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<br />"Note"), as assigned by the Assignment of Note executed by the City (the "Note Assignment"), <br />and certain other rights under the Loan Agreement to Wells Fargo Bank, National Association in <br />Minneapolis, Minnesota (the "Trustee"), as security for payment of the Bonds under an Trust <br />Indenture (the "Indenture"). Payment of the Bonds will be secured by a Mortgage, Absolute <br />Assignment of Rents, Security Agreement and Fixture Financing Statement (the "Mortgage") <br />from the Borrower to the City, which Mortgage will be assigned by the City to the Trustee <br />pursuant to an Assignment of Mortgage (the "Mortgage Assignment") from the Borrower to the <br />Trustee. The Bonds will be purchased by Munimae TE Bond Subsidary, LLC or an affiliate or <br />designee (the "Purchaser") pursuant to a Bond Purchase Agreement among the City, the <br />Borrower and the Purchaser (the "Purchase Agreement"). <br /> <br />4. The Borrower has agreed, pursuant to a Regulatory Agreement (the "Regulatory <br />Agreement") and a Tax Compliance Agreement (the "Tax Compliance Agreement") both dated <br />as of June 1,2007 and among the City, the Borrower and the Trustee to operate the Project as a <br />"residential rental project" under Section 142( d) of the Code and to operate the Project and use <br />the proceeds of the Bonds in accordance with other applicable provisions of the Code. <br /> <br />5. Forms ofthe following documents have been submitted to the City Council: <br /> <br /> (a) The Loan Agreement; <br /> (b) The Indenture; <br /> (c) The Regulatory Agreement; <br /> (d) The Tax Compliance Agreement <br /> (e) The Mortgage (not executed by the City); <br /> (f) The Mortgage Assignment; <br /> (g) The Assignment of Note; <br /> (h) The Purchase Agreement. <br />6. It is hereby found, determined and declared that: <br /> <br />(a) the issuance and sale of the Bonds, the execution and delivery by the City <br />of the Loan Agreement, the Indenture, the Regulatory Agreement, the Tax Compliance <br />Agreement, the Purchase Agreement and the Mortgage Assignment and the performance <br />of all covenants and agreements of the City contained in the Loan Agreement, the <br />Indenture and of all other acts and things required under the constitution and laws of the <br />State of Minnesota to make the Loan Agreement, the Indenture and the Bonds valid and <br />binding obligations of the City in accordance with their terms, are authorized by the Act; <br /> <br />(b) it is desirable that the Bonds be issued by the City upon the terms set forth <br />in the Indenture; <br /> <br />~ <br /> <br />2035126v3 <br /> <br />2 <br />