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135260700v3 <br /> <br /> <br /> 17 <br /> <br /> MCI Ride Apartments, LLC <br />c/o Merchants Capital Investments, LLC <br />410 Monon Boulevard, 5th Floor <br />Carmel, Indiana 46032 <br />Attention: Asset Management <br />Email: <br />EquityAssetManagement@merchantscapital.com <br /> <br /> ______________________ <br />______________________ <br />______________________ <br />______________________ <br />Attn: __________________ <br />Telephone Number: _____________ <br />E-Mail Address: ________________ <br /> <br /> ____________________ <br />____________________ <br />____________________ <br />____________________ <br />Attn: ________________ <br />Email: _______________ <br /> <br />Section 20. Governing Law. This Regulatory Agreement shall be governed by and <br />construed in accordance with the laws and judicial decisions of the State of Minnesota, without <br />regard to its conflicts of laws principles, except as such laws may be preempted by any federal <br />rules, regulations, and laws. <br />Section 21. Payment of Fees. Notwithstanding payment of the Loan, the termination <br />of the Loan Agreement, and the defeasance or discharge of the Note, throughout the term of the <br />Qualified Project Period, the Borrower shall continue to pay: <br />(a) to the Fiscal Agent, its reasonable and customary fees and expenses for reviewing <br />and, if necessary, enforcing compliance by the Borrower with the terms of this Regulatory <br />Agreement; <br />(b) to the Governmental Lender, reimbursement for all reasonable fees and expenses, <br />including, but not limited to, financial advisory and legal fees and expenses necessary for the <br />Governmental Lender’s reviewing and, if necessary, enforcing compliance by the Borrower with <br />the terms of this Regulatory Agreement; and <br />(c) the fees and expenses of any entity or person designated by the Fiscal Agent or <br />Governmental Lender to perform the review of the Borrower’s compliance with this Regulatory <br />Agreement; provided that such fees and expenses are not duplicative of any fees and expenses paid <br />under (a) and (b) above. <br />Section 22. Limited Liability. Notwithstanding anything to the contrary in this <br />Regulatory Agreement, it is understood and agreed by the Borrower and the Fiscal Agent that no