notices to the Company
shall be delivered to: 
 “Gallagher Evelius & Jones LLP 
 218 North Charles Street, Suite 400 
 Baltimore, Maryland 21201 
 Fax: (410) 468-2786 
 Attention: Stephen A. Goldberg” 
 4. Effectiveness of Amendment. This Amendment shall be effective upon receipt by the Bank of (a) an executed copy of this Amendment; and (b) an administration fee of $29,167. 
 5. Ratifications, Representations and Warranties. 
 (a) The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the
Facility Agreements and, except as expressly modified and superseded by this Amendment, the terms and provisions of the Facility Agreements are ratified and confirmed and shall continue in full force and effect. MMCF, MMI and the Bank agree that the
Facility Agreements, as amended hereby, shall continue to be legal, valid, binding and enforceable in accordance with their respective terms. 
 (b) To induce the Bank to enter into this Amendment, MMCF and MMI ratify and confirm each representation and warranty set forth in the Facility Agreements as if such representations and warranties were made on the
even date herewith, and further represent and warrant (i) that there has not occurred since the date of the last financial statements delivered to the Bank any event or circumstance that has resulted or could reasonably be expected to result in
a Material Adverse Effect, (ii) that no Event of Default exists on the date hereof, and (iii) that MMCF and MMI are each fully authorized to enter into this Amendment. 
  

 3 

 6. Benefits. This Amendment shall be binding upon and inure to the benefit of MMCF, MMI and
the Bank, and their respective successors and assigns; provided, however, that MMCF and MMI may not, without the prior written consent of the Bank, assign any rights, powers, duties or obligations under this Amendment, or the Facility Agreements.

 7. Construction. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

 8. Invalid Provisions. If any provision of this Amendment is held to be illegal, invalid or unenforceable under present or
future laws, such provision shall be fully severable and the remaining provisions of this Amendment shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance. 

9. Entire Agreement. The Facility Agreements, as amended by this Amendment, contain the entire agreement among the parties regarding the
subject matter hereof and supersedes all prior written and oral agreements and understandings among the parties hereto regarding same. 
 10.
Reference to Facility Agreement. The Facility Agreements and any and all other agreements, documents or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Facility
Agreements, as amended hereby, are hereby amended so that any reference in the Facility Agreements to the Facility Agreements shall mean a reference to the Facility Agreements as amended hereby. 
 11. Counterparts. This Amendment may be separately executed in any number of counterparts, each of which shall be an original, but all of
which, taken together, shall be deemed to constitute one and the same agreement. 
  

 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by
their proper and duly authorized officers as of the day and year first above written. 
  

			
	MMA CONSTRUCTION FINANCE, LLC
		
	By:	 	MuniMae Investment Services Corporation
	Its:	 	Sole Member
		
	By:	 	 /s/ William S. Harrison

		
	Name:	 	 William S. Harrison

		
	Title:	 	 Chief Financial Officer

					
	
	NOTICE ADDRESS:
	
	33 North Garden Avenue
	Suite 1200
	Clearwater, Florida 33755
	Attention:   Terry Myers
	Facsimile:   (727) 443-6067
	
	 MMA MORTGAGE INVESTMENT
 CORPORATION

		
	By:	 	 /s/ William S. Harrison

		
	Name:	 	 William S. Harrison

		
	Title:	 	 Chief Financial Officer

	
	NOTICE ADDRESS:
	
	33 North Garden Avenue, Suite 1200
	Clearwater, Florida 33755
	Attention: Terry Myers
	Facsimile: (727) 443-6067

			
	BANK OF AMERICA, N.A
		
	By:	  	 /s/    Yelda D. Tuz
  

		
	Name:	  	 Yelda D. Tuz
  

		
	Title:	  	 SVP
  

	
	NOTICE ADDRESS:
	
	901 Main Street
	51st Floor
	TX1-492-51-01
	Dallas, Texas 75202-3715
	Telephone:	  	(214) 209-9325
	Facsimile:	  	(214) 209-1571
	Attention: Loan Administration – Susan Mogish
	
	With copy to:
	
	Bank of America, N.A.
	333 S. Beaudry Avenue, 19th
Floor
	CA9-703-19-23
	Los Angeles, CA 90017-1466
	Telephone:	  	(213) 345-0098
	Facsimile:	  	(213) 345-6710

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