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SLCC 1.,� ,n <br />Z-2 70 <br />T�e First Stdte ._ <br />h. Bond Counsel shall render an opinion pinion that <br />BAof MldMil;� the interest income from the Bonds will <br />be excludable from gross income under <br />federal income taxation laws, but not <br />MIAMI BRANCH <br />7900 N.E. 2nd Avenue exempt from Florida corporate income tax. <br />Miami, FL 33138 <br />Phone: 305/756-3210 <br />1- <br />A fixed price contract shall be obtained <br />for the construction of the improvements <br />to be built in compliance with all regu- <br />latory agencies having jurisdiction over <br />the property. Construction shall be <br />i completed by a reputable licensed general <br />building contractor, who shall provide a' <br />payment and performance bond, with a bond- <br />ing company satisfactory to the Bank, <br />f naming both the owners and the Bank as <br />obligees. 'The said construction contract <br />i shall provide for draws to be made with <br />1 the approval of the owners and architect <br />or engineer in accordance with an agree- <br />ment to be entered into between the Bank, <br />the Contractor, and the owners to dis- <br />burse the proceeds on a schedule to be <br />approved by the Bank. The Bank shall <br />act as depository for the construction <br />funds. <br />j. The Bank shall be provided with a copy <br />of a Builders' Risk Policy in a company <br />acceptable to Bond holder insuring the <br />improvements against fire, windstorm, <br />theft, and vandalism in the full amount <br />of the Bond. <br />k. This Bank's expenses and other charges <br />shall include our attorneys' fees, <br />mortgagee's title policy, recordings, <br />abstracting, and shall be paid by the <br />owners or withheld from the Bond pro- <br />ceeds, all of which shall not exceed <br />2% of the face amount of the Bonds. <br />The fee to be charged by the Title <br />Company selected by this Bank to act <br />as construction escrow agent, shall <br />be separately and additionally billed <br />and paid for by the owners. Intangible <br />tax and documentary stamps are not re- <br />quired to be paid by the County. <br />1. The form and substance of all documents <br />shall be subject to review and approval <br />of our attorneys. <br />-3- <br />MEMBER FEDERAL RESERVE SYSTEM <br />JAN 2't 57 am 48 PACE ��� <br />