11-14-01 1. INDENTURE OF TRUST - Laserfiche WebLink

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The Bonds of this series are equally and ratably secured by the Loan Agreement,the Indenture and a Combination Mortgage,Security Agreement,Fixture Financing Statement and Assignment of Leases and Rents,dated as of November 1,2001,executed by the Borrower to the Trustee(the"Mortgage"). Reference is hereby made to all such documents and any supplements thereto for a description and limitation of the property,revenues and funds pledged and appropriated to the payment of the Bonds,the nature and extent of the security thereby created, the rights of the owners of the Bonds, the conditions of the issuance of Additional Bonds (as defined in the Indenture), the rights, duties and immunities of the Trustee, and the rights, immunities and obligations of the City thereunder. Certified copies of the Bond Resolution and executed counterparts of the Indenture, the Loan Agreement, and the Mortgage are on file at the office of the Trustee. As defined and set forth in the Indenture,the Indenture also provides for the issuance of a series of City of Orono, Minnesota Senior Housing Revenue Bonds (Onono Woods Apartment Project), Taxable Series 2001B Bonds(the "Series 2001B Bonds")and a series of City of Orono, Minnesota Senior I-lousing Revenue Bonds (Onono Woods Apartment Project), Subordinate Series 200IC Bonds (the "Subordinate Bonds"). The Bonds and the Series 2001B Bonds are referred to as the "Senior Bonds", and the Senior Bonds are equally and ratably secured by the Loan Agreement, the Indenture and the Mortgage. The Subordinate Bonds are issued on a separate, subordinate basis under the Indenture and are not secured by the Mortgage, all as described in the Loan Agreement and the Indenture. Subject to the provisions of(b)and(c)below,the I lolder hereof shall be required to tender this Bond to the Trustee on or before 12:00 noon,Minneapolis time on the Business Day prior to the Mandatory Tender Date, for purchase on the Mandatory Tender Date at a purchase price equal to the principal amount hereof plus accrued interest thereon, all as more fully provided herein and in the Indenture. (A) Notice of a Mandatory Tender Date(a"Mandatory Tender Notice")shall be given by the Trustee,by certified mail, return receipt requested,to the Holder of this Bond at its address appearing on the registration books for the Bonds maintained by the Trustee,not less than thirty days prior to the Mandatory Tender Date. Such Mandatory Tender Notice shall specify the Mandatory Tender Date and state (I) that all Bonds shall be purchased on the Mandatory Tender Date at a purchase price equal to the principal amount thereof plus accrued interest thereon, and(ii)that all Bonds must be tendered for purchase at or before 12:00 noon,Minneapolis time on the Business Day prior to the Mandatory Tender Date,together with an appropriate instrument of transfer executed in blank and any such Bond which is not tendered but for which there has been irrevocably deposited in the Bond Purchase Fund(as such term is defined in the Indenture) with the Trustee an amount sufficient to pay the purchase price thereof(an "Untendered Bond")shall not be entitled to receive interest on such Bond on and after the Mandatory Tender Date. (B) This Bond shall be tendered to the Trustee for purchase at or before 12:00 noon, Minneapolis time on the Business Day prior to the Mandatory Tender Date,by delivering this Bond to the Trustee together with an appropriate instrument of transfer duly executed in blank,and on the Mandatory Tender Date, the Trustee shall purchase this Bond or cause this Bond to be purchased at a purchase price equal to the principal amount hereof plus accrued interest thereon. (C) If this Bond is not tendered on or before the Mandatory Tender Date, then the Holder hereof shall not be entitled to receive interest on this Bond fir any period beginning on or after the Mandatory Tender Date,and upon surrender of this Bond to the Trustee,the Holder of this A-3