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135242317v3 PROJECT LOAN AGREEMENT THIS PROJECT LOAN AGREEMENT (“Project Loan Agreement”) dated as of December 1, 2024, is made by and among City of Little Canada, Minnesota (the “Governmental Lender”), U.S. Bank Trust Company, National Association, as fiscal agent (the “Fiscal Agent”), and Ride Limited Partnership (the “Borrower”). RECITALS A. Pursuant to Minnesota Statutes, Chapters 462C and 474A (the “Act”) and this Project Loan Agreement, Governmental Lender is agreeing to make a mortgage loan to Borrower in the maximum aggregate principal amount of $25,820,000 (the “Project Loan”) to provide for the financing of a multifamily rental housing development located at 2550 Rice Street in Little Canada, Minnesota and known as Ride Apartments. The Land, Improvements, and Fixtures (each as defined in the Security Instrument) are collectively referred to herein as the “Project”. B. Governmental Lender is making the Project Loan with the proceeds received from the separate loan incurred by Governmental Lender pursuant to the Funding Loan Agreement, dated as of the date hereof (“Funding Loan Agreement”), among Merchants Bank of Indiana (the “Initial Funding Lender”), Governmental Lender, and Fiscal Agent, in the maximum aggregate principal amount of $25,820,000 (the “Funding Loan” and together with the Project Loan, the “Loans”). The Funding Loan is evidenced by the City of Little Canada, Minnesota Multifamily Housing Revenue Note (Ride Apartments Project) Series 2024, dated December __, 2024 (the “Delivery Date”), delivered by Governmental Lender to Initial Funding Lender (as the same may be amended, restated, supplemented or otherwise modified from time to time, or any note executed in substitution therefor, as such substitute note may be amended, restated, supplemented or otherwise modified from time to time, and together with all addenda thereto, the “Governmental Note”). C. Pursuant to the terms and subject to the conditions of the Funding Loan Agreement, the Construction Phase Financing Agreement, and the Construction Continuing Covenant Agreement, Initial Funding Lender has agreed to originate and fund the Funding Loan to Governmental Lender on a draw-down basis, which proceeds of the Funding Loan will be used by Governmental Lender to fund the Project Loan to Borrower in corresponding installments pursuant to this Project Loan Agreement. Initial Funding Lender will administer the Loans during the Construction Phase in accordance with the Financing Documents. D. Borrower has agreed to use the proceeds of the Project Loan to finance the acquisition and construction of the Project [and to pay certain costs incurred in connection with the Loans]. E. Borrower’s payment obligations in respect of the Project Loan will be evidenced by a Multifamily Note, dated the Delivery Date (as the same will be amended and restated into the form attached to the Construction Phase Financing Agreement upon the occurrence of the Conversion Date, and as the same may be amended, restated, supplemented or otherwise modified from time to time, or any note executed in substitution therefor, as such substitute note may be