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5 <br />MU205\52\914349.v1 <br />REGISTRATION PROVISIONS <br /> <br />The ownership of the unpaid balance of the within Note is registered in the bond register <br />of the Executive Director of the EDA, in the name of the person last listed below. <br />Date of Registration Registered Owner Signature of EDA Executive Director <br /> <br /> Villas of Mounds View, <br />Limited Partnership, a <br />Minnesota limited <br />partnership, formed under <br />the laws of the State of <br />Minnesota <br />7645 Lyndale Avenue South, <br />Minneapolis, MN 55423 <br />Federal Tax ID #87-3517552 <br /> <br /> <br /> <br /> <br />[End of Form of Note] <br />Section 3. Terms, Execution and Delivery. <br />3.01. Denomination, Payment. The Note will be issued as a single typewritten note <br />numbered R 1. <br />The Note will be issuable only in fully registered form. Principal of and interest on the <br />Note will be payable by check or draft issued by the Registrar described herein. <br />3.02. Dates; Interest Payment Dates. Principal of and interest on the Note will be <br />payable by mail to the owner of record thereof as of the close of business on the fifteenth day of <br />the month preceding the Payment Date, whether or not the day is a business day. <br />3.03. Registration. The EDA hereby appoints the Executive Director to perform the <br />functions of registrar, transfer agent and paying agent (the “Registrar”). The effect of <br />registration and the rights and duties of the EDA and the Registrar with respect thereto will be as <br />follows: <br />(a) Register. The Registrar will keep at their office a bond register in which the <br />Registrar will provide for the registration of ownership of the Note and the registration of <br />transfers and exchanges of the Note. <br />(b) Transfer of Note. Upon surrender for transfer of the Note duly endorsed by the <br />registered owner thereof or accompanied by a written instrument of transfer, in a form <br />reasonably satisfactory to the Registrar, duly executed by the registered owner thereof or by an <br />attorney duly authorized by the registered owner in writing, the Registrar will authenticate and <br />deliver, in the name of the designated transferee or transferees, a new Note of a like aggregate <br />principal amount and maturity, as requested by the transferor. Notwithstanding the foregoing,