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2 to investors on the trust certificates). Each interest payment will consist of the aggregate of the interest amounts accrued to the applicable date on the entire principal balance of the Note. However, all payments on the Note are actually due to the Trustee on the Note Payment Date seven Business Days before the applicable Interest Due Date or Principal Due Date. This is necessary to enable the Trustee to aggregate the payments and direct them to the proper investors, and also to enable HUD to honor its Guarantee by making payment on behalf of the Borrower from pledged grant funds if necessary. You will be notified by the Trustee of the amount of the required payment one month before each Note Payment Date. The previously-executed Contract for Loan Guarantee Assistance Under Section 108 (the Contract) provides when and how payment of the costs/fees of the public offering is to be made. The final amount of the costs will not be known until the week before the public offering date. We will notify you of the amount at that time, as well as the amount of accrued interest payable on interim note Advances being paid off at the offering, if applicable. The enclosed form for wire transfer of funds provides the information that you will need to remit the costs of the public offering as well as the next scheduled payment on the previously issued Note. These funds must be remitted no later than 10:30 a.m., March 27, 2019. You submitted an opinion of counsel with previously executed financing documents pursuant to paragraph 4(b)of the Contract. If only a Schedule P&I is being executed at this time, then no further opinion of counsel is required. Please return the executed documents (using an overnight delivery service, such as FEDEX, UPS or DHL)by March 11,2019,to: U.S. Department of Housing and Urban Development Attention: Paul Webster, Director Financial Management Division 451 Seventh St., SW, Room 7282 Washington, D.C. 20410 Enclosures 1