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The Bonds are issued under and entitled to the security of the Bond Purchase and Loan Agreement
<br /> dated as of , 2020, duly executed and delivered by the Issuer, the Borrower
<br /> and MBI,pursuant to which Bond Purchase and Loan Agreement,the Note and all rights of the Issuer under
<br /> the Loan Documents, except certain rights to payment for expenses,indemnity rights and rights to perform
<br /> certain discretionary acts as set forth in the Loan Documents, are pledged and assigned by the Issuer to
<br /> MBI as security for the Bonds.
<br /> This Bond is one of the Issuer's Multifamily Housing Revenue Bonds of 2020, Series B (Cedar
<br /> Glen Apartment Project) (the "Bonds"), which are being issued pursuant to
<br /> , adopted by the of the Issuer on (the "Bond Ordinance"), and under
<br /> the hereinafter described Bond Purchase and Loan Agreement, in the aggregate principal amount of Three
<br /> Million Eighty-One Thousand Seven Hundred Thirty-Two and 00/100 Dollars($3,081,732.00). The Bonds
<br /> are being issued for the purposes of financing all or any portion of the cost of the Project(as defined in the
<br /> Bond Purchase and Loan Agreement),by lending the proceeds of the Bonds to MAH Cedar Glen, LP (the
<br /> "Borrower"), pursuant to the Bond Purchase and Loan Agreement, which prescribes the terms and
<br /> conditions under which the Borrower shall repay such loan and pursuant to which the Borrower will execute
<br /> and deliver to the Issuer the Note in a principal amount equal to the principal amount of the Bonds,in order
<br /> to evidence such loan.
<br /> The Bond Purchase and Loan Agreement provides for the payment of the purchase price of the
<br /> Bonds in one or more Principal Advances (as defined in the Bond Purchase and Loan Agreement). If
<br /> ownership of the Bonds is transferred prior to MBI having made all Principal Advances contemplated under
<br /> the Bond Purchase and Loan Agreement, the transferee of the Bonds shall take ownership subject to the
<br /> obligation to make additional Principal Advances until the maximum$_3,081,732.00 of purchase price has
<br /> been advanced or until the Borrower makes its final draw request under the Bond Purchase and Loan
<br /> Agreement and files the completion certificate for Project, as described in Section 4.3(b) of the Bond
<br /> Purchase and Loan Agreement.
<br /> THE OWNER OF THIS BOND, BY ACCEPTANCE OF THIS BOND, HEREBY AGREES TO
<br /> ALL OF THE TERMS AND PROVISIONS IN THE BOND PURCHASE AND LOAN AGREEMENT
<br /> AND THIS BOND AND ACKNOWLEDGES THAT:
<br /> 1. It is an institutional "accredited investor" (as defined in Rule 501(a)(1), (2), (3), (5), (6)
<br /> or (7) under the Securities Act of 1933, as amended (the "1933 Act")), purchasing Bonds for its own
<br /> account or for the account of another such institutional"accredited investor",and it is acquiring the Bonds
<br /> for investment purposes and not with a view to, or for offer or sale in connection with, any distribution in
<br /> violation of the 1933 Act. It has such knowledge and experience in financial and business matters as to be
<br /> capable of evaluating the merits and risk of its investment in the Bonds and invest in or purchase securities
<br /> similar to the Bonds in the normal course of its business, and it and any investor accounts for which it is
<br /> acting are able to bear the economic risk of its or their investment for an indefinite period of time. It
<br /> confirms that neither the Issuer nor any person acting on its behalf has offered to sell the Bonds by, and
<br /> that it has not been made aware of the offering of the Bonds by,any form of general solicitation or general
<br /> advertising, including, but not limited to, any advertisement, article, notice or other communication
<br /> published in any newspaper,magazine or similar media or a broadcast over television or radio.
<br /> 2. It is familiar with the Issuer and the Borrower;it has received such information concerning
<br /> the Issuer and the Borrower, the Bonds as it deems to be necessary in connection with investment in the
<br /> Bonds. It has received,read and commented upon copies of the Bond Purchase and Loan Agreement and
<br /> the Loan Documents. Prior to the purchase of the Bonds, it has been provided with the opportunity to ask
<br /> questions of and receive answers from the representatives of the Issuer and the Borrower concerning the
<br /> terms and conditions of the Bonds, the tax status of the Bonds, legal opinions and enforceability of
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