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DEVELOPER AGREEMENT BETWEEN MUNICIPAL BOND INSURANCE ASSOCIATION AND __ , A CALIFORNIA efeerretreflatisPaRfwisise CHFA DEVELOPMENT NO. CALIFORNIA HOUSING FINANCE AGENCY HOUSING REVENUE BONDS (INSURED) 1985 Series B 06/07/85 THIS DEVELOPER AGREEMENT (this "Agreement ") dated as of , 1988 by and between a fOmmorNWONMONOWSOpe, organized and existing under the laws of CALIFORNIA ( the "Developer "), and Municipal Bond Insurance Association, a non - profit unincorporated association of insurance companies organized under the laws of the State of New York ( "MBIA "). W I T N E S S E T H: WHEREAS, the California Housing Finance Agency (the "Agency ") has agreed to issue its Housing Revenue Bonds (Insured), 1985 Series 8 (the "Bonds ") in the principal amount of $79,998,934, pursuant to it Housing Revenue Bond (Insured) Indenture, dated as of July 1, 1984 (the "Indenture ") and its 1985 Series B Series Indenture, dated as of November 15, 1985 (the "Series Indenture "), by and among the Agency, the Treasurer of the State of California, as Trustee, and Co- Trustee, to fund a mortgage loan by the Agency to the Developer for the permanent financing of a multifamily rental housing development to be located in geliaMMOMMIC California (the "Development "); and WHEREAS, the obligation of the Developer to make payments which have been pledged by the Agency to payment on the Bonds (the "Loan Supported Bonds ") is evidenced by a promissory note delivered by the Developer to the Agency (the "Note "), which Note is secured by, among other things, a deed of trust with assignment of rents (the "Deed of Trust ") dated as of , 1988 by and among the Developer as trustor, the Agency as beneficiary, and Wirgr a Calif. corporation as trustee and which Deed of Trust has been assigned by the Agency to MBIA and the