Section 15. The rental rates of Dwelling Units in a residential rental project for which rental assistance payments are made are deemed to be within the rent limitations of this clause if the amount paid by the tenants is less than the fair market rents. All residential units in the Project shall be rent-restricted in accordance with Section 42(g)(2) of the Code. For purposes of this Regulatory Agreement, on average means the average of the applicable income limitation level for the Project determined on a unit-by-unit basis; for example, a project with one-half of its units subject to income limitations of not greater than forty percent (40%) of Median Income for the Area and one-half of its units subject to income limitations of not greater than sixty percent (60%) of Median Income for the Area would be subject to an income limitation on average of not greater than fifty percent (50%) of Median Income for the Area. Project has the meaning assigned to such term in the recitals to this Regulatory Agreement. Tenant means any tenant of the Project. Orville Commons. The Governmental Lender and the Fiscal Agent acknowledge and agree that the exercise of any rights and remedies under the Regulatory Agreement is subject to the provisions of the Project Loan Documents. Except as otherwise provided in, or the Freddie Mac Rider to, this Regulatory Agreement, each and every contract, deed, or other instrument hereafter executed covering or conveying the Project or any portion thereof or interest therein shall contain an express provision making such conveyance subject to the covenants, restrictions, charges, and easements contained herein; provided, however, that any such contract, deed, or other instrument shall conclusively be held to have been executed, delivered, and accepted subject to such covenants, regardless of whether or not such covenants are set forth or incorporated by reference in such contract, deed, or other instrument. The Borrower shall pay all fees and charges incurred in connection with any such recording. At all times since the date of filing of the last Certificate of Continuing Program Compliance the rent on at least twenty percent (20%) of the units in the Project has been equal to or less than applicable area fair market rents or exception fair market rents for existing housing as established from time to time by the United States Department of Housing and Urban Development. 7. Part II Household Composition List all occupants of the unit. 3. Section 4. Qualified Residential Rental Project. An Annual Certification of a Residential Rental Project, Form 8703 (Rev. Household Meets Income Check the appropriate box for the income restriction that the Restriction household meets according to what is required by the set-aside(s) for the project. The Governmental Lender shall be entitled to rely conclusively on an opinion of counsel in the exercise or non-exercise of any of the rights or powers vested in the Governmental Lender by virtue of this Regulatory Agreement or any other agreement or instrument executed in connection with the issuance of the Governmental Notes; it being the intent of the parties hereto that the Governmental Lender, and any and all present and future trustees, members, commissioners, officers, employees, attorneys, and agents of the Governmental Lender shall not incur any financial or pecuniary liability for the exercise or non-exercise of any rights or powers vested in the Governmental Lender by this Regulatory Agreement or any other instrument or agreement executed in connection with the issuance of the Governmental Notes; or for the performance or nonperformance of any obligation under, or the failure to assert any right, power, or privilege under this Regulatory Agreement, the Governmental Notes, the Project Loan Agreement, the Funding Loan Agreement or any other instrument or agreement executed in connection with the issuance of the Governmental Notes. Section 17. (d) To the best of the Borrowers knowledge, there is no action, suit, proceeding, inquiry, or investigation by or before any governmental agency, public board, or body pending or threatened against the Borrower (nor to the best of its knowledge is there any basis therefor), which: (i) affects or seeks to enjoin, prohibit, or restrain the issuance, sale, or delivery of the Governmental Notes or the use of the proceeds of the Governmental Notes to finance the acquisition, construction, and equipping of the Project or the execution and delivery of this Regulatory Agreement; (ii) affects or questions the validity or enforceability of the Governmental Notes or this Regulatory Agreement; (iii) questions the taxexempt status of the Governmental Notes (except for any loss of tax-exempt status that results from the application of Section 147(a) of the Code or any successor provisions of the Code and applicable Treasury Regulations or any successor law or regulation); or (iv) questions the power or authority of the Borrower to own, acquire, construct, equip or operate the Project or to execute, deliver, or perform the Borrowers obligations under this Regulatory Agreement. Orville Commons Apartments For Rent in Woodbury, MN | ForRent.com A copy of any such opinion shall be furnished by the Governmental Lender or the Fiscal Agent to the Borrower or Funding Lender upon written request. Unless otherwise expressly provided herein or unless the context clearly requires otherwise, the terms defined above shall have the meanings set forth above and the following terms shall have the respective meanings set forth below for the purposes hereof. Representations by the Borrower 5 Section 3. A Dwelling Unit occupied by a Low Income Tenant shall be deemed, upon the termination of such tenants occupancy, to be continuously occupied by a Low Income Tenant until reoccupied, other than for a temporary period (not to exceed sixty (60) days), at which time the character of the Dwelling Unit shall be redetermined. Our Temporary Leasing Office is located at The Legends of Woodbury located at 570 Settlers Ridge Parkway Woodbury, MN 55129. Terms used in this Rider as defined terms shall have the meanings given those terms in the Regulatory Agreement and the Funding Loan Agreement. The Owner owns the multifamily housing project located at 4290, 4310, 4312, 4314, 4316, 4318, 4320, 4322, 4324, 4344, 4346, 4348, 4350, 4352, 4354, 4356, 4358, 4378, 4380, 4382, 4384, 4386, 4388, 4390, and 4392 Radio Drive in the City of Woodbury, Minnesota, commonly known as Orville Commons (the Project). Conveniently located in Woodbury, MN near numerous dining, shopping, and entertainment options, our community has tons to offer right outside your door. Orville Commons Apartments - 4290 Radio Dr, Woodbury, MN 55129 - Zumper Conveniently located in Woodbury, MN near numerous dining, shopping, and entertainment options, our community has tons to offer right outside your door. Enter the household income from theHousehold size at move-in move-in certification. Orville Commons in Woodbury, MN 55129 - (844) 626-1762 Section 11. From the third party verification forms obtained from each asset source, list the gross amount anticipated to be received during the 12 months from the effective date of the certification. The 12-acre development, located off Hargis Parkway and Radio Drive in Woodbury, Minnesota, is named in honor of the first mayor of Woodbury, Orville Bielenberg. Funding Lender means the holder of the Governmental Notes, initially on the Conversion Date, JLL Real Estate Capital, LLC, and on the Freddie Mac Purchase Date, Freddie Mac, and any successors or assigns thereof. Sections 1401 et seq. Security Instrument means, the Amended and Restated Multifamily Mortgage, Assignment of Rents, Security Agreement and Fixture Financing Statement, together with all riders thereto, by the Borrower, granting a first priority mortgage and security interest in the Project to the Fiscal Agent, and its successor and assigns, securing the Project Note. City means the City of Woodbury, Minnesota. The property expands the affordable housing developers portfolio in the Dallas-Fort Worth area. Term. Utility Allowance Enter the utility allowance. (e) The Project will be located wholly within the boundaries of the City of Woodbury, Washington County, Minnesota. The Borrower hereby covenants and agrees not to sell, transfer, or otherwise dispose of the Project, or any portion thereof, except as permitted under the terms of the Note Project Loan Agreement. SIGNATURE OF OWNER / REPRESENTATIVE Based on the representations herein and upon the proofs and documentation required to be submitted, the individual(s) named in Part II of this Tenant Income Certification is/are eligible under the provisions of Section 42 of the Internal Revenue Code, as amended, and the Land Use Restriction Agreement (if applicable), to live in a unit in this Project. (c) The Borrower must satisfy the requirements of Section 474A.047, subdivision 1(a), during the Qualified Project Period. All fees, costs, and expenses of the Fiscal Agent or the Governmental Lender incurred in taking any action pursuant to this Section 14 shall be the sole responsibility of the Borrower and shall be paid to the Fiscal Agent, or the Governmental Lender, as the case may be, on demand. The perfect choice for those looking for a quality apartment or townhome at an affordable price. Get all the details now. Row (E) Add the totals from columns (A) through (D) above. Look out for the rent special icon! 4290 Radio Dr, Woodbury, MN 55129 Map Washington Far Eastern Suburbs. No Conflict with Other Documents. U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Fiscal Agent By: Name: Title: STATE OF MINNESOTA ) ) SS. City Services Departments Parks and Trails Parks and Places Park Projects Orville Commons/Harvest Park Orville Commons/Harvest Park A new park will be supplied by the Orville Commons developer. _________________________ Signature____________________ (Date)_________________________ Signature____________________ (Date)_________________________ Signature____________________ (Date)_________________________ Signature____________________ (Date) PART V. DETERMINATION OF INCOME ELIGIBILITY TOTAL ANNUAL HOUSEHOLD INCOME FROM ALL SOURCES From Item (L) on page 1 Current Income Limit per Family Size: $ _________________ Household Income at Move-in $__________________ Household Meets Income Restriction at: FORMCHECKBOX 60% FORMCHECKBOX 50% FORMCHECKBOX 40% FORMCHECKBOX 30% FORMCHECKBOX ___% RECERTIFICATION ONLY: Current Income Limit x 140% $ __________________________________ Household income exceeds 140% at recertification: FORMCHECKBOX Yes FORMCHECKBOX No Household Size at Move-in: _____________ PART VI. Low Income Units means the Dwelling Units in the Project designated for occupancy by Low Income Tenants pursuant to Section 4(a) of this Regulatory Agreement. Definitions 2 Section 2. Orville Commons Apartments for rent in Woodbury, MN. Project Loan Documents means the Security Instrument, Project Notes, the Project Loan Agreement, the Tax Regulatory Agreement, the Continuing Covenant Agreement, and any and all other instruments and other documents, evidencing, securing or otherwise relating to the Project Loan or any portion thereof. Notwithstanding the foregoing, the Low Income Tenants are not intended to be third-party beneficiaries of this Regulatory Agreement and shall have no rights to enforce any provision herein. Orville Commons/Harvest Park | Woodbury, MN Development partners include the City of Woodbury, Eagle Building, BKV Group, Loucks, Braun Intertec, Plummer Associates, Winthrop & Weinstine, Colliers, and Commercial Partner Title. Qualified Project Period means the period beginning on the later of the date of issuance of the Series 2022 Governmental Note and the first day on which ten percent (10%) of the Dwelling Units in the Project are occupied and ending on the latest of: (i) the date which is thirty (30) years after the date on which fifty percent (50%) of the Dwelling Units in the Project are occupied; (ii) the first day on which no tax-exempt private activity bond issued with respect to the Project is outstanding; or (iii) the date on which any assistance provided with respect to the Project under Section 8 of the United States Housing Act of 1937 terminates. (i) The Borrower acknowledges that if the Borrower or a substantial user of the Project financed with the proceeds of the Governmental Notes or a related person, as those terms are employed in Section 147(a) of the Code, owns the Governmental Notes, or any portion thereof, interest on the Governmental Notes during such period of ownership will not be excludable from gross income for federal income tax purposes. The Borrower is duly authorized by the laws of the State to transact business in the State and to perform all of its duties hereunder. Part III Annual Income See HUD Handbook 4350.3 for complete instructions on verifying and calculating income, including acceptable forms of verification. Restrictions Imposed by Chapter 474A. In addition, the Borrower shall provide the Governmental Lender and the Fiscal Agent with information regarding the income limits related to all other units in the Project in order to ensure that all units in the Project are continuously occupied or held for occupancy by Tenants whose income, on average, is fifty percent (50%) or less of Median Income for the Area. Enter this amount. Pursuant to the due call and notice thereof, a regular meeting of the Woodbury Housing and Redevelopment Authority was duly held at the Woodbury City Hall, 8301 Valley Creek Road, on the 27th day of October, 2021. Map - Washington Far Eastern . From the third party verification forms obtained from each income source, enter the gross amount anticipated to be received for the 12 months from the effective date of the (re)certification. Under each program marked, indicate the households income status as established by this certification/recertification. Section 10. Public transportation, playground and parking on premises. * Full time is determined by the school the student attends. COUNTY OF WASHINGTON ) The foregoing instrument was acknowledged before me this ____ day of ___________, 2022, by Clinton P. Gridley, the Executive Director of the Housing and Redevelopment Authority in and for the City of Woodbury, Minnesota, a housing and redevelopment authority, public body corporate and politic, and political subdivision duly organized and existing under the Constitution and laws of the State of Minnesota, on behalf of the housing and redevelopment authority. Copies of all notices under the Regulatory Agreement shall be sent to the Servicer at the address set forth below or to such other address as the Servicer may from time to time designate: JLL Real Estate Capital, LLC 2177 Youngman Avenue, Suite 100 St. Paul, MN 55116 Attention: Loan Servicing Email: loanservicing@am.jll.com Any notice to be given to Freddie Mac shall be sent to Freddie Mac at the address set forth below or to such other address as Freddie Mac may from time to time designate: Federal Home Loan Mortgage Corporation 8100 Jones Branch Drive, MS B4P McLean, Virginia 22102 Attention: Multifamily Operations - Loan Accounting Email: mfla@freddiemac.com Telephone: (703) 714-4177 with a copy to: Federal Home Loan Mortgage Corporation 8200 Jones Branch Drive, MS 210 McLean, Virginia 22102 Attention: Managing Associate General Counsel Multifamily Legal Division Email: guy_nelson@freddiemac.com Telephone: (703) 903-2000 PAGE 1 DOCPROPERTY "CUS_DocIDChunk0" WD110-24-785068.v1 DOCPROPERTY "CUS_DocIDChunk0" WD110-24-785068.v1 DOCPROPERTY "CUS_DocIDChunk0" WD110-24-785068.v1 PAGE i DOCPROPERTY "CUS_DocIDChunk0" WD110-24-785068.v1 PAGE i DOCPROPERTY "CUS_DocIDChunk0" WD110-24-785068.v1 PAGE 1 DOCPROPERTY "CUS_DocIDChunk0" WD110-24-785068.v1 DOCPROPERTY "CUS_DocIDChunk0" WD110-24-785068.v1 S- PAGE 1 DOCPROPERTY "CUS_DocIDChunk0" WD110-24-785068.v1 A- PAGE 1 DOCPROPERTY "CUS_DocIDChunk0" WD110-24-785068.v1 B- PAGE 1 DOCPROPERTY "CUS_DocIDChunk0" WD110-24-785068.v1 B- PAGE \* MERGEFORMAT 1 Living in Woodbury/Afton/Lake Elmo provides easy access to MinneapolisSaint Paul International, located just 26 minutes from Orville Commons Apartments. Restrictions Imposed by Chapter 474A 11 Section 7. (k) The statements made in the various certificates delivered by the Borrower to the Governmental Lender or the Fiscal Agent on the date of issuance of the Governmental Notes are true and correct. Affordable Housing - Orville Commons 4290 Radio Drive, Woodbury, MN 55129 1 Bedroom $1,145 723 sqft 2 Bedrooms $1,373 1050 sqft Orville Commons, a brand-new affordable community offers exceptional value saving residents $1,000 a month compared to other brand new communities in the beautiful Woodbury area! Married/joint return* *Exception for married/joint return is the only exception available for units necessary to qualify tax-exempt bonds.PART VIII. In determining whether any default or lack of compliance by the Borrower exists under this Regulatory Agreement, neither the Governmental Lender nor the Fiscal Agent shall be required to conduct any investigation into or review of the operations or records of the Borrower and may rely solely on any notice or certificate delivered to the Governmental Lender or the Fiscal Agent by the Borrower with respect to the occurrence or absence of a default unless it knows, or in the exercise of reasonable care should have known, that the notice or certificate is erroneous or misleading.