PRILIMINARY OFFIC STATEMENT 11-15-2001 44.

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At or prior to closing, the Borrower, the Trustee and the Disbursing Agent will execute and deliver to the Trustee a Disbursing Agreement to be dated as of November 1, 2001 (the "Disbursing Agreement"). The Disbursing Agreement will govern disbursements from the Project Fund to pay certain costs for the Project as further set forth in the Indenture and in the Disbursing Agreement. APPENDIX B THE PROJECT, THE BORROWER AND THE SPONSOR THE PROJECT General The Project, commonly known as Orono Woods, will consist of a 62-unit senior housing facility designed to provide housing to the elderly, located in Orono, Minnesota. The Project consists of one apartment building. The apartment building is a two-story and part three-story structure on grade with approximately 108,639 square feet in gross building area. The apartment building will be wood frame construction with face brick and cement fiberboard lap siding with Kasota stone bands and sills and one level of precast and masonry for the parking,located on a site of approximately 4.04 acres,which the Borrower has leased under a Ground Lease from the HRA. Project Description The proposed senior housing facility will include an underground garage with 76 spaces. In addition,there will be 39 surface parking spaces. The building has one elevator to serve residents. In addition, there are common/public areas such as a community room, a library, a guest room, a workshop and an exercise room. Storage lockers are available for the residents. Unit features include a full kitchen,bath,living room and full size washer and dryer. There are six floor plans for the various units. The unit types and areas are summarized below: Unit Type Total Units Sq. Ft./Unit 1 br/1 bath 15 725 1 br+den/1 bath 22 925 2 br/2 bath 11 975 2 br/2 bath 4 1,050 2 br+den/2 bath 6 1,150 2 br+den/2 bath 4 1,250