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The Developer shall not be held liable, however, <br />for any costs described in the preceding sentence which are <br />sustained or incurred by MBIA by reason of or in consequence <br />of any violation, or alleged violation, by MBIA of applicable <br />statutes or regulations. <br />Interest shall be computed on amounts due by <br />operation of this Article III from the date of the payment <br />made by MBIA at the rate set out in the Note. <br />to MBIA: <br />ARTICLE IV <br />AMOUNTS OWED TO MBIA <br />The Developer agrees to make the following payments <br />(a) Amounts equal to the aggregate of each and <br />every payment made by MBIA under the terms of the Policy <br />in connection with the Loan Supported Bonds which is the <br />result of any failure by the Developer to make any <br />payment when due pursuant to the Developer Documents and <br />interest on such amounts from the date of such payment <br />by MBIA at the rate specified on the Bonds; and <br />(b) All other amounts required to be paid to MBIA <br />pursuant to the terms of the Developer Documents upon <br />written notice from MBIA of the amounts so owed and <br />interest on such amounts from the date of such payment <br />by MBIA at the rate specified in the Note. <br />As evidence of its payment obligations hereunder, <br />the Developer has designated MBIA as a payee on the Note. <br />All amounts due by the Developer to MBIA shall first be paid <br />through payments on the Note and shall be subordinate <br />thereunder to amounts due for payment to the Agency or the <br />Co- Trustee. Upon MBIA's payment of any tax, assessment, <br />lien, claim, insurance premium or other charge which the <br />Borrower fails to pay or upon MBIA's performance of any <br />obligation which the Borrower fails to perform, all as set <br />forth in the Developer Documents, the amount so paid or the <br />cost of performing any such obligation, together with other <br />sums paid or incurred by MBIA, including charges, expenses <br />and attorney's fees relating to or growing out of such <br />default, with interest thereon from date of payment at the <br />rate of twelve percent (12 %) per annum, shall be paid by the <br />Borrower to MBIA upon written demand. The aggregate of all <br />such amounts, including interest, shall be secured by the <br />lien of the Deed of Trust. <br />5 <br />