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<br />516911v1 JAE MU205-47 B-3 <br />satisfactory to the Authority, that the transfer is exempt from registration and prospectus delivery <br />requirements of federal and applicable state securities laws. <br /> <br />IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions, and things required by the <br />Constitution and laws of the State of Minnesota to be done, to exist, to happen, and to be performed in <br />order to make this Note a valid and binding limited obligation of the Authority according to its terms, <br />have been done, do exist, have happened, and have been performed in due form, time and manner as so <br />required. <br /> <br />IN WITNESS WHEREOF, the Board of Commissioners of the Mounds View Economic <br />Development Authority has caused this Note to be executed with the manual signatures of its President <br />and Executive Director, all as of the Date of Original Issue specified above. <br /> <br />MOUNDS VIEW ECONOMIC <br />DEVELOPMENT AUTHORITY <br /> <br /> <br /> <br />President Executive Director <br /> <br /> <br />________________________________ <br /> <br />REGISTRATION PROVISIONS <br /> <br /> <br /> The ownership of the unpaid balance of the Note is registered in the bond register of the <br />Authority’s Executive Director, in the name of the person last listed below. <br /> <br />Date of Registration Registered Note Holder Signature of Executive Director <br /> <br /> <br /> <br />Boulevard Apartments, Limited Partnership <br />Federal ID #______________ <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />