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CANABURY SQUARE CONDOMINIUM ASSOCIATION DISBURSING AGREEMENT THIS AGREEMENT is made and entered into as of this day of , 2009, by the City of Little Canada, a Minnesota municipal corporation (referred to as the "City") and Canabury Square Condominium Association, Inc., a Minnesota nonproft corporation (the "Association"). RECITAhS: The City has established the Canabury Square Condominium Association Housing Improvement Area # 1 (the "Housing Improvement Area") pursuant to Minnesota Statutes, Sections 428A.11 to 428A.21 (the "FIousing Improvement Act"),which area comprises the property described as: Apartment Ownership No. 074 Canabury Square, according to the plat fl¢ereof on fle and of record in Ramsey County. Pursuant to the Housing hmprovement Act, the City will issue its Taxable General Obligation Housing Improvement Area Bonds, Series 2009 (the "Bonds") in order to finance certain housing improvements (the "Housing Improvements") within the Housing Improvement Area. The City has entered into a Development Agreement with the Association dated October 14, 2009 (the "Development Agreement"), under which the City will issue the Bonds and the Association will construct the Housing Improvements financed by net proceeds of the Bonds. The City will disburse the proceeds of the Bonds in connection with the construction of the Housing Improvements within the Housing Improvement Area subject to the terms acrd conditions hereinafter set forth. For the purposes ofthis Agreement, all costs ofthe Housing Improvements (as defined in the Development Agreement" are referred to as "Project Costs." Capitalized terms not otherwise defined herein have the meaning provided in the Development Agreement. NO W, THEREFORE, in consideration of the covenants set forth in this agreement and other good and valuable consideration, the receipt and the suff ciency of which is hereby acknowledged, the parties hereto agree as follows: 1. Deposits in Project Fund. City will deposit into the Project Fund such proceeds as defined in the Taxable Housing Improvement Area Bonds. 2. Purposes of Disbursements. Subject to the terms of this Agreement, City is authorized and directed to disburse the funds deposited hereunder to: