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terms of the Policy which is the result of any failure by the Borrower to make any payment when due pursuant to the terms hereof or of the other Loan Documents together with interest on such amounts from the date of such payment by MBIA at the Default Rate specified in paragraph 12 below. The terms "Policy," "Bonds," "co- Trustee," and "Indenture" as used herein shall mean as defined in paragraph 7 of the Deed of Trust. (b) The obligations of the Borrower to make payments under paragraph 6(a) above shall be absolute, unconditional and irrevocable and shall be paid strictly in accordance with the terms therein under all circumstances whatsoever, including, without limitation, the following circumstances. (i) Any lack of validity or enforceability of the Bonds, the Indenture, the Loan Documents or any other agreement or instrument relating hereto or thereto (collectively, the "Related Documents "); (ii) Any amendment or waiver of or any consent to departure from all or any of the Related Documents; (iii) The existence of any claim, setoff, defense or other right which the Borrower may have at any time against the Agency or the Co- Trustee or any other person or entity, whether in connection with the Related Documents or any unrelated transactions; (iv) Any statement or any other document presented under the Policy proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect whatsoever; and (v) Payment by MBIA under the Policy against presentation of a certificate by the Agency or the Co- Trustee which does not comply with the terms of the Policy, provided that such payment shall not have constituted gross negligence or willful misconduct on the part of MBIA. 7. Place and Manner of Payment. All amounts due and payable under this Note and the Loan Documents are payable at the address of the Active Lender set forth above, or at such other place or places as the Active Lender may designate to the Borrower in writing from time to time, in any coin or currency of the United States of America which on the respective dates of payment thereof shall be legal tender for the payment of public and private debts and which on the respective dates on which such payments are due shall be immediately available funds. CHFA 51P.MBIA.PN RIDGE VIEW(02 /05/90) Q02400 Application of Payments. All payments received on be first applied to accrued interest applied to the reduction of principal, 8. account of this Note shall and the remainder shall be -3-