<p> - FORWARD COMMITMENT INITIAL DELIVERY (CASH AND BONDS) (Revised 5-1-2014)</p><p>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</p><p>Cash Funded Forward Commitments</p><p>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</p><p>Cash Unfunded Forward Commitments</p><p>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</p><p>Bond Credit Enhancement Funded Forward Commitments</p><p>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</p><p>Bond Credit Enhancement Unfunded Forward Commitments</p><p>For Bond Credit Enhancement Unfunded Forward Commitments, an Initial Delivery Package is not required. </p><p>Forward Commitment Initial Delivery</p>