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sell revenue bonds or obligations which shall be payable exclusively from the revenues derived from the
<br /> program and the multifamily housing development; and
<br /> WHEREAS, in the making of multifamily housing loans and the issuance of revenue bonds or
<br /> other obligations,the Issuer may exercise any of the powers the Minnesota Housing Finance Agency may
<br /> exercise under Minnesota Statutes, Chapter 462A, as amended,without limitation under the provisions of
<br /> Minnesota Statutes, Chapter 475, as amended, including the power to issue bonds or notes for the purpose
<br /> of refunding any bonds or notes of the City then outstanding or any bonds or notes then outstanding
<br /> issued by an issuer other than the City; and
<br /> WHEREAS, at the request of Presbyterian Homes of Arden Hills, Inc., a Minnesota nonprofit
<br /> corporation(the"Borrower"), in order to finance the costs of the demolition of an existing senior housing
<br /> facility and the acquisition,construction, and equipping of a multifamily housing development consisting
<br /> of a senior rental housing facility comprised of independent living units, assisted living units, and
<br /> memory-care units(a combined total of approximately 166 dwelling units)(the"Phase I Project") located
<br /> at 3120 and 3220 Lake Johanna Boulevard in the City, and to pay certain financing and issuance costs
<br /> related thereto, (a) in calendar years 2011 and 2012 the City issued the following revenue obligations of
<br /> the City: (i) Senior Housing Revenue Note (Presbyterian Homes of Arden Hills, Inc. Project), Series
<br /> 2011A (the "Series 2011A Note"), issued on September 9, 2011, in the original aggregate principal
<br /> amount of$10,000,000; and (ii) Senior Housing Revenue Note (Presbyterian Homes of Arden Hills, Inc.
<br /> Project), Series 2012A (the "Series 2012A Note"), issued on January 3, 2012, in the original aggregate
<br /> principal amount of $10,000,000, and (b) in calendar years 2011 and 2012 the City of Little Canada,
<br /> Minnesota ("Little Canada") issued the following revenue obligations of Little Canada: (i) Senior
<br /> Housing Revenue Note (Presbyterian Homes of Arden Hills, Inc. Project), Series 2011B (the "Series
<br /> 2011B Note"), issued on September 30, 2011, in the original aggregate principal amount of$10,000,000;
<br /> and (ii) Senior Housing Revenue Note (Presbyterian Homes of Arden Hills, Inc. Project), Series 2012B
<br /> (the "Series 2012B Note"), issued on January 19, 2012, in the original aggregate principal amount of
<br /> $2,000,000; and
<br /> WHEREAS, the Series 2011A Note, Series 2011B Note, Series 2012A Note, and Series 2012B
<br /> Note (collectively, the "Prior Notes") were sold to Bremer Bank, National Association (the "Lender");
<br /> and
<br /> WHEREAS, the proceeds derived from the sale of the Series 2011A Note were loaned to the
<br /> Borrower under the terms and conditions of a Loan Agreement, dated as of September 1, 2011 (the
<br /> "Series 2011A Loan Agreement"), between the City and the Borrower;the proceeds derived from the sale
<br /> of the Series 2011B Note were loaned to the Borrower under the terms and conditions of a Loan
<br /> Agreement, dated as of September 1, 2011 (the"Series 2011B Loan Agreement'),between Little Canada
<br /> and the Borrower; the proceeds derived from the sale of the Series 2012A Note were loaned to the
<br /> Borrower under the terms and conditions of a Loan Agreement, dated as of January 1, 2012 (the "Series
<br /> 2012A Loan Agreement'),between the City and the Borrower; and the proceeds derived from the sale of
<br /> the Series 2012B Note were loaned to the Borrower under the terms and conditions of a Loan Agreement,
<br /> dated as of January 1, 2012 (the "Series 2012B Loan Agreement'), between Little Canada and the
<br /> Borrower; and
<br /> WHEREAS, in order to secure its obligations under the Series 2011A Loan Agreement,the Series
<br /> 201113 Loan Agreement, the Series 2012A Loan Agreement, and the Series 2012B Loan Agreement
<br /> (collectively, the "Prior Loan Agreements"), the Borrower executed and delivered to the City and Little
<br /> Canada a Mortgage, Security Agreement, Fixture Financing Statement and Assignment of Leases and
<br /> Rents, dated September 9, 2011 (the"First Mortgage"), from the Borrower, as mortgagor,to the City and
<br /> Little Canada, as mortgagees;and
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