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73495086v3 <br /> <br /> <br /> <br /> <br /> <br /> <br />BORROWER LOAN AGREEMENT <br />by and between <br />TWIN LAKE LIMITED PARTNERSHIP <br />and <br />CITY OF LITTLE CANADA, MINNESOTA <br />Dated as of June 1, 2022 <br />Relating to: <br />$9,319,750 <br />City of Little Canada, Minnesota <br />Multifamily Housing Revenue Note <br />(Twin Lake Apartments Project), Series 2022 <br /> <br />The interests of City of Little Canada, Minnesota (the “Governmental Lender”) in this Borrower Loan <br />Agreement (except for certain Reserved Rights described herein) have been pledged and assigned to Allianz <br />Life Insurance Company of North America, as funding lender (the “Funding Lender”), under that certain <br />Funding Loan Agreement, of even date herewith, by and among the Governmental Lender, the Fiscal Agent <br />and the Funding Lender, under which the Funding Lender is originating a loan to the Governmental Lender <br />the proceeds of which are to be used to fund the Borrower Loan made under this Borrower Loan Agreement. <br />