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f • <br /> EXHIBIT F <br /> INVESTOR LETTER <br /> Orono Housing and <br /> Redevelopment Authority <br /> Orono, Minnesota <br /> City of Orono, Minnesota <br /> Orono, Minnesota <br /> Re: Orono Housing and Redevelopment Authority Tax Increment <br /> Revenue Note <br /> Ladies and Gentlemen: <br /> The undersigned representative of (the "Purchaser"), <br /> being the purchaser of the Orono Housing and Redevelopment Authority Tax <br /> Increment Revenue Note of 2001, dated as of June , 2001 (the "Note"), does <br /> hereby certify, represent and warrant for the benefit of the addressees that: <br /> (a) The Purchaser is either a bank, savings and loan association, registered <br /> investment company, insurance company or other"Accredited Investor" as defined in <br /> Rule 501(a) of Regulation D of the Securities Act of 1933, as amended. Purchaser(i) <br /> is duly and validly organized under the laws of its jurisdiction of incorporation or <br /> organization, (ii) is legally authorized to purchase the Note as lawful investment of <br /> the Purchaser, (iii) has such knowledge and experience in business and financial <br /> matters as to be capable of evaluating the merits and risks of an investment in the <br /> Note on the basis of the information and review of documents described in section(d) <br /> below and the investigation which the Purchaser has conducted and (iv) can bear the <br /> economic risk of the purchase of the Note. <br /> (b) The Purchaser has purchased the Note for its own account for <br /> investment purposes only or has become the registered owner thereof for security <br /> purposes and not for the account of any other person and not for distribution, <br /> assignment or resale; provided, however, the Purchaser may dispose of the Note or <br /> any portion thereof or interest therein in compliance with paragraph 10 of the Note <br /> and provided further that a sale of shares in any investment company that purchases <br /> the Note will not, in and of itself, constitute a distribution of the Note for the purposes <br /> of this section(b). <br /> (c) Neither the City of Orono, Minnesota(the "City"), the Orono Housing <br /> and Redevelopment Authority (the "HRA") nor its counsel shall be deemed to have <br /> made any representations with respect to the Note or the Development Agreement or <br /> tax increment financing district referred to therein as of any date, except as expressly <br /> provided in the Note or the Development Agreement. <br /> (d) The Purchaser has obtained and has read and reviewed such documents, <br />