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All units have fully equipped kitchens, telephone and computer hook ups, and an urgency • response system connecting to on site health care professionals. The facility also includes one 8- space garage, a congregate dining room, a commercial kitchen facility, 2 laundry facilities, 4 common areas including a sun room, a media room and library, a chapel (not financed by the Bonds), a coffee shop, abarber/beauty shop, 2 executive offices, and an entry foyer with grand staircase serving the second level (along with a central elevator system). Monthly rents range between $1,350-$1,750 depending on the floor plan of the unit. Included in the rent is 24 hour staffing, weekly housekeeping and laundry/linen services, and a daily meal. Additional a la carte meal services are available. In addition, health related services including visits with an on site Registered Nurse, are available for an extra fee. The Project will be designed, constructed and equipped in accordance with the requirements of Subdivisions 1 and 4 of Section 46X.05 of the Act. Section A. Definitions. The following terms used in this Program shall have the following meanings, respectively: "Act" shall mean Minnesota Statutes, Chapter 462C, as currently in effect and as the same may be from time to time amended. "Bonds" shall mean the revenue bonds to be issued by the Issuer to finance the Program. "Code" shall mean the Internal Revenue Code of 1986, as amended. • "Housing Unit" shall mean any one of the apartment units, each located in the Project, occupied by one person or family, and containing complete living facilities. "Issuer" shall mean the City of Falcon Heights. "Land" shall mean the real property upon which the Project is situated. "Maplewood" shall mean Maplewood Senior Housing, Inc. ("Maplewood"), a Minnesota nonprofit corporation and atax-exempt 501(c)(3) organization "Owner" shall mean the Pines of Hutchinson, LLC, a Minnesota limited liability company of which Maplewood is the sole member, and its affiliates and assigns. "Program" shall mean this program for the financing of the Project pursuant to the Act. "Project" shall mean the multifamily senior residential rental housing development consisting of fifty (50) total Housing Units, of which ten (1) are standard one-bedroom units, two (2) are handicapped accessible one-bedroom units, eight (8) are no patio balcony one-bedroom units, eight (8) are balcony one-bedroom units, eight (8) are patio one-bedroom units, four (4) are den one-bedroom units, four (4) are no patio balcony two-bedroom units, two (2) are patio two-bedroom units, two (2) are balcony two- bedroom units, and two (2) are standard two-bedroom units, to be designed, constructed and equipped by the Owner, together with functionally related facilities. Section B. Program For Financing the Project. It is proposed that the Issuer establish this • Program to provide financing for the design, construction and equipping of the Project at a cost and upon such other terms and conditions as are set forth herein and as may be agreed upon in writing between The -2- i~ns6~~i q ~0