05-27-2026 Council Packet - Laserfiche WebLink

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A-1 EXHIBIT A FORM OF GOVERNMENTAL NOTE THIS GOVERNMENTAL NOTE MAY BE OWNED ONLY BY AN APPROVED TRANSFEREE IN ACCORDANCE WITH THE TERMS OF THE FUNDING LOAN AGREEMENT, AND THE HOLDER HEREOF, BY THE ACCEPTANCE OF THIS GOVERNMENTAL NOTE (A) REPRESENTS THAT IT IS AN APPROVED TRANSFEREE AND (B) ACKNOWLEDGES THAT IT CAN ONLY TRANSFER THIS GOVERNMENTAL NOTE OR ANY INTEREST HEREIN TO ANOTHER APPROVED TRANSFEREE IN ACCORDANCE WITH THE TERMS OF THE FUNDING LOAN AGREEMENT. CITY OF LITTLE CANADA, MINNESOTA MULTIFAMILY HOUSING REVENUE NOTE (LITTLE CANADA SENIOR HOUSING PROJECT), SERIES 2026 $17,000,000 Dated June ___, 2026 FOR VALUE RECEIVED, the undersigned City of Little Canada, Minnesota (“Obligor”) promises to pay to the order of Allianz Life Insurance Company of North America (“Noteowner”) the maximum principal sum of SEVENTEEN MILLION DOLLARS ($17,000,000), on [MATURITY DATE], or earlier as provided herein, together with interest thereon at the rates, at the times and in the amounts provided below. Obligor shall pay to the Noteowner on or before each date on which payment is due under that certain Funding Loan Agreement, dated as of June 1, 2026 (the “Funding Loan Agreement”), between Obligor, Noteowner and U.S. Bank Trust Company, National Association, as fiscal agent, an amount in immediately available funds sufficient to pay the principal amount of and prepayment premium, if any, on the Funding Loan then due and payable, whether by maturity, acceleration, prepayment or otherwise. In the event that amounts held derived from proceeds of the Borrower Loan, condemnation awards or insurance proceeds or investment earnings thereon are applied to the payment of principal due on the Funding Loan in accordance with the Funding Loan Agreement, the principal amount due hereunder shall be reduced to the extent of the principal amount of the Funding Loan so paid. Capitalized terms not otherwise defined herein shall have the meaning assigned in the Funding Loan Agreement or in the Borrower Loan Agreement (as hereinafter defined). Obligor shall pay to the Noteowner on or before each date on which interest on the Funding Loan is payable interest on the unpaid balance hereof in an amount in immediately available funds sufficient to pay the interest on the Funding Loan then due and payable in the amounts and at the rate or rates set forth in the Funding Loan Agreement. The Funding Loan and this Multifamily Housing Revenue Note (Little Canada Senior Housing Project), Series 2026 (the “Governmental Note”) are pass-through obligations relating to a construction and permanent loan (the “Borrower Loan”) made by Obligor from proceeds of the Funding Loan to LC Apartments, LP, a Minnesota limited partnership, as borrower (the “Borrower”), under that certain Borrower Loan Agreement, dated as of June 1, 2026 (as the same may be modified, amended or supplemented from time to time, the “Borrower Loan Agreement”), between the Obligor and the Borrower, evidenced by the Borrower Note (as defined in the Borrower Loan Agreement). Reference is made to the Borrower Loan Agreement and to the Borrower Note for complete payment and prepayment terms of the Borrower Note, payments on which are passed-through under the Governmental Note.