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RESOLUTION GRANTING AN EXTENSION <br />REGARDING THE RECORDING OF A DECLARATION OF <br />RESTRICTIVE COVENANTS AGAINST LAND <br />LOCATED IN THE CITY ON WHICH A MULTIFAMILY <br />RENTAL HOUSING DEVELOPMENT WILL BE LOCATED <br />WHEREAS, <br />(a) The City of Little Canada (the "City ") issued its <br />Variable Rate Demand Purchase Multifamily Housing Revenue Bonds, <br />Series 1985 (Cedars Lakeside Project) in the principal amount <br />of $7,700,000 on December 31, 1985 (the "Bonds "), in connection <br />with which the City entered into an Indenture of Trust (the <br />"Indenture ") dated December 31, 1985, by and between the City <br />and First Trust Company, Inc., as Trustee, and a Loan Agreement <br />(the "Loan Agreement ") dated December 31, 1985, between the <br />City and Cedars Lakeside Limited Partnership (the "Borrower "); <br />(b) The proceeds of the Bonds were loaned to the Borrower <br />for the acquisition, construction and equipping of a multifamily <br />housing development (the "Project ") approved by the City, all <br />as further described in the Indenture and the Loan Agreement; <br />(c) Section 3 -1(8) of the Indenture requires that the <br />Company must acquire the Land (as defined in the Indenture) <br />on which the Project will be located and record a Declaration <br />of Restrictive Covenants (the "Declaration "), containing certain <br />covenants pertaining to state and federal requirements affecting <br />use and operation of the Project as a multifamily housing <br />development, against such land on or prior to July 1, 1986, <br />unless the City, at the request of the Borrower, extends such <br />date at the request of the Borrower and upon receipt by the <br />City and the Trustee of an opinion of Bond Counsel to the effect <br />that such extension will not adversely affect the tax exempt <br />status of the Bonds; <br />(d) Section 3.01(1) of the Loan Agreement similarly requires <br />that the Borrower must record the Declaration against the Land <br />no later than July 1, 1986 unless such date is extended by the <br />Issuer at the request of the Borrower if the City and the Trustee <br />have received an opinion of bond counsel to the effect that <br />such extension will not adversely affect the tax exempt status <br />of the bonds; <br />(e) The Borrower acquired the land on June 19, 1986, but <br />has requested, pursuant to a written Request for Extension <br />attached as Exhibit A hereto, that the date prior to which the <br />Declaration must be recorded be extended from July 1, 1986, <br />to December 1, 1986; and <br />