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Alternatives Development Company Project) Series 1997A and $3,100,000 Subordinate Multifamily Housing Revenue <br />Bonds (Housing Alternatives Development Company Project) Series 1997B, were fully called for redemption on <br />12/1/2007. <br />None of the bonds continued to be outstanding after December 1, 2007. <br />Best regards, <br />Judith L. Foley <br />Vice President and Account Manager <br />U. S. Bank Corporate Trust Services <br />EP- MN -WS3C <br />60 Livingston Avenue <br />St. Paul, MN 55107 -2292 <br />Phone: 651 - 466 -6303 <br />Fax : 651 - 466 -7428 <br />email: judith.foley(a usbank.com <br />From: "Daniel R. Nelson" <dnelson c(D,bestlaw.com> <br />To: 'Joel Hanson' <joel. hanson(cilci.little- canada.mn.us> "judith.foley @usbank.com" <judith.foley(Tusbank.com> "Courtney, Catherine" <br /><CCourtneya6rig gs.com> <br />Cc: " "Mike Han' (mhartna,inreit.com)'" <mhartainreit.com> "'JimE @goldmark.com" <JimE(a ooldmark.com> <br />Date: 09/25/2013 02:07 PM <br />Subject: RE: Montreal Courts Termination of Regulatory Agreement <br />Joel: in response to your questions I have spoken to Catherine Courtney at Briggs and Morgan and forwarded to her copies of the <br />documents for this termination of Regulatory Agreement. <br />Judith: could you please reply to Mr. Hanson and the other addressees of this email to confirm that the Bonds for the Montreal <br />Courts Apartments Project have all been repaid in full? That will help them in their understanding of this request. <br />Catherine: after you have had a chance to review these items could you please confirm with Mr. Hanson that the City can execute <br />this Certificate of Termination now that the Bonds have been repaid and the 15 year low income rental occupancy period had <br />expired? <br />Finally, in response to the City's emailed questions below: <br />1. Montreal Courts LLP is requesting this Termination in connection a proposed transfer of this property, which is scheduled to <br />close on October 1. The Regulatory Agreement is currently shown as an encumbrance on the title to this property and the Title <br />Company has required the termination to remove this encumbrance. <br />2. The Form of Bond Counsel Opinion has now been distributed. <br />3. Briggs & Morgan has now been contacted to review these matters for the City. <br />4. It is now an "appropriate time" to remove the restrictions imposed by the Regulatory Agreement because the Bonds have all <br />been paid in full and the 15 year low income rental occupancy period has expired. <br />5. The Certificate of Termination is in the form being requested by Title, with a few modifications from the original Exhibit C. I just <br />received some more comments from Title which I will distribute to the group shortly. <br />If you have any additional questions or comments, please contact me at your earliest convenience. <br />Thanks, Dan Nelson <br />Daniel R. W. Nelson <br />Attorney <br />DIRECT 612.349.5649 V -CARD <br />52 <br />