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Attachment B has incurred a loan in the maximum aggregate principal amount of $34,000,000 (the Ð Funding Loan Ñ), and this Note is entitled to the benefits of the Funding Loan Agreement and is subject to the terms, conditions and provisions thereof. The Obligor is using the proceeds of the Funding Loan to make a loan to Roseville Leased Housing Associates I, LLLP, a Minnesota limited liability limited partnership (the Ð Borrower Ñ) pursuant to a Project Loan Agreement, dated as of June 1, 2020 (the Ð Project Loan Agreement Ñ), among the Obligor, the Borrower and the Fiscal Agent. The outstanding principal balance of this Note at any time shall be an amount equal to the proceeds of this Note advanced by the Funding Lender according to the Funding Loan Agreement and not otherwise repaid. 1. Defined Terms. As used in this Note, (i) the term ÐFunding LenderÑ means the registered holder of this Note, and (ii) the term ÐIndebtednessÑ means the principal of, Prepayment Premium, if any, and interest on or any other amounts due at any time under this Note or the Funding Loan Agreement. ÐEvent of DefaultÑ and other capitalized terms used but not defined in this Note shall have the meanings given to such term in the Funding Loan Agreement. 2. Payments of Principal and Interest. The Obligor shall pay (but solely from the sources and in the manner provided for in the Funding Loan Agreement) on the first calendar day of each month commencing _____________1, 2020 interest on this Note at (i) the Construction Phase Interest Rate during the Construction Phase and (ii) the Permanent Phase Interest Rate during the Permanent Phase, and shall also pay interest on this Note at the foregoing rates on the date of any optional or mandatory prepayment or acceleration of all or part of the Funding Loan pursuant to the Funding Loan Agreement, in an amount equal to the accrued and unpaid interest to the date of prepayment on the portion of this Note subject to prepayment (each such date for payment an Ð Interest Payment Date Ñ). Interest shall accrue on the principal amount of this Note which has been advanced under the Funding Loan Agreement and is outstanding as reflected on the Record of Advances. The Obligor shall pay (but solely from the sources and in the manner provided for in the Funding Loan Agreement) the outstanding principal of this Note in full on June 1, 20__ (the Ð Maturity Date Ñ) and in monthly installments on each date set forth on the Governmental Note Amortization Schedule attached as Schedule 1 hereto in an amount equal to the corresponding amounts set forth thereon (as such Schedule 1 may be replaced by a new Governmental Note Amortization Schedule provided by the Freddie Mac Seller/Servicer on the Conversion Date as provided in Section 2.01(e) of the Funding Loan Agreement) or at such earlier times and in such amounts as may be required, in the event of an optional or mandatory prepayment or acceleration of the Funding Loan pursuant to the Funding Loan Agreement. The outstanding principal hereof is subject to acceleration at the time or times and under the terms and conditions, and with notice, if any, as provided under the Funding Loan Agreement. 3. Manner of Payment. All payments under this Note shall be made in lawful currency of the United States and in immediately available funds as provided for herein and in the Funding Loan Agreement. 4. Application of Payments. If at any time the Funding Lender receives any amount applicable to the Indebtedness which is less than all amounts due and payable at such time, the A-2 12502516v3