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537807v2 DTA MU205-47 PROMISSORY NOTE $500,000.00 __________, 2018 FOR VALUE RECEIVED, the undersigned, BOULEVARD APARTMENTS, LIMITED PARTNERSHIP, a Minnesota limited partnership (“Borrower”), hereby promises to pay to the order of the CITY OF MOUNDS VIEW, a Minnesota municipal corporation, its successors, or assigns (“Lender”), at 2401 Mounds View Boulevard, Mounds View, Minnesota 55112, or at such other place as the Lender from time to time may designate in writing, the principal sum of Five Hundred Thousand and no/100 Dollars ($500,000.00) with interest at the rate of zero percent 0% per annum. Said sum was made available to Borrower to enable Borrower to acquire and construct a 60-unit affordable rental housing project located at 7980 Groveland Road, Mounds View, Minnesota 55112. The principal balance shall be due and payable in full on December 31, 2060. This Note is secured by a Mortgage of even date herewith (the “Mortgage”) and such Mortgage describes the rights of the Lender as to the acceleration of the indebtedness evidenced by this Note. The Borrower shall have the right of prepayment either in full or in partial payments, which right shall be without penalty. Upon the occurrence of an Event of Default (as defined in the Mortgage or the Loan Agreement), then the full amount of the balance of principal and interest unpaid upon this Note shall at once become due and payable at the option of the Lender without demand or notice, said demand or notice being expressly waived, and failure to exercise said option at any time shall not constitute a waiver of the right to exercise the same at any subsequent time. Neither the Borrower nor any of its partners shall have any personal liability for the payment of any sums due under this Note or the performance of any obligations of the Borrower hereunder. In any action to realize upon any security furnished under any instrument now or hereafter securing the indebtedness evidenced by this Note or to collect any amounts payable hereunder, neither the Borrower nor any partner of the Borrower or any partner, officer, director, shareholder, employee or agent of any partner of the Borrower shall have any personal liability for the repayment of this Note and no judgment for the repayment of this Note or interest thereon or any other sums due under this Note or for damages for failure to perform any obligations owed to the Borrower hereunder will be enforced against the Borrower personally or against any property of the Borrower other than the security furnished under the Mortgage or any other instrument securing this Note. This Note shall be governed by and construed in accordance with the laws of the State of Minnesota. Wells Fargo Affordable Housing Community Development Corporation, the investor limited partner of Borrower and its successors and assigns (the “Investor Limited Partner”), shall have the right, but not the obligation, to cure any default or Event of Default under this Note or the Mortgage, and Lender shall accept performance by the Investor Limited Partner of any obligation of Borrower thereunder as though tendered by Borrower itself, provided such performance by the