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