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3. Bond Security Deposit. The Borrower /Developer shall pay to the Agency on a date to be designated by notice to the Borrower /Developer from the Agency, which date shall not be earlier than 72 hours from the giving of said notice, the greater of $327.600.00 or 3.5% of the principal amount of the Permanent Mortgage Loan as a Bond Security Escrow. Payment shall be secured by a cash deposit made by the City of Pleasanton, as depositor, and held by the Bank of Pleasanton, as depository, pursuant to that certain depository agreement for the benefit of the Agency and entitled "Deposit Agreement for CHFA Bond Fee Requirement" dated June 15, 1988, and amended on June 23, 1988. Said deposit shall be applied as of the date of the Permanent Mortgage Loan closing in the following priority: a. To the Agency upon the failure of the Permanent Mortgage Loan closing to occur on or before the date specified in paragraph 2 above; or b. To the Agency in the amount of any Affirmative Action penalties assessed against the Borrower /Developer by reason of the Borrower /Developer's failure to comply with requirements set forth in the Agency's Affirmative Action Manual; or c. To the Borrower /Developer to the extent not applied pursuant to subparagraphs a. or b. above. 4. Permanent Mortgage Loan. a. The original principal amount of the Permanent Mortgage Loan shall be the lesser of $9,360,000.00 or 90% of the costs of the Development as supported by an Agency approved cost certification which shall not require the certification of a certified public accountant. b. The Permanent Mortgage Loan shall bear interest at the rate of Nine and Fifty -Five Hundredths percent (9.55 %) per annum from the date of loan closing until repayment. c. The Permanent Mortgage Loan shall be for a term of not to exceed three - hundred sixty (360) months. Payments of interest only shall commence on the first day of the second full month following the month in which the Permanent Mortgage Loan closes and continue until June 1, 1990. Then commencing on July 1, 1990, and on the first day of each month thereafter, payments of principal and interest shall be due and payable. Amortization of the principal amount of the loan shall be on a level debt service basis, unless otherwise approved by all parties hereto. 5. Loan Closing Requirements. The Borrower /Developer shall fulfill all loan closing requirements listed on that certain Closing Document Checklist - Permanent Loan (Form CHFA 4P) attached hereto as Appendix B and incorporated herein by this reference, and other loan closing requirements described herein, (collectively "Loan Closing Requirements ") so as to enable the CHFA 60 -2- 4/5/88