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12316306v3
<br />A-2
<br />This Bond is issued pursuant to Minnesota Statutes, Chapter 462C and Sections 469.152
<br />through 469.165, as amended (the "Act"), and in conformity with the provisions, restrictions and
<br />limitations thereof. This Bond does not constitute a charge against the general credit or
<br />properties or taxing powers of the Issuer and does not grant to the owner of this Bond any right
<br />to have the Issuer levy any taxes or appropriate any funds for the payment of the principal hereof
<br />or interest hereon, nor is this Bond a general obligation of the Issuer or the individual officers or
<br />agents thereof. This Bond and interest hereon are payable solely from the moneys received
<br />under the Loan Agreement or Mortgage or held by the Trustee in a fund or account appropriated
<br />to the payment of the Bonds of this series under the Indenture, all as hereinafter mentioned,
<br />including loan repayments to be made by Presbyterian Homes Care Centers, Inc., a Minnesota
<br />nonprofit corporation (the "Borrower").
<br />This Bond is one of a duly authorized series of special, limited obligation Bonds of an
<br />aggregate principal amount of $46,340,000 in denominations of $5,000 or integral multiples
<br />thereof not exceeding the principal amount maturing in any year, and numbered from R-1
<br />upwards, and of like tenor and effect except as to serial number, denomination, interest rate,
<br />maturity and right of prior redemption, all of which have been authorized by law to be issued and
<br />have been issued or are to be issued for the purpose of funding a loan from the Issuer to the
<br />Borrower in order to provide financing for the Project described in the Loan Agreement (herein
<br />called the "Loan Agreement") between the Issuer and the Borrower, dated as of May 1, 2020,
<br />and the Trust Indenture (the "Indenture") of even date with the Loan Agreement, duly executed
<br />and delivered by the Issuer to the Trustee. The Bonds of this series are equally and ratably
<br />secured by the Loan Agreement, the Indenture, and a[n Amended and Restated] Combination
<br />Mortgage, Security Agreement, Fixture Financing Statement and Assignment of Leases and
<br />Rents of even date with the Indenture (the "Mortgage"), executed by the Borrower to the Trustee.
<br />Reference is hereby made to all such documents and any supplements thereto for a description
<br />and limitation of the property, revenues and funds pledged and appropriated to the payment of
<br />the Bonds, the nature and extent of the security thereby created, the conditions to the issuance of
<br />Additional Bonds, the rights of the owners of the Bonds, the rights, duties and immunities of the
<br />Trustee, and the rights, immunities and obligations of the Issuer thereunder. Certified copies of
<br />the Bond Resolution and executed counterparts of the Indenture, Loan Agreement, and Mortgage
<br />are on file at the office of the Trustee.
<br />The Bonds of this series maturing after May 1, 2025, are subject to optional redemption
<br />and prepayment prior to the stated maturities thereof, at the direction of the Borrower, on May 1,
<br />2025, and any business day thereafter, in whole or in part, and if in part in integral multiples of
<br />$5,000 and in such order of maturities as shall be selected by the Borrower and by random
<br />selection within a maturity, at a redemption price equal to the principal amount thereof, plus
<br />accrued interest to the date of redemption, plus accrued interest, plus a premium (expressed as a
<br />percentage of the principal amount of Bonds to be redeemed), as follows:
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