NORTH HARBOR HOUSING PARTNERS, LP (CO JAMBOREE HOUSING CORPORATION)

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(d) except as set forth in the subordinate loan documents approved by Bond Purchaser pursuant to subordination agreements executed by Bond Purchaser in connection with the Loan, the Borrower has not entered into any agreements with creditors that expressly or otherwise prohibit the Borrower from entering into any extension or modification of the Loan or any Facility Document in connection therewith; (e) the Borrower has no claims, counterclaims, defenses, or setoffs with respect to its obligations under the Loan or the Facility Documents, as modified herein; (f) the Facility Documents as modified herein are the legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with their terms; (g) the Borrower is validly existing under the laws of the jurisdiction of its formation or organization and has the requisite power and authority to execute and deliver this Agreement and the performance of the Facility Documents as modified herein have been duly authorized by all requisite action by or on behalf of the Borrower; and (h) to Borrower's knowledge, no default, nor event which with notice and/or passage of time would constitute a default, has occurred and is continuing under any Facility Document or under any other note, loan or security agreement to which the Borrower is a party. 2. Amendment of Note and Facility Documents. In order to amend the terms of the Note and the Facility Documents, the parties agree that upon the satisfaction of the conditions set forth in Section 3 below, the Note and the other Facility Documents are hereby amended from and after the Effective Date as follows: (a) The maximum principal amount of the Tax -Exempt Note is hereby increased by the amount of the Supplemental Tax -Exempt Bonds to $27,037,572 to include the proceeds of the Supplemental Tax -Exempt Bonds within the principal balance thereof. All references to the maximum principal amount of the Tax -Exempt Note in the Facility Documents are hereby amended to mean $27,037,572. (b) The maximum principal amount of the Taxable Note is hereby reduced to $8,913,936. All references to the maximum principal amount of the Taxable Note in the Facility Documents are hereby amended to mean $8,913,936. (c) The maximum aggregate principal amount of the Loan is hereby increased to $35,951,508 and all references to the maximum principal amount of the Loan in the Facility Documents are hereby amended to mean $35,951,508. (i) Section 3.1.1 of the Security Instrument is hereby amended to provide that the Security Instrument secures the repayment of all of the Notes in the total principal amount of $35,951,508. 3 4877-2583-3588, v. 8