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135242345v3 <br /> <br /> <br />26 <br />will not occur and neither Seller/Servicer nor Freddie Mac will have any obligations with respect <br />to the purchase of the Funding Loan or otherwise with respect to the Loans or the Project. <br />ARTICLE III <br />PREPAYMENT OF THE FUNDING LOAN <br />Section 3.01 Prepayment of the Funding Loan Prior to Maturity. <br />(a) Optional Prepayment. The Funding Loan, together with accrued interest <br />thereon and any Prepayment Premium, is subject to optional prepayment in whole upon <br />optional prepayment of the Project Loan in accordance with the notice and other <br />prepayment provisions set forth in the Project Note. <br />(b) Mandatory Prepayment. The Funding Loan, together with accrued interest <br />thereon and any Prepayment Premium, is subject to mandatory prepayment on any <br />Business Day, in whole or in part as indicated below, at the earliest practicable date upon <br />the occurrence of any of the following: <br />(i) In whole or in part, upon the occurrence of a mandatory prepayment <br />of the Project Loan pursuant to the Project Note and receipt by Fiscal Agent of a <br />written direction by Funding Lender Representative that the Funding Loan shall be <br />subject to mandatory prepayment as a result thereof. <br />(ii) In part, on the Funding Loan Payment Date next following the <br />completion of the construction of the Project, to the extent amounts remaining in <br />the Project Account of the Project Loan Fund are transferred to the Loan <br />Prepayment Fund pursuant to Section 4.02(e) hereof. <br />(iii) In part, in the event Borrower makes a Pre-Conversion Loan <br />Equalization Payment. <br />(iv) In whole, on or after the Forward Commitment Maturity Date, at the <br />written direction of Initial Funding Lender, if the Conversion Notice is not issued <br />by Seller/Servicer prior to the Forward Commitment Maturity Date. <br />Section 3.02 Notice of Prepayment. Notice of the intended prepayment of the Funding <br />Loan shall be given by Fiscal Agent by first class mail, postage prepaid, or by overnight delivery <br />service, to Funding Lender. All such prepayment notices shall be given not less than ten (10) days <br />(not less than thirty (30) days in the case of optional prepayment) nor more than sixty (60) days <br />prior to the date fixed for prepayment. Notices of prepayment shall state all of the following: <br />(a) The prepayment date. <br />(b) The prepayment amount. <br />(c) The place or places where amounts due upon such prepayment will be <br />payable.