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Attachment F
<br />DRAFT 12/2/2009
<br />SIENNA GREEN
<br />MASTER DISBURSEMENT AGREEMENT
<br />THIS MASTER DISBURSEMENT AGREEMENT ("Agreement") is made and entered
<br />into as of the first day of December, 2009 among SIENNA GREEN I LIMITED
<br />PARTNERSHIP, a Minnesota limited partnership, with offices located at 1625 Park Avenue,
<br />Minneapolis, Minnesota 55404 (`Borrower"), U.S. BANK NATIONAL ASSOCIATION, a
<br />national banking association, with its offices located at 2690 Snelling Avenue North, Suite 220,
<br />Roseville, Minnesota 55113 ("U.S. Bank"), the MINNESOTA HOUSING FINANCE
<br />AGENCY, a Minnesota public body corporate and politic, with its offices located at 400 Sibley
<br />Street, Suite 300, St. Paul, Minnesota 55401 ("MHFA"), the FAMII,Y HOUSING FUND, a
<br />Minnesota non-profit corporation, with its offices located at 801 Nicollet Mall, Suite 1650,
<br />Minneapolis, Minnesota, 55402 ("FHF"), the CITY OF ROSEVILLE, a Minnesota municipal
<br />corporation, with an office located at 2660 Civic Center Drive, Roseville, Minnesota 55113
<br />("City"), the RAMSEY COUNTY HOUSING AND REDEVELOPMENT AUTHORITY, a
<br />Minnesota political subdivision, with its offices located at 250 Courthouse, 15 West Kellogg
<br />Boulevard, St. Paul, Minnesota 55102 ("County HRA"), the CITY OF ROSEVII,LE
<br />HOUSING AND REDEVELOPMENT AUTHORITY, a Minnesota political subdivision,
<br />with its offices located at 2660 Civic Center Drive, Roseville, Minnesota 55113 ("City HRA"),
<br />AEON, a Minnesota non-profit corporation with offices located at 1625 Park Avenue,
<br />Minneapolis, Minnesota 55404 ("AEON"), and COMMONWEALTH LAND TITLE
<br />INSURANCE COMPANY, with its offices located at 222 South 9th Street, Suite 3060,
<br />Minneapolis, Minnesota 55402 (the "Title Company").
<br />RECITALS:
<br />A. Borrower has applied to and obtained certain loans from the parties hereto and
<br />will use the proceeds of such loans and additional equity to acquire and fund the rehabilitation of
<br />a rental housing development identified as Sienna Green Apartments (the "Development"),
<br />situated on real property located in the City of Roseville, County of Ramsey, State of Minnesota,
<br />and legally described in Exhibit A attached hereto; and
<br />B. The following is a listing and description of the loans, grants and other funds that
<br />Borrower has obtained or will obtain from the parties hereto (collectively, the "Loans"), which
<br />Borrower will use to fund the acquisition and renovation of the Development:
<br />Description of Funds
<br />1. U. S. Bank Loan (as defined herein), none of
<br />which has been disbursed prior to the effective
<br />date of this Agreement.
<br />2. End Loan (as defined herein), none of which
<br />has been disbursed prior to the effective date of
<br />this Agreement.
<br />3. County HRA Loan (as defined herein), none of
<br />Amount of Funds
<br />[_$ 9,500,000.00_]
<br />$ 2,800,000.00 (deferred)
<br />$ 550,000.00
<br />tb.us.4533336.03 Master Disbursement Agreement
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