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199386221v3 <br /> <br /> <br /> <br /> <br />BORROWER LOAN AGREEMENT <br />by and between <br />LC APARTMENTS, LP <br />and <br /> CITY OF LITTLE CANADA, MINNESOTA <br />Dated as of June 1, 2026 <br />Relating to: <br />$17,000,000 <br />City of Little Canada, Minnesota <br />Multifamily Housing Revenue Note <br />(Little Canada Senior Housing Project), Series 2026 <br /> <br />The interests of the City of Little Canada, Minnesota (the “Governmental Lender”) in this Borrower Loan <br />Agreement (except for certain Reserved Rights described herein) have been pledged and assigned to Allianz <br />Life Insurance Company of North America, as funding lender (the “Funding Lender”) and/or U.S. Bank <br />Trust Company, National Association, as fiscal agent (the “Fiscal Agent”) for the benefit of Funding <br />Lender, under that certain Funding Loan Agreement, of even date herewith, by and among the <br />Governmental Lender, the Fiscal Agent and the Funding Lender, under which the Funding Lender is <br />originating a loan to the Governmental Lender the proceeds of which are to be used to fund the Borrower <br />Loan made under this Borrower Loan Agreement.