CHFA LOAN CLOSING - Laserfiche WebLink

MUNICIPAL BOND GUARANTY INSURANCE POLICY Municipal Bond Investors Assurance Corporation White Plains, New York 10601 Municipal Band Investors Assurance Corporation (the "Insurer "). in coneidention of the payment ache premium and subject to the tens of this •policy, hereby unconditionally and irrevocably guarantees to any owner. as hereinafter defined. of the following described obligations, the full and mmpktt payment required to be made by or an hattofthe Issuer to the principal corporate trust.oftica o£ ... The Bank of California National Association, San Francisco, Cali#ornfals Otis at ceust fins "Paying Ag it of a rat err el Mt pakRipil of (etcher u the Hated maturity or by any advancement of maturit le a maneeat ev sinking fund payment) and interest an. the Obligations la that ten is defined Ethan as such payments shall become due not be so paid that to the event of any acceleration of the due date of such principal by reason of mandatary or avian' redemption or acceleration resulting from default or otherwise. other than any advancement of mammy punuanl to a mandatory sinking fund payment. the payments guaranteed hereby shall be made m such amount and au such dines is such payments of principal would have been due had mere na been say such acceleration): and lit) the reimbursement of any such payment which is subsequently recovered from any owner pursuant to a final judgment by 1 coup of Competent junsdicton that such payment comnmtes an aVdidablc preference to such owner w.hw the means o m butkru �us ptcy taw The amounts referred to in ces.lis and (iii of the preceding sentence thud be sdeHry is het* Sag a "lasseed m Aomaa. ' " Obligation" shall mean: $16,I25,000 California Housing Finance Agency Housing Revenue beads (Insured) 1988 Series A Upon receipt of telephonic or telegraphic nonce. such notice subsequently confined in writing by tegisaered or certified mail, or I sseee notate by registered or certified mail, by the Insurer from the Paying Agent or any owner dart °baptise the payment of an � A u n t k which is Thee due. that such inquired payment Ian as been made. the insurer on the due dal of ands peyrw es .tier one business ssa asap d aunee d suds nmpaymen. witiehever Slater. wail make a depot d bade. than aeesa widtraabat. N.A. m New Yak. N ew Yak err w laced �. few payment of du uty b las sd Anna arias eiarias thee dye. altar ware[ s adetaf web Magna r a bte owners i Ace w the Obligaaas a se tk.ris l a ear secle 'Slay a spoomonem of the lamer es acts Obigahsas tit any legal Coaling slated to psynm of tared !bans on the Obligations. such instnu,ena being Beta sastacwry so Citibank, N.A.; Citibank. N.A. stall disburse to with owwn. or ire Plying Agent paymew of the Insured Amouna due on Obligattans: Nu any amount held by'the Paying Agent for the payment of such Insured Amouau and legally available therefor. This policy Cot insure i gunat lots of any prepayment premium which may at any time be payable with respect to any Obligators. sal burn. to term "owner" shall mean the regiszered owner of any Obligation as indicated w the books maintained by the Paying Agent, the at any designee of the Issuer for such pwpose. The term owner shall not include the lava or any party whose agreement with to Issuer - to nde4yiag security for the Obligauon. aria d process on the Infuser wy be made to the lunar at its offices lowed as 445 Hamilton Avenue, White Plains, New Yak 10601 and sea of meets shall be valid and binding. i nunineancellabk for any reason. The premium on this policy is not refundable for erg season including the payment ?hoe to varsity WHEREOF, the Insurer has cawed this policy to be e and aawad as is b rdfy a hearers re In Asst ____ e`s deg a( _Au Ctt3t Attest 'piggy Ma 601690 MUNICIPAL BOND aa4 ► ES ORS ASSURANCE CORPORATION 'oJ -' `''l. Esn.o Pfesidem( Assistant 'insert Na Caw et Paying Apnt. >r: for purposes of this policy. Paying Agent will mean Co— Truarae