Forward Commitment Initial Delivery

- FORWARD COMMITMENT INITIAL DELIVERY (CASH AND BONDS) (Revised 5-1-2014)

NOTE: This document is applicable for the Initial Delivery of all Forward Commitments. The Final Delivery Instructions for Cash and Bonds should be used for the Second Delivery

Cash Funded Forward Commitments

For Cash Funded Forward Commitments, the Seller must deliver the following no later than the first Business Day after the Construction Loan closing:  Delivery Assurance Fee, in the form of cash, letter of credit or secured note  Original Delivery Assurance Note, endorsed to Freddie Mac, if applicable  Certified copy of the Delivery Assurance Mortgage, with the assignment to Freddie Mac, if applicable  Original Addendum to the Master Financing Agreement  Original Construction Phase Letter of Credit  Original Construction Phase Letter of Credit Opinion

Cash Unfunded Forward Commitments

For Cash Unfunded Forward Commitments, the Seller must deliver the following no later than the first Business Day after the Construction Loan closing:  Delivery Assurance Fee, in the form of cash, letter of credit or secured note  Original Delivery Assurance Note, endorsed to Freddie Mac, if applicable  Certified copy of the Delivery Assurance Mortgage, with the assignment to Freddie Mac, if applicable

Bond Credit Enhancement Funded Forward Commitments

For Bond Credit Enhancement Funded Forward Commitments, the Seller must deliver the following no later than the first Business Day after Bond and Construction Loan closing:  Original Construction Phase Letter of Credit  Original Construction Phase Letter of Credit Opinion

Bond Credit Enhancement Unfunded Forward Commitments

For Bond Credit Enhancement Unfunded Forward Commitments, an Initial Delivery Package is not required.

Forward Commitment Initial Delivery