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

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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 ! :ce 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),Series 2001A Bonds(the"Series 2001 A Bonds")and a series of City of Orono,Minnesota Senior Housing Revenue Bonds (Onono Woods Apartment Project),Subordinate Series 2001C Bonds(the"Su bord i nate Bonds"). The Bonds and the Series 2001A 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. The Bonds shall be subject to redemption prior to maturity only as follows: (a) Optional Redemption. The Series 2001 Bonds maturing on or after November 1, 2007 are subject to optional redemption in advance of their stated maturities, in whole or in part on any date and in part on any Business Day on or after November 1,2006,and if in part in accordance with Section 3.07 of the Indenture, in Authorized Denominations and stated maturities, at the direction of the Borrower,at a redemption price equal to the principal amount to be redeemed, plus accrued interest, plus a premium, expressed as a percentage of the principal amount redec ,‘d, as follows: Redemption Date Price November 1, 2006 through October 31, 2007 102% November 1, 2007 through October 31, 2008 101% November 1, 2008 and thereafter 100% The Bonds shall be redeemed the following order or priority: (i) first, the Senior Bonds; and (ii) second,the Subordinate Bonds. (b) Extraordinary Redemption. The Bonds are subject to extraordinary redemption on any Interest Payment Date as a whole but not in part,at a redemption price equal to par,plus accrued interest to the redemption date,upon the happening of certain events of damage to or destruction or condemnation of the Project or change of law rendering the Loan Agreement unenforceable or impossible of performance, all as more fully provided in Section 4.06 of the Loan Agreement; provided,however,that any Net Proceeds received from casualty insurance or condemnation awards used to redeem the Bonds shall be applied in the following order: (i) first, to redeem the Senior Bonds; (ii) second, to redeem the Subordinate Bonds. (c) Mandatory and Scheduled Sinking Fund Redemption. The Bonds are subject to mandatory sinking fund redemption with respect to the maturities through operation of a sinking fund as provided for in the Indenture. Series 2001 Bonds shall be redeemed without furtherd i rection from the Borrower on November 1 of the years indicated in the Indenture in the principal amounts at a redemption price equal to the principal amount thereof plus accrued interest to the red ;;tion date. A-3