Sale and Delivery of MHMFA Bonds

MHMFA intends to obtain the funds to purchase Loan Participations from the proceeds of sale and delivery of its Bonds. If for any reason whatsoever Bonds in an amount sufficient to satisfy all accepted Commitment Amounts are not sold and delivered on or within 60 days of the execution of the Notice of Acceptance, MHMFA may either (a) terminate its obligation to execute a Loan Participation Agreement, in which case MHMFA shall return the Commitment Fee to the Seller and neither the Seller nor MHMFA shall be further obligated under the Commitment Application or (b) reduce the Commitment Amounts of any or all Sellers such that the aggregate of such reduced Commitment Amounts equals the sale proceeds of Bonds available to purchase Loan Participations, in which case MHMFA shall return to the Seller that part of the Commitment Fee in excess of one half of one percent of its reduced Commitment Amount.