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rights, duties and obligations of the Issuer, the Trustee and the Holders of the Bonds, and the terms and conditions upon which the Bonds are issued and secured. Each Holder assents, by its acceptance hereof, to all of the provisions of the Indenture. Pursuant to the Agreement, the Company has executed and delivered to the Trustee the Company's promissory note dated as of December 1, 1984 (the "Original Note"), in the principal amount of $1,780,000. The Company, pursuant to the First Amendment of Loan Agreement referred to above, exchanged its promissory note dated of the same date as the Bonds (the "Note") in the principal amount of $1,780,000 for the Original Note. The Company is required by the Agreement and the Note to make payments to the Trustee in the amounts and at the times necessary to pay the principal of and interest and any premium (the "Bond Service Charges") on the Bonds. The Company's obligations thereunder are secured by the Open-End Mortgage and Security Agreement dated as of December 1, 1984 from the Company to the Original Trustee, as supplemented by a First Supplement of Mortgage and Security Agreement dated as of December 1, 1987 between the Company and the Trustee (such mortgage and first supplement, collectively, the "Mortgage"). In the Indenture, the Issuer has assigned to the Trustee, to provide for the payment of the Bond Service Charges on the Bonds, the Issuer's right, title and interest in and to the Agreement, except for Unassigned Issuer's Rights as defined in the Agreement. Payment of the Bond Service Charges on the Bonds has been guaranteed until such time as rental of a specified portion of the Project shall have been attained by David H. Chumlea (the "Guarantor") pursuant to the Guaranty Agreement dated as of December 1, 1987 given by the Guarantor to the Trustee for the benefit of the Holders of the Bonds (the "Guaranty"). Copies of the Indenture, the Agreement, the Assignment of Rents and Leases from the Company to the Original Trustee dated as of December 1, 1984, as amended by a First Amendment of Assignment between the Company and the Trustee dated as of December 1, 1987 (such assignment and first amendment, collectively, the "Assignment"), the Mortgage, the Guaranty and the Note are on file in the principal corporate trust office of the Trustee. The Bonds are special obligations of the Issuer, and Bond Service Charges on the Bonds are payable solely from the Revenues, as defined and as provided in the Indenture (being, generally, the amounts payable under the Agreement in repayment of the Loan), and are an obligation of the Issuer only to the extent of the Revenues. The Bonds are not secured by an obligation or pledge of any moneys raised by taxation and do not represent'or constitute a debt or pledge of the faith and credit of the Issuer. The Bonds are issuable only as fully registered bonds in the denom- inations of $5,000 and any integral multiple thereof and are exchangeable for Bonds of authorized denominations in equal aggregate principal amounts at the