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90028024v1 <br /> <br /> <br />NOTICE OF INTEREST RATE CHANGE <br />April 20, 2023 <br /> <br /> <br /> <br />Presbyterian Homes of Arden Hills, Inc. City of Little Canada, Minnesota <br />2845 Hamline Avenue N. 515 Little Canada Road East <br />Roseville, MN 55113 Little Canada, MN 55117-1633 <br />Attn: Chief Financial Manager Attn: City Administrator <br /> <br />Taft Stettinius & Hollister LLP <br />2200 IDS Center <br />80 South Eighth Street <br />Minneapolis, MN 55402 <br />Attn: Catherine J. Courtney <br /> <br />Re: City of Little Canada, Minnesota Amended and Restated Senior <br />Housing Revenue Note (Presbyterian Homes of Arden Hills, Inc. <br />Project) Series 2012B issued to Bremer Bank, National Association <br />(“Lender”) in the original principal amount of $1,891,308.44; and <br />City of Little Canada, Minnesota Amended and Restated Senior <br />Housing Revenue Note (Presbyterian Homes of Arden Hills, Inc. <br />Project) Series 2011B issued to Lender in the original principal <br />amount of $9,503,938.05 (collectively, the “Notes”) <br /> <br />Ladies and Gentlemen: <br /> <br /> As you are aware, the interest rate for each of the Notes is based on the 1-Month <br />LIBOR Rate (as defined in the Notes), plus 2.5%, multiplied by 0.67 (collectively, the <br />“Existing Index Rate”). The 1-Month LIBOR Rate will no longer be available after <br />June 30, 2023. The terms of the Notes with respect to the monthly resetting of the <br />interest rate provide, in part, as follows: <br /> <br />“If on any Reset Date, the 1-Month LIBOR Rate is no longer used by the Lender <br />as its index for adjustment, or is no longer available, the Lender will select a new <br />index for adjustment which is based upon comparable information and give the <br />City and the Borrower written notice of the selected new index.” <br /> <br /> <br />