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73505919v2 2 lessee of any portion of the Project and any other person or entity having any right, title, or interest therein, for the length of time that this Regulatory Agreement shall be in full force and effect: Section 1. Definitions. Unless otherwise expressly provided herein or unless the context clearly requires otherwise, the terms defined above shall have the meanings set forth above and the following terms shall have the respective meanings set forth below for the purposes hereof. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Funding Loan Agreement. “Act” means Minnesota Statutes, Chapters 462A, 462C and 474A, as amended. “Adjusted Income” means the adjusted income of a person (together with the adjusted income of all persons of the age of 18 years or older who intend to reside with such person in one Dwelling Unit), as calculated in the manner prescribed under Section 142(d)(2)(B) of the Code. “Bond Counsel” means Taft Stettinius & Hollister LLP, or any other attorney at law or firm of attorneys, of nationally-recognized standing in matters pertaining to the federal tax exemption of interest on bonds and other obligations issued by states and political subdivisions thereof, duly admitted to practice law before the highest court of any state of the United States of America. “Borrower” means Twin Lake Limited Partnership, a Minnesota limited partnership, its successors and assigns, to the extent permitted by the Loan Agreement. “Certificate of Continuing Program Compliance” means the document substantially in the form of EXHIBIT C hereto. “Code” means the Internal Revenue Code of 1986, as amended, and all applicable regulations (whether proposed, temporary or final) under the Code and the statutory predecessor of the Code, and any official rulings and judicial determinations under the foregoing applicable to the Note. “County” means Ramsey County in the State. “Dwelling Units” means the units of multifamily residential rental housing comprising the Project. “Event of Default” has the meaning specified in Section 13 hereof. “Fiscal Agent” means U.S. Bank Trust Company, National Association, or any successor or assign. “Functionally Related and Subordinate” shall mean and include facilities for use by tenants, for example, laundry facilities, parking areas, and recreational facilities, provided that the same is of a character and size commensurate with the character and size of the Project. “Funding Lender” means Allianz Life Insurance Company of North America and any subsequent holder of the Note.