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BE IT RESOLVED,, by the council of the City of Roseville the "City") as follows.- 1. On July 18, 2007, the City issued its $,12,000,000 Multifamily Housing Bonds (Centennial 6�,,:,) Apartments Prof ect)l,, Series 2007 the "Bonds"), pursuant to a Trust Indenture dated as of July 1, 2007 the 61 "Indenture"), between the City and Wells Fargo Bank, National Association the "Trustee"). Pursuant to a 62 Loan and Financing Agreement dated as of July 1, 2007 the "Loan Agreement"), between the City and 63 Gardens East Limited Partnership, a Minnesota limited partnership the "Borrower"), the City loaned the 64 proceeds of the Bonds to the Borrower to finance the costs of the acquisition, rehabilitation and equipping 65 of a 190 unit residential rental housing project located at 1420 Centennial Drive and 2825 North Pascal 66 Street in the City (the "Project"). 67 2. It has taken the Project longer than originally anticipated to achieve sustained, stabilized 68 debt service coverage for the Bonds which is a requirement before amortization of the loan represented by 69 the Bonds can begin. At the request of the Borrower, MuniMae Portfolio Services, LLC (the "Servicing "7 ('-) Agent"), and MuniMae TEI Holdings, LL C (the "Sole Ho Ider"),, ho Ider o f 100% o f the Bonds, have agreed 7 1 to extend the Conversion Date as defined in the Indenture), of the Bonds (the date the Bonds begin to "72 amortize), until August 1, 2011. "7 3 3. Section 11.2 of the Indenture provides that with the agreement of the Servicing Agent and 74 the Sole Holder,, the City and the Trustee may enter into a Supplemental Indenture amending the provisions "7 on the Indenture and the Bonds. The Holder holds 100% of the principal amount of the outstanding Bonds "7 6 and has agreed to extend the Conversion Date. "7 "7 4. The following documents have been prepared and have been submitted to the Council for "7 approval.- "7 9 (a), First Supplemental Trust Indenture between the City and the Trustee (the "Supplemental Indenture"). (b), First Supplemental Loan and Financing Agreement among the City, the Borrower, the Trustee and Key Principals of the Borrower (the "Supplemental Loan 3 Agreement"), (c), Reaffirmation of Guaranty and Key Principal Obligation not executed by the City), and 6 Pledge and Security Agreement from the Borrower to the Trustee and Servicing Agent (not executed by p f1 the City) Page 4 of 6