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Paae Two <br />The Lender hereby notifies you that for each Reset Date (as defined in the <br />Notes) occurring on or after July 1, 2023, the Existing Index Rate shall be replaced with <br />a rate per annum equal to (a) the sum of (i) 2.5% and (ii) the Benchmark, which is <br />initially Fallback Rate (SOFR), as those terms are defined in the Allonges to each of the <br />Notes included with this Notice, (b) multiplied by 0.67 (collectively, the "Replacement <br />Index Rate"). The Replacement Index Rate is a rate that is comparable to the Existing <br />Index Rate. <br />Enclosed herewith are an Allonge to each of the Notes which evidence the new <br />Replacement Index Rate for the Notes. Terms not defined herein are defined in the <br />Allonges to Notes. We request that the City of Arden Hills, Minnesota, as Issuer of the <br />Notes, and Presbyterian Homes of Arden Hills, Inc., as the Borrower, upon approval <br />respectively, execute the enclosed Allonges to Notes and return them to the <br />undersigned at the following address: <br />Bremer Bank, National Association <br />225 South Sixth Street, Suite 300 <br />Minneapolis, MN 55402 <br />Attn: Jenny Blake <br />We also request that bond counsel provide an update to its opinion confirming <br />the execution and delivery of the Allonges to Notes will not adversely affect the tax- <br />exempt status of the Notes. <br />Bremer Bank, National Association <br />By: k44n eoltl� <br />Its. Vice Pr sident <br />/enclosure <br />AR200-21-870700.0 <br />