PRILIMINARY OFFIC STATEMENT 11-15-2001 44.

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SUMMARY OF THE INDENTURE The following is a summary of certain provisions of the Indenture. This summary is qualified in its entirettbv reference to the Indenture. A copy of the Indenture is available during the offering period from the Underwriter and after the date of issuance ofthe Bonds, from the Trustee. Capitalized terms employed in this summary are defined in this APPENDIX A under the caption "DEFINITIONS OF CERTAIN TERMS" Pledge and Security Pursuant to the Granting Clauses,the City assigns to the Trustee (i) all of the rights and interests of the City in the Loan Agreement,the Mortgage and the Subordinate Mortgage., except for the rights of the City relating to expenses, indemnity,payment of attorneys' fees and advances of the City under the Loan Agreement;(ii)a first lien on and pledge of all right., title and interest in the moneys and investments in any other fund or account to be created and maintained by the Trustee under the Indenture(other than the Rebate Fund);(iii)the Tax Increment Note and all payments made by the City thereunder; and (iv) any and all other property of every name and nature from time to time hereafter by delivery or by writing of any kind conveyed, mortgaged, assigned or transferred, or in which a security interest is granted by the City or the Borrower or by anyone in behalf of them or with their written consent,to the Trustee,which is hereby authorized to receive any and all such property at any and all times and to hold and apply the same according to the terms,including but not limited to all property subject to the Mortgage and the Subordinate Mortgage. Additional Bonds In addition to the Series 2001 Bonds, the City may issue, in its discretion, upon request of the Borrower,and the Trustee shall authenticate and deliver,Additional Bonds that shall be secured equally and ratably with either all outstanding Series 2001 Bonds (and all other outstanding Bonds or unpaid Senior Indebtedness),to(i)provide funds to complete the Project, (ii) provide financing for improvements or additions to the Project Facilities, (iii) provide financing for the development, acquisition, construction and equipping of related senior residential or health care facilities,or(iv)subject to applicable law,refund any Bonds or other Senior Indebtedness then outstanding and, in case of an advance refunding, the interest thereon to maturity or a specified redemption date. Any such Additional Bonds shall be authorized by resolution of the City and described in a Supplemental Indenture executed by the City and the Trustee and,when so issued,authorized and described, shall be secured by the Indenture and the Trust Estate on a parity with the applicable Series of Bonds then outstanding under the Indenture; provided, that no such Additional Bonds shall be issued under the Indenture or secured by the Trust Estate on a parity with any Series of outstanding Bonds unless the Trustee shall receive the items listed in Section 2.09 of the Indenture, including the written consent of a Majority of Holders and an Opinion of Bond Counsel as to conditions for the issuance of the Additional Bonds and the tax status of such Additional Bonds.