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November 28, 2007
Washington Mutual Bank
620 West Germantown Pike, Suite 200
Plymouth Meeting, PA 19462
Attn: Paul Ulrich, President/CEO
T: (610) 238-6929
F: (610) 828-7293
E: paul.ulrich@wamu.net
Re:
Notice and Request for Waiver
Ladies
and Gentlemen:
Reference
is made to that certain (a) Warehousing Credit and Security
Agreement dated as of May 31, 2006 among MMA Construction
Finance, LLC and Washington Mutual Bank (the “ Credit
Agreement ”) and (b) Multifamily and Health Care
Mortgage Loan Repurchase Agreement dated as of May 31, 2006 by
and between Washington Mutual Bank and MMA Mortgage Investment
Corporation (the " Repurchase Agreement ”). All
capitalized terms used but not defined herein shall have the
meanings assigned to such terms in the Agreement.
Notice
This
correspondence will serve as notice of the matters set forth herein
given pursuant to the requirements of Section 11.1 of the
Credit Agreement and Section 15.1 of the Repurchase
Agreement.
As we
notified you by letter in September 2006 and by the Notice and
Request for Waiver, dated March 12, 2007, our continuing
efforts to restate certain of the historical GAAP financial
statements of Municipal Mortgage & Equity, LLC (“
MuniMae ”) and certain other matters have delayed the
completion of certain of our 2006 financial statements and periodic
reports to the Securities and Exchange Commission, as well as the
financial statements for certain of our affiliates.
We
currently anticipate that we will file (1) our annual report
on Form 10-K for
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