Document:

EX-10.10

 Exhibit 10.10 
 LAND USE RESTRICTION AGREEMENT 
  

			
	Borrower’s	  	Windsor on the River, LLC
	Name and Address:	  	c/o Cunat, Inc.
		  	5400 West Elm Street, Suite 110
		  	McHenry, Illinois 60050
		
	Location of Property:	  	2200 Buckingham Drive
		  	Cedar Rapids, Linn County, Iowa (see Exhibit A hereto)
		
	Name of Project:	  	Windsor on the River

 This LAND USE RESTRICTION AGREEMENT dated as of November 1, 2007 (together with any amendments or
supplements hereto, the “Land Use Restriction Agreement” or the “Agreement”), is made and entered into among IOWA FINANCE AUTHORITY (the “Issuer”), WINDSOR ON THE RIVER, LLC (the “Borrower”), and THE BANK OF
NEW YORK TRUST COMPANY, N.A., as Trustee (the “Trustee”) under the Indenture, hereinafter defined. 
 A. Pursuant to an
Indenture of Trust dated as of May 1, 2007 (the “Indenture”) and between the Issuer and The Bank of New York Trust Company, N.A., as trustee (the “Trustee”), and a resolution adopted by the Issuer on May 2, 2007 (the
“Bond Resolution”), the Issuer has authorized the issuance of its Variable Rate Demand Multifamily Housing Revenue Bonds (Windsor on the River, LLC Project), Series 2007A, in the principal amount $17,000,000, and authorized in an amount up
to $24,000,000 (the “Series 2007A Bonds”) and its Taxable Variable Rate Demand Multifamily Housing Revenue Bonds (Windsor on the River, LLC Project), Series 2007B, in the principal amount $7,000,000 (the “Series 2007B Bonds” and
together with the Series 2007A Bonds, the “Bonds”), the proceeds of which will be lent to the Borrower to finance and/or refinance the acquisition and rehabilitation of an apartment project located in Cedar Rapids, Linn County, Iowa (the
“Project”), to be partially occupied by individuals of low or moderate income within the meaning of Section 142 of the Internal Revenue Code of 1986, as amended (the “Code”). 

 
 This instrument was prepared by Patra
S. Geroulis, Ice Miller LLP, 200 West Madison Street, Suite 3500, Chicago, Illinois 60606. 

 B. The Code and the regulations and rulings promulgated with respect thereto prescribe that
the use and operation of the Project be restricted in certain respects and in order to ensure that the Project will continue to be used and operated in accordance with the Code and the regulations issued thereunder, the Issuer, the Trustee and the
Borrower have determined to enter into this Land Use Restriction Agreement in order to set forth certain terms and conditions relating to the use and operation of the Project. 
 NOW THEREFORE, in consideration of the foregoing and intending to be legally bound, the Issuer, Trustee and the Borrower agree and declare as follows: 

Section 1. Rental Requirement. 
 (a) Once available for occupancy, each unit of the Project (as “unit” is defined in Treas. Reg. § 1.103-8(b)(8)(i) and “Project” is defined in Treas. Reg. § 1.103-8(b)(4))
must be rented or available for rental on a continuous basis during the longer of (i) the period during which the Series 2007A Bonds are outstanding, or (ii) a period (the “Qualified Project Period”) (A) commencing on the
first day on which at least 10% of the units in the Project were first occupied, and (B) ending on the date which is the latest of(l) 15 years after the date on which at least 50% of the units in the Project were first occupied, (2) the
first day on which no tax-exempt private activity bond issued with respect to such Project is outstanding (all within the meaning of Section 142(d) of the Code), or (3) the date on which any assistance provided with respect to the Project
under Section 8 of the United States Housing Act of 1937, as amended, terminates. 
 (b) All of the units in the Project
must be rented or available for rental on a continuous basis to members of the general public and substantially all of the Project must consist of similarly constructed units together with any functionally related or subordinate facilities,
including facilities for use by tenants, e.g., swimming pools, recreational facilities, parking areas, and other facilities which are reasonably required for such Project as a residential rental facility. 

Section 2. Low or Moderate Income Occupancy Requirement. 

(a) Twenty percent (20%) or more of the completed units of the Project (the “Low or Moderate Income Units”) shall be
occupied by Low or Moderate Income Tenants (as described in Section 3 hereof) continuously during the Qualified Project Period (the “Occupancy Requirement”). 
 (b) A unit shall be treated as occupied by Low or Moderate Income Tenants until re-occupied, other than for a temporary period not to exceed 31 days, by another occupant, at which time the character of
the unit shall be redetermined. 
 Section 3. Low or Moderate Income Tenants; Annual Reviews. 

(a) “Low or Moderate Income Tenants” means the occupants of a dwelling unit in the Project whose adjusted income, as computed
in accordance with Exhibit B hereto, does not 

  
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exceed fifty percent (50%) of the Median Gross Income for the Area. “Median Gross Income for the Area” means the median income for th4 area where the Project is located as
determined, with adjustments for larger and smaller family sizes, by the Secretary of the Department of Housing and Urban Development under Section 8(f)(3) of the United States Housing Act of 1937, as amended. If programs under
Section 8(f) are terminated, Median Gross Income for the Area shall be determined under the method used by the Secretary immediately prior to such termination. 
 (b) The determination of whether the income of the residents of a unit exceed the applicable income limit shall be made first at the time of occupancy and thereafter at least annually on the basis of the
current income of such residents. If the income of the occupants of a unit did not exceed the applicable income limit upon commencement of such tenants’ occupancy, the income of such occupants shall be treated as continuing not to exceed the
applicable income limit unless, as of the most recent determination of annual income, such occupants’ income exceeds 140% of the applicable income limit for new tenants at such Project and before the next income determination, another
residential unit of comparable or smaller size in the Project is occupied by a new tenant whose income exceeds the applicable income limit. 
 (c) If all the occupants of a unit are students as defined under Section 151 (e)(4) of the Code, no one of whom is entitled to file a joint return under Section 6013 of the Code, such occupants
shall not qualify as Low or Moderate Income Tenants hereunder. 
 (d) Determination of the status of an occupant of a unit as a
Low or Moderate Income Tenant shall be made upon initial occupancy of a unit in the Project by such occupant, and a new determination shall be made (i) at least annually thereafter, and (ii) upon the initial occupancy by such occupant of
any other unit in the Project. 
 (e) Except as provided in Section 10 hereof, the method of determining low or moderate
income in effect on the date of issuance of the Bonds shall be determinative even if such method is subsequently changed. 

Section 4. Additional Covenants. The Borrower further covenants and agrees that: 

(a) The Borrower will own, manage and operate the Project on a continuous basis as a residential rental project Comprised of several
proximate and interrelated buildings or structures, each containing at least one dwelling unit, and facilities functionally related and subordinate thereto, in accordance with Section 142(d) of the Code and the regulations promulgated
thereunder or applicable thereunder. 
 (b) All of the dwelling units in the Project will consist of similarly constructed
units, and each dwelling unit in the Project will contain separate and complete facilities for living, sleeping, eating, cooking and sanitation separate and distinct from other units, including cooking facilities equipped with a cooking range,
refrigerator and sink. 
 (c) None of the dwelling units in the Project will at any time be utilized on a transient basis, will
ever be leased or rented for an initial lease term of less than six months, nor will any portion of the Project ever be used as a hotel, motel, dormitory, fraternity house, sorority house, hospital, nursing home, retirement home, sanitarium, rest
home or trailer court or park for use on a transient basis. 

  
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 (d) Except for dwelling units occupied by a resident manager or maintenance personnel, the
dwelling units in the Project will be rented to persons who are members of the general public, and the Borrower shall not give preference to any particular class or group of persons in renting units other than to Low or Moderate Income Tenants.

 (e) The Borrower will annually file not later than December 31 and will submit to the Trustee as often as necessary to
comply with the requirements of Sections 42 and 142(d) of the Code, copies of all annual filings of Project compliance required to be filed under the Code which are subject to independent investigation and verification by the Trustee. 

(f) The Mortgage to be granted by the Borrower in connection with the Project as described in Section 22 below provide that the
indebtedness secured thereby may be declared to be immediately due and payable, at the option of the holder thereof, upon sale or transfer of the Project or any interest therein or transfer of beneficial interest in the Borrower, unless certain
conditions specified in the Mortgage are met. As a further condition to any sale or transfer of the Project, the proposed purchaser or assignee shall assume in writing and agree to be bound by all of the obligations and covenants of the Borrower and
all restrictions applicable to the Project contained herein in the manner and subject to the conditions provided in Sections 5 and 22 below. 
 Section 5. Covenants and Restrictions Not to Apply Under Certain Circumstances. 
 (a) Except as provided in Section 5(b) below, the Occupancy Requirement shall be a continuing requirement on the part of the Borrower and their successors and assigns for the period prescribed in
Section 1 hereof, regardless of whether or not the Series 2007A Bonds remain outstanding. 
 (b) In the event of an
involuntary noncompliance with the requirements of this Agreement and Treas. Reg. § 1.103-8(b) caused by fire, seizure, requisition, foreclosure, transfer of title by deed in lieu of foreclosure, change in federal law or an action of a federal
agency after the date of issuance of the Bonds which prevents the Trustee from enforcing the requirements of this Agreement or Treas. Reg. § 1.103-8(b), or condemnation or similar event, the covenants and restrictions of this Agreement shall
cease to apply, but only if, within a reasonable period, either the Series 2007A Bonds are retired or amounts received as a consequence of such event are used to provide a project which meets the requirement of Section 142(d) of the Code and
Treas. Reg. § 1.103-8(b). 
 (c) Notwithstanding the foregoing provisions of Section 5(b), such requirements shall
continue to apply to the Project subsequent to foreclosure, transfer of title by deed in lieu of foreclosure or similar event if, at any time during the Qualified Project Period subsequent to such event, the obligor on the “acquired purpose
obligation” (as defined in Treas. Reg. § 1.103-13(b)(4)(iv)(a)) or “related person” (as defined in Treas. Reg. § 1.103-10(e)) obtains an ownership interest in the Project or any portion thereof for federal tax purposes.

  
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 Section 6. Submissions to Trustee and Others. 

(a) During that portion of the term of this Agreement that the Borrower must comply with procedures of the Issuer under Section 42
of the Code, the Borrower shall comply with those procedures as if set forth in this Agreement. 
 (b) During any other portion
of the term of this Agreement, the income certifications described in Treas. Reg. § 1.167(k)-3(b) will be submitted to the Trustee in substantially the form of Exhibit B attached hereto and at the times as provided herein.

 (c) During any other portion of the term of this Agreement, the Borrower shall deliver to the Trustee a compliance
certificate executed by the Borrower in the form attached as Exhibit C hereto (the “Compliance Certificate”) on or before August 15 of each year stating, among other matters: (1) the dwelling units of the Project
which were occupied by Low or Moderate Income Tenants during such period, together with photocopies of all residential leases and income certifications of Low or Moderate Income Tenants of the Project not previously furnished to the Trustee (or a
certified compilation of the substantive context thereof in sufficient detail to enable the Trustee to ascertain compliance with the provisions hereof, together with copies of the forms of lease and income certifications then in use at the Project);
(2) that no default has occurred in the observance of the covenants contained in this Agreement; (3) that no event has occurred in connection with the operation of the Project which has caused, or will cause, the Project to cease to meet
the requirements of this Agreement; and (4) in the event the Borrower is unable to deliver any such Compliance Certificate, the Borrower shall furnish to the Trustee in writing a detailed explanation of the reasons for such failure or inability
to provide the Compliance Certificate. 
 (d) The Borrower shall maintain complete and accurate records pertaining to the
dwelling units occupied, or to be occupied, by Low or Moderate Income Tenants and permit any duly authorized representative of the Trustee or the Issuer to inspect the books and records of the Borrower pertaining to the incomes and the Income
Certifications of Low or Moderate Income Tenants residing in the Project upon reasonable notice and at reasonable times. 
 (e)
As soon as is reasonably possible, the Borrower shall notify the Trustee and the Issuer of the existence of any situation or the occurrence of any event of which the Borrower has knowledge, the existence or occurrence of which would violate any of
the provisions of this Agreement or cause the interest on the Series 2007A Bonds to become includable in the gross income of the holders thereof for federal income tax purposes, including the provision to the Trustee of all notices and
correspondence from the Issuer or the Internal Revenue Service with respect to compliance with the provisions hereof. 
 (f) The
Borrower shall deliver annually to the Secretary of the Treasury Form 8703, Annual Certification of Residential Rental Project, care of Internal Revenue Service Center, 1160 West 1200 South, Ogden, Utah 84201-0103, as required by the Code.

 Section 7. Low or Moderate Income Units. The Borrower will maintain the Project so that the Low or Moderate
Income Units will be similarly constructed with all other units in the Project. Low or Moderate Income Tenants shall enjoy equal access to all common facilities of the Project. 

  
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 Section 8. Tenant Lists. All tenant lists, applications, and waiting lists
relating to the Project shall be kept separate and identifiable from any other business of the Borrower which is unrelated to the Project and shall be maintained in a reasonable condition for proper audit and subject to examination during business
hours by representatives of the Issuer or the Trustee. 
 Section 9. Tenant Lease Requirements. All tenant leases
with respect to Low or Moderate Income Units will contain as an additional event of default by the tenant thereunder any material misstatement contained in the income certification described in Treas. Reg. § 1.167(k)-3(b) submitted to Borrower.
In addition, all leases entered into after the date of original issuance and delivery of the Bonds shall specifically provide that each such lease is subject and subordinate to the terms and provisions of the Loan (as defined in the Loan Agreement),
and whether or not a particular lease so provides, such lease shall nonetheless be subject and subordinate to the terms and provisions of the Loan. 
 Section 10. Modification of Covenants. It is understood and agreed that the covenants of the Issuer and the Borrower contained herein are intended to comply with Section 142(d) of the
Code and the regulations promulgated thereunder. Consistent with such intent it is agreed that any amendment to Section 142(d) of the Code (or any section of the Code or other law referred to or referenced therein) which would have the effect
of reducing the restrictions imposed on the Borrower pursuant to this Agreement, shall be deemed to be an amendment to this Agreement without further action on the part of the parties hereto, and this Agreement shall be deemed to have been amended
in accordance with the provisions of such amendment upon the effective date of such amendment. Such amendments shall include, without limitation, any modification of the definition of low or moderate income which would have the effect of increasing
the maximum permissible income of the tenants of the Low or Moderate Income Units; provided, however, if any such amendment, in the opinion of Bond Counsel (such counsel to be acceptable to the Trustee), would adversely affect the excludability of
the interest on the Series 2007A Bonds from gross income for federal tax purposes, such amendment shall be of no force or effect. 
 Section 11. Covenant Runs with the Land-Successors Bound. This Agreement shall be placed of record in the land records of Linn County, Iowa, and, except as provided in Sections 5 and 22
hereof, the covenants contained herein shall run with the land and shall bind, and the benefits shall inure to, respectively, the Borrower and its successors and assigns, and the Issuer and all subsequent owners of the Project or any interest
therein, for the periods prescribed in Section 1 and Section 2 hereof. 
 Section 12. No Conflict with Other
Documents. The Borrower warrants that it has not and will not execute any other agreement with provisions contradictory to, or in opposition to the provisions hereof, and that, in any event, the requirements of this Agreement are paramount and
controlling as to the obligations herein set forth and supersede any other requirements in conflict herewith. 

  
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 Section 13. Amendments. This Agreement may be amended, or the enforcement of any
obligation of the Borrower hereunder waived (in whole or in part) only upon receipt by the Issuer of an opinion of qualified Bond Counsel, satisfactory to the Issuer and to the Trustee, to the effect that such proposed amendment or waiver will not
adversely affect the excludability of the interest on the Series 2007A Bonds from gross income for federal tax purposes and, except in the case of a waiver, an amendment in writing executed by the parties hereto, except with respect to modifications
and/or amendments made or deemed made in accordance with the provisions of Section 10 hereof, which modifications and/or amendments shall be self-executing without action of the parties. The Borrower agrees, from time to time, to take all
actions and steps necessary to comply, and to cause the Project to comply, with the requirements of Section 142(d) of the Code and to enter into modifications and amendments to this Agreement to the extent required by Treasury Regulations
promulgated thereunder. Restrictions contained herein which are not required by such regulations may be amended in accordance with the first sentence of this section. 
 Section 14. Assignment of Issuer’s Interest. For so long as the Series 2007A Bonds are outstanding, the interest of the Issuer in this Agreement will be, and hereby is, assigned to the
Trustee, and its successors, under the Indenture, and during such period this Agreement shall be enforceable by the Trustee in accordance with its terms. If the Series 2007A Bonds shall mature or be redeemed prior to the end of the periods set forth
in Sections 1 and 2 hereof, the Trustee shall continue to enforce the provisions of this Agreement for and on behalf of the Issuer. In such case, the Borrower hereby covenants to pay the reasonable fees and expenses, including attorney’s fees,
of the Trustee incurred by the Trustee in enforcing the provisions hereof. 
 Section 15. Defaults, Remedies. If the
Borrower shall fail to observe or perform any covenant, condition or agreement contained herein on its part to be observed or performed for a period of 30 days after the Trustee or the Issuer shall have given written notice to the Borrower of such
failure, then and in such event, the Issuer or the Trustee shall be entitled, individually or collectively, in addition to all other remedies provided by law or in equity, to compel specific performance by the Borrower of its obligations under this
Agreement or by mandamus or other suit, action or proceeding at law or in equity require the Borrower to perform its obligations and covenants hereunder or enjoin any acts or things which may be unlawful or in violation of the rights of the Issuer
or Trustee hereunder or otherwise seek injunctive relief, it being recognized that the beneficiaries of the Borrower’s obligations hereunder cannot be adequately compensated by monetary damages in the event of the Borrower’s default. The
Trustee agrees that upon receipt from the Borrower of notice of noncompliance pursuant to Section 6 hereof, or if the Trustee otherwise believes that the Borrower is not in compliance with one or more of the terms and provisions of this
Agreement, it will promptly, by written notice to the Borrower, direct the Borrower to institute action to correct such noncompliance, such corrective action to be taken within a reasonable period after the violation is first discovered. In no event
shall the Issuer or the Trustee seek any form of compensation or monetary damages in the event of the Borrower’s default under this Agreement (other than indemnification of the Issuer pursuant to the Loan Agreement and payment of its fees and
expenses). 

  
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 Section 16. Reliance; Compliance. 

(a) The Issuer and the Borrower hereby recognize and agree that the representations and covenants set forth herein may be relied upon by
all persons interested in the legality and validity of the Bonds and in the exclusion from gross income for federal income tax purposes of the interest on the Series 2007A Bonds. In performing their duties and obligations hereunder, the Issuer and
the Trustee may rely upon statements and certificates of the Borrower and Low or Moderate Income Tenants, unless the Issuer and the Trustee have reason to doubt them, and upon audits of the books and records of the Borrower pertaining to the
Project. In addition, the Issuer and the Trustee may consult with counsel, and the opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered by the Issuer or the Trustee hereunder in
good faith and in conformity with such opinion. 
 (b) Promptly following its receipt thereof, the Trustee will review each
Income Certificate and Compliance Certificate delivered pursuant to this Agreement in order to determine that each such document is complete and to verify that the percentage set forth in paragraph 2 of the Compliance Certificate is at least 20%.
The Trustee will maintain such documents on file and open to the inspection of the Issuer and the Borrower. 
 (c) Promptly upon
determining that any report or certificate submitted to it is inaccurate or incomplete, the Trustee shall give written notice by certified mail, return receipt requested, of such inaccuracy or lack of completeness to the Borrower and direct the
Borrower to correct or complete the same, as the case may be, within a reasonable period of time thereafter. If the Borrower fail to submit to the Trustee any certification required pursuant to this Agreement within 45 days of the time set forth
herein, the Trustee shall immediately give written notice of that fact to the Issuer, the Credit Provider and the Borrower. If any documentation filed with the Trustee reflects that the Project has ceased to meet the requirements of this Agreement,
the Trustee shall immediately give written notice of that fact to the Issuer, the Credit Provider and the Company. 

Section 17. Indemnification. The Borrower shall indemnify, hold harmless and defend the Issuer and the Trustee and their
respective officers, members, directors, agents and employees against all loss, costs, damages, expenses, suits, judgments, actions and liabilities of whatsoever nature (including, without limitation, attorney’s fees, litigation and court
costs, amounts paid in settlement, and amounts paid to discharge judgments) directly or indirectly resulting from or arising out of or related to the performance by the Issuer or Trustee of the duties imposed upon them under this Agreement, except,
with respect to the Trustee, to the extent caused by gross negligence or willful misconduct. This provision shall survive termination of this Agreement. 
 Section 18. Notice. Any notice, demand, consent, permission or other communication, which any party hereto is required or desires to give, or communicate to any other party, shall be in
writing and shall be given personally or communicated by registered or certified mail, postage prepaid, return receipt requested, addressed to the other parties at the addresses of the parties set forth on the first page of this Agreement, to the
Trustee, at 1125 17th Street, 4th Floor, Denver, Colorado, 80202, Attention: Corporate Trust Services,
to the Borrower at 5400 West Elm Street, Suite 110, McHenry, Illinois 60050, Attention: Christopher G. Zock, 

  
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and to the Issuer at 2015 Grand Avenue, Des Moines, Iowa 50312, Attention: Executive Director. Any such notice or other communication so sent shall be deemed to have been given on the second
business day following the date the same was deposited in the mail, as registered or certified matter, with postage fully prepaid thereon. Any party may change its address for notice or from any other party in the manner provided in this Section.

 Section 19. Definitions. Terms used herein and not otherwise defined herein but defined in the Indenture shall
have the meanings assigned to them in the Indenture. Unless otherwise expressly provided herein or unless the context clearly requires otherwise, the following terms shall have the respective meanings set forth below for all purposes of this
Agreement: 
 “Agreement” means this Land Use Restriction Agreement, as it may from time to time be amended.

 “Bond Counsel” means nationally recognized bond counsel acceptable to the Trustee. 

“Income Certification” means a certification as to income executed by a tenant of the Project, in substantially the form of
Exhibit B hereto. 
 Section 20. Severability. If any provision of this Agreement shall be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining portions shall not in any way be affected or impaired. In case any covenant, stipulation, obligation or agreement of the Issuer or the Borrower contained herein shall for
any reason be held to be in violation of law, then such covenant, stipulation, obligation or agreement shall be deemed to be the covenant, stipulation, obligation or agreement of the Issuer or the Borrower, as the case may be, to the full extent
permitted by law. 
 Section 21. Governing Law. This Agreement is governed by the laws of the State of Iowa, without
regard to the choice of law rules of the State of Iowa. Venue for any action under this Agreement to which the Issuer is a party shall lie within the district courts of the State of Iowa, and the parties hereto consent to the jurisdiction and venue
of any such court and hereby waive any argument that venue in such forums is not convenient. 
 Section 22.
Subordination. The Issuer and the Borrower agree that this Land Use Restriction Agreement shall be subordinate in all respects to the first Mortgage with Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing on the
Project executed by the Borrower as of May 1, 2007, in favor of Wells Fargo Bank, National Association, Chicago, Illinois or any other mortgage in favor of an issuer of any Alternate Credit Facility (the “Mortgage”) and the Borrower
shall on behalf of itself and/or the Issuer, at the written request of the holder of the Mortgage, execute such instruments as may be required to implement and evidence the subordination expressed in this Section 22. 

The Issuer, the Trustee and the Borrower further agree that this Agreement shall terminate if the Project is acquired by foreclosure of
the Mortgage, conveyance of the Project by deed-in-lieu of foreclosure or comparable conversion of the Mortgage, such termination to be effective as of the date of such foreclosure, deed-in lieu of foreclosure or conversion. No right or

  
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authority on the part of the Issuer (other than rights to indemnification by the Borrower), the Trustee or any other party which is provided by this Agreement with respect to the Project shall
survive the foreclosure, granting of a deed-in-lieu of foreclosure or comparable conversion and no such right or authority shall apply to the Project if title is transferred pursuant to or following any such foreclosure, deed-in-lieu of foreclosure
or comparable conversion. 
 Section 23. Non-Recourse. Notwithstanding anything to the contrary contained herein or
elsewhere in the other documents to be executed by the Borrower in connection with the Bonds, it is understood and agreed that the Issuer and the Trustee will look solely to the Borrower for payment of the obligations hereunder and not to the
members or the partners of the Borrower; provided, however: 
 (a) nothing in this Section shall be or be deemed to be a release
or impairment of such obligations or preclude the Issuer and the Trustee from suing pursuant to this Agreement; 
 (b) this
Section shall not release the members of the Borrower from liability to the Issuer and the Trustee for the application of any funds received by the members of the Borrower in violation of the covenants contained in this Agreement or in any other
document executed in connection herewith; 
 (c) this Section shall not preclude the Issuer and the Trustee from securing a
judgment from any party who subsequently assumes the payment of the obligations hereunder or as against any other person or persons or entity who may hereafter become liable for the payment of such obligations; and 

(d) nothing contained herein is intended to relieve, release, discharge or affect in any way the personal liability of any third party to
the Issuer and the Trustee, including any guarantors, for payment of the Borrower’s obligations or otherwise. 
 (e) No
covenant, provisions or agreement of the Issuer herein or in the Bonds or in any other document executed by the Issuer in connection with the issuance, sale and delivery of the Bonds, or any obligation herein or therein imposed upon the Issuer or
breach thereof, shall give rise to a pecuniary liability of the Issuer, its officers, employees or agents or a charge against the Issuer’s general credit or general fund or shall obligate the Issuer, its officers, employees or agents
financially in any way except with respect to this Indenture and the application of revenues therefrom and the proceeds of the Bonds. No failure of the Issuer to comply with any term, condition, covenant or agreement therein shall subject the
Issuer, its officers, employees or agents to liability for any claim for damages, costs or other financial or pecuniary charges except to the extent that the same can be paid or recovered from this Indenture or revenues therefrom or proceeds of the
Bonds. No execution on any claim, demand, cause of action or judgment shall be levied upon or collected from the general credit or general fund of the Issuer. In making the agreements, provisions and covenants set forth herein, the Issuer has not
obligated itself except with respect to the Indenture and the application of revenues thereunder as provided therein. The Bonds constitute special obligations of the Issuer, payable solely from the revenues pledged to the payment thereof pursuant to
this Indenture and the Loan. Agreement, and do not now and shall never constitute an indebtedness or a loan of the credit of the Issuer, the State of Iowa or any political subdivision thereof or a charge against their general 

  
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taxing powers within the meaning of any constitutional or statutory provision whatsoever. The Issuer has no taxing power. It is further understood and agreed by the Borrower and the Bondowners
that the Issuer, its officers, employees or agents shall incur no pecuniary liability hereunder and shall not be liable for any expenses related hereto, all of which the Borrower agrees to pay. If, notwithstanding the provisions of this Section, the
Issuer, its officers, employees or agents incur any expense, or suffer any losses, claims or damages or incurs any liabilities, the Borrower will indemnify and hold harmless the Issuer, its officers, employees or agents from the same and will
reimburse the Issuer, its officers, employees or agents in relation thereto, and this covenant to indemnify, hold harmless and reimburse the Issuer, its officers, employees or agents shall survive delivery of and payment for the Bonds. 

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be signed and sealed by its
duly authorized representative, as of the day and year first written above. 
  

			
	 IOWA FINANCE AUTHORITY,
 as Issuer

		
	By	 	 /s/ Bret L. Mills

		 	Bret L. Mills, Executive Director

 [Issuer’s signature page to Land Use Restriction Agreement] 

 
			
	WINDSOR ON THE RIVER, LLC,
	 a Delaware limited liability company,
 as Owner

		
	By:	 	 /s/ Christopher G. Zock

		 	Christopher G. Zock, Manager

  

[Borrower’s signature page to Land Use Restriction Agreement] 

 
			
	THE BANK OF NEW YORK TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Somsri Helmer

	Its:	 	 ASSISTANT TREASURER

 [Trustee’s signature page to Land Use Restriction Agreement] 

			
	STATE OF IOWA	  	)
		  	) SS:
	COUNTY OF POLK	  	)

 The foregoing instrument was acknowledged before me on this 14th day of November, 2007, by Bret L. Mills, as Executive Director of
the Iowa Finance Authority, on its behalf. 
  

					
		 		 	 /s/ Lori K. Beary

	

	 		 	Notary Public in and for said State
	 		 	

  
 [N-1]

			
	STATE OF ILLINOIS	  	)
		  	) SS:
	COUNTY OF COOK	  	)

 On this 15TH day of November, 2007, before me appeared SOMSRI HELMER, to me personally known, who being
by me duly sworn did say that she is a ASSISTANT TREASURER of The Bank of New York Trust Company, N.A., a national banking association, and acknowledged said instrument to be the free act and deed of said banking association. 

IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official seal, the day and year last above written. 

 

	
	 /s/ Diane Mary Wuertz

	(Signature)
	
	 Diane Mary Wuertz

	(Printed Name)
	
	Notary Public in and for said County and State

  

					
	[SEAL]	  	

	  	
	My Commission Expires:                        .	  	  	
	My County of Residence:                        .	  	  	

  
 [N-2]

					
	STATE OF Illinois	  	)	 	
		  	)	 	SS:
	COUNTY OF McHenry	  	)	 	

 On this 12th day of November, 2007, before me appeared Christopher G. Zock, to me personally known, who being by me duly sworn did
say that he is the Manager of Windsor on the River, LLC, and that he is the person who executed the foregoing instrument as such officer in behalf of said Windsor on the River, LLC, and acknowledge that he executed the same as his free act and deed
as such Manager of Windsor on the River, LLC. 
 IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my notarial seal,
the day and year last above written. 
  

			
	 

	 	 /s/ Loreen A. O’Brien

	 	(Signature)
	 	  
 Loreen A.
O’Brien

		 	(Printed Name)
		
		 	Notary Public in and for said County and State

  

			
	[SEAL]	  	
		
	My Commission Expires:	  	6-29-09.
		
	My County of Residence:	  	McHenry.

  
 [N-3]

 EXHIBIT A 
 Legal Description 
 [Attached] 

  
 A-1

 All the certain real property located in the County of Linn, State of Iowa, described as follows:

 Lot 1 of Windsor-on-the-River First Addition to Cedar Rapids, Iowa, and Lot 2 and Lot 3 of Windsor-on-the-River Second Addition to Cedar
Rapids, Iowa, and Lot 4 of Windsor-on-the-River Third Addition to Cedar Rapids, Iowa, and Lot 5 of Windsor-on-the-River Fourth Addition to Cedar Rapids, Iowa; all in Linn County, Iowa. 

 EXHIBIT B 
 INCOME COMPUTATION AND CERTIFICATION FORM 
 (TAX-EXEMPT FINANCED PROJECTS)

 Re: 
 Unit
Address and Number:
                                        

 I/We, the undersigned, being first duly sworn, state that I/we have read and answered fully, frankly and personally each of
the following questions for all persons who are to occupy the residential unit in the above developments for which application is made, all of whom are listed below: 
 OCCUPANT INFORMATION 
  

							
	1.	 	2.	 	3.	 	4.
	 Names of Members

of the Household
	 	 Relationship to

Head of Household
	 	 Age
	 	 Social

Security Number

				
		 	HEAD	 		 	
				
		 	SPOUSE	 		 	
				
		 		 		 	
				
		 		 		 	
				
		 		 		 	

  

	5.	The anticipated total income of all the above persons, except income from employment of minors younger than 18 years of age, during the 12-month period beginning
this date is as follows: 

  

											
	 Name
	 	 Wages*
	 	 Interest
 and
 Dividends
	 	 Periodic

Payments**
	 	 Other***
	 	 Total

						
		 		 		 		 		 	
						
		 		 		 		 		 	
						
		 		 		 		 		 	
						
		 		 		 		 		 	
						
		 		 		 	TOTAL	 		 	

  

	*	All wages and salaries, over-time pay, commissions, fees, tips and bonuses, and other compensation for personal services, in each case before payroll deductions.

  
 B-1

	**	The full amount of periodic payments received from social security, annuities, insurance policies, retirement funds, pensions, disability or death benefits and other
similar types of periodic receipts, worker’s compensation, public or welfare assistance, and alimony and child support payments. 

	***	Include all other income not otherwise listed including income from assets described in Paragraph 6. SEE SCHEDULE A ATTACHED HERETO FOR MORE DETAILED INFORMATION
CONCERNING OTHER INCOME AND EXCLUDABLE ITEMS. 

 (ONLY FOR USE IN CONNECTION WITH TAX-EXEMPT FINANCED PROJECTS)

 FAMILY ASSETS 
  

	6.	If any of the persons listed in column 1 above has any savings, stocks, bonds, equity in real property, personal property (excluding necessary items such as clothes,
autos and furniture) or any other form of capital investment, provide: 

 a. The total value of all such assets
owned by all such persons (including the excess of fair market value over consideration received for business or family assets disposed of at less than fair market value during the preceding two years):
$         ; and 
 b. The amount of income, if any, expected to be derived from such
assets in the 12 month period commencing this date: $        . 
 STUDENTS

  

	7.	If ALL of the persons listed in column 1 above are or will be full time students during five calendar months of this calendar year at an educational institution
(other than a correspondence school) with regular faculty and students, answer the following questions; otherwise, check here.  ̈ NOT APPLICABLE. 

a. Is any such person (other than nonresident aliens) married and filing a joint federal income tax return? Yes  ̈ No  ̈ 
 b. Is any such person
receiving assistance under Title IV of the Social Security Act (relating to Aid to Families with Dependent Children or AFDC?) Yes  ̈ No  ̈ 

c. Is any such person enrolled in a job training program receiving assistance under the Job Training Partnership Act or under other
similar Federal, State, or local laws? Yes  ̈ No  ̈ 
 d. Are such persons single parents and their children (not one of whom is a dependent of a person not residing in the unit)? Yes  ̈ No  ̈ 

  
 B-2

 CERTIFICATION 

I/We have reviewed Schedule A attached hereto and certify that the income set forth in paragraph 5 above includes all income, from all
sources described on Schedule A, with no exceptions. We acknowledge that all of the above information is relevant to the status under federal income tax law of certain housing tax credits to finance the apartment for which application is being made.
We consent to the disclosure of the foregoing information to the U.S. Government, the developer of the project, investors in the project and their legal and accounting representatives, and to any lender providing financing for the development.

 I understand that copies of this property’s utility estimates are available in the manager’s office. 

 

							
	Date:                    ,        
	 		 		 	  

		 		 		 	Head of Household
				
		 		 		 	  

		 		 		 	Spouse or Other Occupant

  
 B-3

			
	STATE OF                    	  	)
		  	) SS:
	COUNTY OF                    	  	)

 Subscribed and sworn to before me, a Notary Public, in and for said County and State, this
    day of                     ,        . 

 

					
		 		 	  

		 		 	Signature
			
		 		 	  

		 		 	Printed                             
                                     
Notary Public
			
	My Commission Expires:	 		 	County of Residence:
			
	  
	 		 	  

  
 B-4

 FOR COMPLETION BY DEVELOPMENT OWNER OR MANAGER ONLY 

 

	1.	Calculation of Eligible Income: 

  

							
			
	 a
	  	 Enter amount entered for entire household, except minors, in 5 above:
	  	$	            	  
			
	 b
	  	 If the amount entered in 6.a. above is greater than $5,000, enter the excess of     % (being the
current passbook savings rate as determined by HUD) of line 6.a. over the amount entered on line 6.b., if any.
	  	$	            	  
			
		  	TOTAL ELIGIBLE INCOME	  			
		  	(line 1.a plus line 1.b):	  	$	            	  

  

	2.	First Year Certifications. In order to comply with applicable federal tax law, the development has elected to comply with the requirement that at least 20
percent of the units in the development will be set aside and rented to individuals and families with incomes less than or equal to 50 percent of Median Gross Income for the Area.* Based upon the foregoing election, the Total Eligible Income of the
occupants of the unit as a first year tenant qualifies the unit as a set aside unit for purposes of the housing tax credit provisions contained in Section 42(g) and tax-exempt bond provisions of Section 142(d) of the Internal Revenue Code
of 1986 (the “Code”). 

  

	3.	Recertifications. Applicable federal law requires that the determination of whether the income of residents of a unit in the development exceeds the applicable
income limit shall be made at least annually on the basis of the current income of the residents. On recertification, the income of such resident shall be treated as continuing not to exceed the applicable income limit unless, as of the most recent
annual recertification, (a) such resident’s income exceeds 140% of the income limit applicable for the first year tenants, and (b) before the next income determination, any residential unit of comparable or smaller size in the
development is occupied by a new resident whose income exceeds the applicable income limit. 

  

	4.	Students. If the answers to items 7.a., 7.b., 7.c. AND 7.d. above are all NO, the unit will not qualify as a set aside unit. If the answer to item 7.a.,
7.b., 7.c. OR 7.d. above is YES, the unit does not fail to qualify as a set aside unit merely because all occupants are students. If the answer to 7.a. above is NO, but the answer to item 7.b., 7.c. or 7.d. is YES, the unit will not
qualify as a set aside unit under the tax-exempt bond provisions of Section 142(d) of the Code but will qualify for purposes of low income housing tax credits under Section 42 of the Code. 

  
 B-5

 Applicant/Tenant: Under the  ̈ 20/50 Test or  ̈ 40/60 Test 
  

	 	 ̈	Qualifies as a first year set-aside tenant under paragraph 2 above. 

  

	 	 ̈	Qualifies, on recertification, as a continuing set-aside tenant under the 140% test under paragraph 3 above. 

 

	 	 ̈	Does not, on recertification, qualify as a set-aside tenant (NOTE: If this box is checked and the development is not 100% set-aside tenants, the next available unit of
comparable or smaller size in the development may need to be rented to a first year qualifying set-aside tenant to assure that at least 20% of the units are occupied by, or available for rental to, qualifying tenants or to assure some greater
percentage of units ale so rented to generate the desired level of tax credits). 

  

							
	Date:	 	                    ,        	 		 	  

		 		 		 	Owner/Manager

  

	*	“Median Gross Income for the Area” means the median income for the statistical area where the Project is located as determined by the Secretary of Housing and
Urban Development under Section 8(f)(3) of the United States Housing Act of 1937, as amended, taking into account adjustments for family size or if programs under said Section 8(f) are terminated, median income determined under the method
used by the Secretary immediately prior to the termination. Such income figures are to be updated annually by HUD. 

  
 B-6

 SCHEDULE A 
 § 813.106 Annual Income 
 (a) Annual Income is the anticipated total income
from all sources received by the Family head and spouse (even if temporarily absent) and by each additional member of the Family, including all net income derived from assets for the 12 month period following the effective date of certification of
income, exclusive of certain types of income as provided in paragraph (c) of this section. 
 (b) Annual Income includes,
but is not limited to: 
 (1) The full amount, before any payroll deductions, of wages and salaries, overtime
pay, commissions, fees, tips and bonuses, and other compensation for personal services; 
 (2) The net income
from operation of a business or profession. Expenditures for business expansion or amortization of capital indebtedness shall not be used as deductions in determining net income. An allowance for depreciation of assets used in a business or
profession may be deducted, based on straight line depreciation, as provided in Internal Revenue Service regulations. Any withdrawal of cash or assets from the operation of a business or profession will be included in income, except to the extent
the withdrawal is reimbursement of cash or assets invested in the operation by the Family; 
 (3) Interest,
dividends, and other net income of any kind from real or personal property. Expenditures for amortization of capital indebtedness shall not be used as a deduction in determining net income. An allowance for depreciation is permitted only as
authorized in paragraph (b)(2) of this section. Any withdrawal of cash or assets from an investment will be included in income, except to the extent the withdrawal is reimbursement of cash or assets invested by the Family. Where the Family has Net
Family Assets in excess of $5,000, Annual Income shall include the greater of the actual income derived from all Net Family Assets or a percentage of the value of such Assets based on the current passbook savings rate, as determined by HUD;

 (4) The full amount of periodic payments received from social security, annuities, insurance policies,
retirement funds, pensions, disability or death benefits and other similar types of periodic receipts, including a lump sum payment for the delayed start of a periodic payment; 

(5) Payments in lieu of earnings such as unemployment and disability compensation, worker’s compensation and
severance pay (but see paragraph (c)(3) of this section); 

  
 B-7

 (6) Welfare Assistance. If the Welfare Assistance payment includes an amount
specifically designated for shelter and utilities that is subject to adjustment by the Welfare Assistance agency in accordance with the actual cost of shelter and utilities, the amount of Welfare Assistance income to be included as income shall
consist of: 
 (i) The amount of the allowance or grant exclusive of the amount specifically designated for
shelter or utilities, plus 
 (ii) The maximum amount that the Welfare Assistance agency could in fact allow the
Family for shelter and utilities. If the Family’s Welfare Assistance is ratably reduced from the standard of need by applying a percentage, the amount calculated under this paragraph (b)(6)(ii) shall be the amount resulting from one application
of the percentage; 
 (7) Periodic and determinable allowances, such as alimony and child support payments, and
regular contributions or gifts received from persons not residing in the dwelling; 
 (8) All regular pay,
special pay and allowances of a member of the Armed Forces (but see paragraph (c)(7) of this section); and 
 (9)
Any earned income tax credit to the extent it exceeds income tax liability. 
 (c) Annual income does not include the following:

 (1) Income from employment of children (including foster children) under the age of 18 years; 

(2) Payments received for the care of foster children; 

(3) Lump-sum additions to Family assets, such as inheritances, insurance payments (including payments under health and
accident insurance and worker’s compensation), capital gains and settlement for personal or property losses (but see paragraph (b)(6) of this section); 
 (4) Amounts received by the Family, that are specifically for, or in reimbursement of, the cost of medical expenses for any Family member; 

(5) Income of a live-in aide, as defined in § 813.102; 

(6) Amounts of educational scholarships paid directly to the student or to the educational institution, and amounts paid
by the Government to a veteran, for use in meeting the costs of tuition, fees, books, equipment, materials, supplies, transportation, and miscellaneous personal expenses of the student. Any amount of such scholarship or payment to a veteran not used
for the above purposes that is available for subsistence is to be included in income; 
 (7) The special pay to a
Family member serving in the Armed Forces who is exposed to hostile fire; 
 (8) (i) Amounts received under
training programs funded by HUD; 

  
 B-8

 (ii) Amounts received by a Disabled person that are disregarded for a
limited time for purposes of Supplemental Security Income of eligibility and benefits because they are set aside for use under a Plan to Attain Self-Sufficiency (PASS); or 

(iii) Amounts received by a participant in other publicly assisted programs which are specifically for or in reimbursement
of out of pocket expenses incurred (special equipment, clothing, transportation, child care, etc.) and which are made solely to allow participation in a specific program; 

(9) Temporary, nonrecurring or sporadic income (including gifts); or 

(10) Amounts specifically excluded by any other Federal statute from consideration as income for purposes of determining
eligibility or benefits under a category of assistance programs that includes assistance under the United States Housing Act of 1937. A notice will be published in the Federal Register and distributed to PHAs and owners identifying the
benefits that qualify for this exclusion. Updates will be published and distributed when necessary. 
 (d) If it is not feasible
to anticipate a level of income over a 12-month period, the income anticipated for a shorter period may be annualized, subject to a redetermination at the end of the shorter period. 

  
 B-9

 EXHIBIT C 
 (to Land Use Restriction Agreement) 
 CERTIFICATE OF CONTINUING PROGRAM
COMPLIANCE 
 The undersigned (the “Borrower”), the owner of Windsor on the River, a 424-unit multifamily housing
development located in Cedar Rapids, Linn County, Iowa has read and is thoroughly familiar with the provisions of the Land Use Restriction Agreement (the “Agreement”) dated as of November 1, 2007 among the Borrower, the Issuer and The
Bank of New York Trust Company, N.A., as Trustee (the “Trustee”): 
 1. As of
                                        
1,            , the following number of residential units in the Project (i) are occupied by Low or Moderate Income Tenants (as such term is defined in the Agreement) or (ii) were
previously occupied by Low or Moderate Income Tenants and have been vacant and not reoccupied except for a temporary period of no more than 31 days, as indicated: 
  

			
	 (a)    Number of units occupied by Low or Moderate Income Tenants
	  	
		
	 (b)    Number of units previously occupied by Low or Moderate Income Tenants, but vacated and not reoccupied
except for a temporary period of no more than 31 days since the date of the last Compliance Certificate:
	  	
		
	 (c)    Total number of completed residential units in the Project (i.e., units for which a certificate of
occupancy or local equivalent has been obtained):
	  	

 2. The total number of units occupied or previously occupied by Low or Moderate Income Tenants as shown
above, is         % (at least 20%) of the total number of completed units. 
 3. The
undersigned hereby certifies that (i) as of the date of this certificate, no default has occurred in the observance of the covenants contained in the Agreement, and no event has occurred in connection with the operation of the Project which has
caused or will cause the Project to cease to meet the requirements of the Agreement, and (ii) attached hereto are true and correct copies of (a) all leases for units at the Project and (b) all Income Certifications (including annual
recertifications), received from Low or Moderate Income Tenants since the date of the last Compliance Certificate which have not previously been provided to the Trustee. 

 

			
	Dated:	 	

  
 C-1

 
			
	WINDSOR ON THE RIVER, LLC,
	a Delaware limited liability company, as Owner
		
	By:	 	  

		 	Christopher G. Zock, Manager
		
	By:	 	  

		 	Property Manager
		
	By:	 	  

		 	Authorized Representative

  
 C-2EX-10.11

 Exhibit 10.11 
 REMARKETING AGREEMENT 
 This Remarketing Agreement made and entered into on May I,
2007 between STERN BROTHERS & CO. (the “Remarketing Agent”) and WINDSOR ON THE RIVER, LLC, a Delaware limited liability company (the “Borrower”). 
 W I T N E S S E T H: 
 WHEREAS, Iowa Finance Authority (the “Issuer”)
has authorized the issuance of Iowa Finance Authority Variable Rate Demand Multifamily Housing Revenue Bonds (Windsor on the River, LLC Project), Series 2007A, in a maximum aggregate principal amount of up to $24,000,000 (the “Series 2007A
Bonds”), which Series 2007A Bonds will only be issued when and if the Series 2007B Bonds (defined below) are converted to Series 2007A Bonds, and Iowa Finance Authority Taxable Variable Rate Demand Multifamily Housing Revenue Bonds (Windsor on
the River, LLC Project), Series 2007B, which wilt be issued initially in the principal amount of $24,000,000, subject to decrease in principal amount when, and if, Series 2007B Bonds are converted to Series 2007A Bonds (the “Series 2007B
Bonds” and, together with the Series A Bonds, the “Bonds”), with the proceeds of the sale of such Bonds to be loaned to the Borrower pursuant to a Loan Agreement, dated as of May I, 2007, between the Issuer and the Borrower (the
“Loan Agreement”) to finance the Project and to refinance certain existing indebtedness in connection with the Project (as defined in the Indenture); and 
 WHEREAS, the maximum aggregate principal amount of Bonds outstanding at any time shall be $24,000,000; and 
 WHEREAS, the Bonds are subject to purchase upon optional and mandatory tender upon notice and delivery, pursuant to the provisions of an Indenture of Trust dated as of May 1, 2007 (the
“Indenture”), and between the Issuer and The Bank of New York Trust Company, N.A., as trustee (the “Trustee”); and 
 WHEREAS, Stern Brothers & Co., as underwriter, has agreed to arrange for the sale of the Series 2007B Bonds upon the initial delivery thereof pursuant to a Bond Purchase Agreement, dated
May 16, 2007, among the Underwriter, the Borrower and the Issuer; and 
 WHEREAS, the Borrower desires that the Remarketing
Agent provide a mechanism for remarketing the Bonds according to the terms and subject to the conditions described herein and in the Indenture; 
 NOW, THEREFORE, for and in consideration of the covenants herein made, and subject to the conditions herein set forth, the parties agree as follows: 

1. Definitions. All capitalized terms not defined herein shall have the meanings ascribed to them in the Indenture unless a
different meaning clearly appears from the context. 
 2. Appointment, Resignation and Removal of and Remarketing
Responsibilities of Remarketing Agent. (a) In reliance upon the representations and agreements but subject to the terms and conditions contained in the Indenture and in this Agreement, the Borrower appoints the Remarketing Agent, and the
Remarketing Agent accepts appointment, as exclusive Remarketing Agent in connection with the remarketing of the Bonds from time to time in the secondary market. 

 (b) The Indenture set forth rights of and duties and obligations imposed on, the Remarketing
Agent in connection with the tender and remarketing of the Bonds. The parties hereto agree that the provisions of the Indenture relating to the Remarketing Agent shall be incorporated herein by reference and be made a part hereof as if fully set
forth herein, and the Remarketing Agent accepts such duties and obligations imposed pursuant to the Indenture. 
 (c) The
Remarketing Agent wilt keep such books and records as shall be consistent with prudent industry practice and will summarize (i) the principal amount of the Bonds, if any, remarketed by it pursuant to this Agreement and the Indenture, and
(ii) the interest rate on the Bonds for each Interest Period determined pursuant to and in accordance with the Indenture and deliver such summary on a monthly basis to the Borrower and Wells Fargo Bank, National Association (the “Credit
Provider”), as issuer of the Letter of Credit for the Bonds (the “Letter of Credit”). 
 (d) The Remarketing
Agent may at any time resign and be discharged of the duties and obligations created hereby and by the Indenture by notifying the Issuer, the Trustee, the Tender Agent, if any, the Credit Provider and the Borrower at least 30 days before the
effective date of such resignation. The Borrower, with the consent of the Credit Provider, may remove the Remarketing Agent, and upon the removal or resignation of the Remarketing Agent may appoint a successor by notifying the Remarketing Agent and
the Trustee. No removal or resignation shall be effective until a successor Remarketing Agent has delivered an acceptance of its appointment to the Trustee. Any such successor Remarketing Agent, upon its appointment pursuant to the terms and
conditions hereof, and those contained in the Indenture, shall succeed to and become vested with all the rights, powers, privileges and duties of the former Remarketing Agent. Notwithstanding the foregoing, the Remarketing Agent may resign and be
discharged of its duties and obligations hereunder and under the Indenture by notifying the Trustee, the Tender Agent, if any, the Credit Provider and the Borrower, and such resignation shall take immediate effect without the appointment of a
successor Remarketing Agent, if an Event of Default has occurred and is continuing under the Indenture or the Borrower falls to pay the fees and expenses of the Remarketing Agent in the amounts and at the time provided in Section 6 hereof.
Notwithstanding the foregoing, no termination shall affect the rights and obligations of the parties regarding Bonds with respect to which the Remarketing Agent is obligated to use its best efforts to remarker the Bonds pursuant to Section 3(d)
hereof or which theretofore otherwise have been remarketed by the Remarketing Agent. 
 (e) The Remarketing Agent’s
responsibilities hereunder will include (i) soliciting purchases of Bonds by institutional investors that customarily purchase tax-exempt securities in large denominations at market rates, (ii) effecting and processing such purchases,
(iii) causing the distribution of any written disclosure materials, as shall have been approved and paid for by the Borrower, to prospective purchasers in connection with the remarketing of the Bonds, and (iv) performing such other related
functions as may be requested by the Borrower and agreed to by the Remarketing Agent. The Remarketing Agent will furnish copies of the foregoing disclosure materials to the Borrower and the Trustee upon their written request therefor. The
Remarketing Agent may purchase Bonds but shall be under no obligation to purchase Bonds remarketed pursuant to this Agreement. Upon a repurchase of Bonds and prior to their remarketing, the Remarketing Agent will be entitled to all rights of a
Bondholder. 

  
 - 2 -

 If, during such time as the Official Statement dated May 14, 2007, relating to the
Bonds (the “Official Statement”) is used in connection with the remarketing of the Bonds, any event known to the Borrower relating to or affecting the Borrower, the Issuer, the Credit Provider, or the Bonds shall occur, the result of which
is that the Official Statement would include a misstatement of a material fact, or would omit to state a material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading,
the Borrower will promptly notify the Remarketing Agent in writing of the circumstances and details of such event. The Borrower wilt cooperate with the Remarketing Agent in the preparation of any additional disclosure statement or marketing
materials (a “Disclosure Statement”) that the Remarketing Agent determines are necessary or desirable in connection with the remarketing of the Bonds or which the Remarketing Agent determines should be provided to owners of the Bonds.

 The Borrower and the Remarketing Agent acknowledge that certain remarketings of the Bonds may be subject to the requirements
of Rule 15c2-12 under the Securities and Exchange Act of 1934, as amended (“Rule 15c2-12”). The Borrower agrees, in the event Rule 15c2-12 is applicable to any remarketing of Bonds hereunder, to take such actions as are necessary at the
time to comply with the provisions of Rule 15c2-12. The Borrower shall furnish to the Issuer and the Remarketing Agent a Disclosure Statement at such times and in such quantities as are necessary to enable the Issuer and the Remarketing Agent to
comply with Rule 15c2-12, if applicable. 
 If the Borrower fails to perform its obligations under this Section, the Remarketing
Agent may immediately cease remarketing efforts. 
 (f) The Remarketing Agent agrees that, so long as this Agreement remains in
effect, it will be available to consult with the Borrower on a timely basis with respect to the determination of the Weekly Rate, the Semi-Annual Rate and the Multi-Annual Rate, all in the manner contemplated by the Indenture and with respect to all
other matters relating to its responsibilities under this Agreement. In addition, the Remarketing Agent will furnish the Borrower with information as to the prices at which such Bonds are sold, as the Borrower may from time to time reasonably
request. The Remarketing Agent shall not be liable for any action taken or omitted to be taken pursuant to this Agreement, except for its own gross negligence or willful misconduct or that of its agents which have been so appointed in writing by the
Remarketing Agent. 
 (g) Pursuant to Article V of the Indenture relating to the Bonds, in the event that the Bonds shall have
been tendered and the Remarketing Agent has not sold all or part of such Bonds, Remarketing Agent shall notify the Trustee and the Borrower. 

  
 - 3 -

 3. Representations, Warranties, Covenants and Agreements of the Remarketing Agent.
The Remarketing Agent, by its acceptance hereof represents, warrants, covenants and agrees with the Issuer and the Borrower as follows: 
 (a) The Remarketing Agent meets the requirements of Section 909 of the Indenture in that it is either a member of the National Association of Securities Dealers, Inc., or is a commercial bank
chartered under the laws of the United States of America or any state thereof, having a capitalization of at least $15,000,000 and authorized by law in each case to perform the duties of the Remarketing Agent under the Indenture. 

(b) The Remarketing Agent is authorized by law to perform the duties imposed upon it by the Indenture and has full power and authority to
take all actions required or permitted to be taken by the Remarketing Agent by or under, and to perform and observe the covenants and agreements on its part contained in this Agreement. 

(c) The Remarketing Agent shall determine the Weekly Rate, the Semi-Annual Rate and the Multi-Annual Rate for the Bonds, all in
accordance with Section 202 of the Indenture. 
 (d) The Remarketing Agent shall use its best efforts to remarket or sell
the Bonds pursuant to the Indenture and this Agreement, unless there has occurred an Event of Default under the Indenture. 

(e) The Remarketing Agent will not remarket any tendered Bonds if the Credit Provider notifies the Remarketing Agent that the Letter of
Credit has not been reinstated to an amount equal to the principal amount of outstanding Bonds together with at least 45 days’ accrued interest thereon. 
 4. Representations, Warranties, Covenants and Agreements of the Borrower. The Borrower, by its acceptance hereof represents, warrants, covenants and agrees with the Remarketing Agent as follows:

 (a) The Borrower has the requisite power and authority to take all actions required or permitted to be taken by the Borrower
by or under, and to perform and observe the covenants and agreements on its part contained in, this Agreement and any other instrument or agreement relating thereto to which the Borrower is a party. 

(b) The Borrower has, as of the date hereof, duly taken all action necessary to be taken by it prior to such date, for (i) the
execution, delivery and performance of this Agreement and any other instrument or agreement to which the Borrower is a party and which has been or will be executed in connection with the transactions contemplated by the foregoing documents and
(ii) the carrying out, giving effect to, consummation and performance of, the transactions and obligations contemplated hereby and by the Official Statement. 
 (c) This Agreement and any other instrument or agreement to which the Borrower is a party and which have been or will be executed in connection with the consummation of the transactions contemplated by
the foregoing documents, when executed and delivered by the parties hereto and thereto, constitute or will constitute valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their respective terms, except
as the enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws, judicial decisions or principles of equity relating to or affecting the enforcement of creditors’ rights generally. 

  
 - 4 -

 (d) The execution and delivery of this Agreement and any other instrument or agreement to
which the Borrower is a party and which have been or will be executed in connection with the consummation of the transactions contemplated by the foregoing documents, the compliance with the terms, conditions or provisions hereof and thereof, and
the consummation of the transactions herein and therein contemplated do not upon the date of execution and delivery hereof and thereof, and wilt not, violate any law or any regulation, order, writ, injunction or decree of any court or governmental
instrumentality applicable to the Borrower which violation would have a material adverse effect on the Borrower, or result in a breach of any of the terms, conditions or provisions of, or constitute default under, any mortgage, indenture, agreement
or instrument to which the Borrower is a party or by which it or any of its property is bound. 
 (e) All authorizations,
consents and approvals of notices to, registrations or filings with, or actions in respect to any governmental body, agency or other instrumentality or court required in connection with the execution, delivery and performance by the Borrower of this
Agreement and any other agreement or instrument to which the Borrower is a party and which has been or will be executed in connection with the consummation of the transactions contemplated by the foregoing documents, have been obtained, given or
taken and are in full force and effect, except for such licenses, certificates, approvals, ordinances or permits which may be necessary for the use of the proceeds of the Bonds as described in the Official Statement and for which the Borrower has
applied or will apply and which it expects to receive and except as may be required under the state securities or blue sky laws in connection with the remarketing of the Bonds by the Remarketing Agent pursuant to this Agreement. 

(f) Except as disclosed by the Borrower and described in the Official Statement or any supplements thereto delivered to the Remarketing
Agent, there is no action, suit, investigation, proceeding, or arbitration, at law or in equity or before or by any foreign or domestic court or other governmental entity, pending or, to the knowledge of the Borrower, threatened against or affecting
the Borrower wherein an unfavorable decision, ruling or finding could have a material adverse effect on the transactions contemplated by this Agreement or by the Official Statement, or which would materially and adversely affect the validity or
enforceability of or the authority or ability of the Borrower to perform its obligations under, this Agreement or any other agreement or instrument to which the Borrower is a party and which is used or contemplated for use in consummation of the
transactions contemplated by this Agreement or the Official Statement. 
 (g) The Borrower is not in default under any indenture
or other agreement or instrument governing outstanding indebtedness to which the Borrower is a party or by which it is bound, which default would have a material adverse effect on the transactions contemplated by this Agreement or by the Official
Statement, nor has any event occurred which with notice or the passage of time or both would constitute such a default under any such document. 
 (h) The Borrower wilt cooperate with the Remarketing Agent in the qualification of the Bonds for sale and the determination of the eligibility of the Bonds for investment under the laws of such
jurisdictions as the Remarketing Agent shall designate and will use its best efforts to continue any such qualification in effect so long as required for the distribution of the Bonds by the Remarketing Agent; provided, that the Borrower shall not
be required to qualify to do business in any jurisdiction where they are not so qualified or to take any action which would subject them to general service of process in any jurisdiction where they are not now so subject. 

  
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 (i) The Borrower has no knowledge or reason to believe that any information relating to the
Borrower contained in the Official Statement, contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements made therein, in the light of the circumstances under which they are made, not
misleading. 
 (j) The Borrower shall, consistent with the terms of the Indenture, if the Remarketing Agent deems it advisable
as a means of facilitating its performance under this Agreement, cooperate with the Issuer and the Remarketing Agent to secure or maintain a rating of the Bonds from Standard & Poor’s. 

5. Conditions of the Remarketing Agent’s Obligations. The obligations of the Remarketing Agent under this Agreement have been
undertaken in reliance on, and shall be subject to, the due performance by the Borrower of its obligations and agreements to be performed hereunder and to the accuracy of and compliance with the representations, warranties, covenants and agreements
of the Borrower contained herein, on and as of the date of delivery of this Agreement and on and as of each date on which Bonds are to be sold pursuant to this Agreement. The obligations of the Remarketing Agent to remarker the Bonds pursuant to
this Agreement are also subject, in the discretion of the Remarketing Agent, to the following further conditions: 
 (a) The
Letter of Credit or Alternate Credit Facility, covering the aggregate principal amount of originally issued Bonds Outstanding and at least 45 days’ accrued interest thereon calculated at an interest rate of 10% based on a 365/366 day year,
shall be in full force and effect and shall not have been amended, modified or supplemented in any way which would materially and adversely affect the Bonds and there shall be in full force and effect such additional resolutions, agreements,
certificates (including such certificates as may be required by regulations of the Internal Revenue Service in order to establish the tax-exempt character of interest on the Series 2007A Bonds) and opinions as shall be reasonably necessary to effect
the transactions contemplated by this Agreement, which resolutions, agreements, certificates and opinions, at the request of the Remarketing Agent, shall be satisfactory in form and substance to the Remarketing Agent; 

(b) The representations, warranties, covenants and agreements of the Borrower made herein and in the Bond Purchase Agreement shall be
true and correct in all material respects; 
 (c) The Borrower shall have complied with the second and third paragraphs of
Section 2(e) hereof required in connection with any remarketing of the Bonds; and 
 (d) No Event of Default (as such term
is defined in the Indenture) shall have occurred and be continuing and no event shall have occurred and be continuing which, with the passage of time or giving of notice or both, would constitute such an Event of Default. 

6. Payment of Fees and Expenses. In consideration for the services to be performed by the Remarketing Agent under this Agreement,
the Borrower shall pay to the Remarketing Agent a fee (the “Remarketing Fee”) payable quarterly in arrears on each March 31, June 30, 

  
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September 30 and December 31, commencing on June 30, 2007 (the “Calculation Dates”) in an amount equal to the product of the principal amount of the Bonds outstanding on
each Calculation Dates multiplied by 0.100%. The remarketing fee with respect to Bonds in a mode other than at the Weekly Mode shall be agreed upon by the Remarketing Agent and the Borrower at the time of remarketing of such Bonds. The Remarketing
Agent will not be entitled to such compensation for any period after this Agreement is terminated except for a pro rata portion of the fee in respect of the year in which such termination occurs. The Borrower shall make all such payments directly to
the person or entity to whom or to which they are due. The Borrower shall pay to the Remarketing Agent on demand all reasonable costs, expenses and attorney’s fees incurred by the Remarketing Agent in connection with actions initiated by the
Remarketing Agent to enforce this Agreement in which the Remarketing Agent prevails. 
 7. Indemnification. (a) The
Borrower shall indemnify and hold harmless the Remarketing Agent and the directors, officers, members, employees and each person, if any, who controls the Remarketing Agent within the meaning of section 15 of the Securities Act of 1933, as amended
(the “Securities Act”) (such persons being herein sometimes collectively referred to as the “Indemnified Persons”) and individually, an “Indemnified Person”), from any losses, claims, damages or liabilities to which any
Indemnified Person may become subject insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of; or are based upon (i) an allegation or determination that the Bonds or the obligations of the Borrower
under the Loan Agreement or the Reimbursement Agreement or the obligations of the Credit Provider under the Letter of Credit should have been registered under the Securities Act or the Indenture should have been qualified under the Trust Indenture
Act of 1939, as amended, or (ii) any untrue statement or alleged untrue statement of a material fact relating to the Borrower contained in the Official Statement or any Disclosure Statement provided pursuant to Section 2(e) hereof or any
amendment or supplement thereto or the omission or alleged omission to state therein a material fact necessary to make the statements therein not misleading, and will reimburse each Indemnified Person for any legal or other expenses reasonably
incurred by such Indemnified Person in investigating, defending or preparing to defend any such action or claim. The indemnity agreement in this paragraph shall be in addition to any liability which the Borrower may otherwise have to any Indemnified
Person. 
 (b) Promptly after receipt by an Indemnified Person under paragraph (a) of this Section of notice of the
commencement of any action, such Indemnified Person shall, if a claim in respect thereof is to be made against the Borrower under such paragraph, notify the Borrower in writing of the commencement thereof. In case any such action shall be brought
against any Indemnified Person, and such Indemnified Person shall notify the Borrower of the commencement thereof; the Borrower shall be entitled to participate in and, to the extent that it wishes, to assume the defense thereof; with counsel
satisfactory to such Indemnified Person, and after notice from the Borrower to such Indemnified Person of its election so to assume the defense thereof; the Borrower shall not be liable to such Indemnified Person under such paragraph for any legal
or other expenses subsequently incurred by such Indemnified Person in connection with the defense thereof other than reasonable costs of any investigation; provided, however, that if the named parties to any such action (including any impleaded
parties) include both the Remarketing Agent (or its partners, officers or employees or any person so controlling the Remarketing Agent) and the Borrower, and the Remarketing Agent (or such partners, officers or employees or such person so
controlling the Remarketing Agent) shall have reasonably 

  
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concluded that there may be one or more legal defenses available to it which are different from or additional to those available to the Borrower, the Remarketing Agent (or such partners, officers
or employees or such person so controlling the Remarketing Agent) shall have the right to select separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of the Remarketing Agent (or such
partners, officers or employees or such person so controlling the Remarketing Agent); provided further, however, that the Borrower shall not, in connection with any one such action, or separate but substantially similar or related actions arising
out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys at any point in time for the Remarketing Agent and partners, officers and employees and all persons so controlling
the Remarketing Agent. 
 (c) The Borrower shall not be liable for any settlement of any such action effected without its
consent by any Indemnified Person, but if settled with the consent of the Borrower or if there be a final judgment for the plaintiff in any such action against the Borrower or any Indemnified Person, with or without the consent of the Borrower, the
Borrower shall indemnify and hold harmless such Indemnified Person to the extent provided in this Agreement. 
 (d) The
Remarketing Agent shall indemnify and hold harmless the Borrower and the directors, officers, employees, and each person, if any, who controls the Borrower within the meaning of Section 15 of the Securities Act (such persons being herein
sometimes collectively referred to as the “Borrower Indemnified Persons” and individually, an “Borrower Indemnified Person”), from any losses, claims, damages or liabilities to which any Borrower Indemnified Person may become
subject insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of, or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Official Statement or any Disclosure
Statement provided pursuant to Section 2(e) hereof or any amendment or supplement thereto or the omission or alleged omission to state therein a material fact necessary to make the statements therein not misleading, but in each case only to the
extent that such untrue or misleading statement or alleged untrue or misleading statement or omission or alleged omission was made in the Official Statement or such Disclosure Statement or in such amendment or supplement thereto in reliance upon and
in conformity with information furnished to the Borrower in writing by the Remarketing Agent. The Remarketing Agent shall reimburse each Borrower Indemnified Person for any legal or other expenses reasonably incurred by such Borrower Indemnified
Person in investigating, defending, or preparing to defend any such action or claim. The indemnity agreement in this paragraph shall be in addition to any liability which the Remarketing Agent may otherwise have to any Borrower Indemnified Person.

 (e) Promptly after receipt by an Borrower Indemnified Person under paragraph (d) of this Section of notice of the
commencement of any action, such Borrower Indemnified Person shall, if a claim for indemnification in respect thereof is to be made against the Remarketing Agent under this paragraph, notify the Remarketing Agent of the commencement thereof; and the
Remarketing Agent shall promptly assume the defense thereof; including the employment of legal counsel reasonably satisfactory to the Borrower, the payment of all expenses, and the right to negotiate and consent to settlement. If the Remarketing
Agent assumes the defense of such claim, the Remarketing Agent shall not be liable to any Borrower Indemnified Person under such paragraph for any legal or other expense subsequently incurred by such Borrower Indemnified

  
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Person in connection with the defense thereof; provided, however, the if the named parties to any such action (including any impleaded parties) include both any Borrower Indemnified Person and
the Remarketing Agent, and the Borrower Indemnified Person shall have reasonably concluded, based upon the advice of legal counsel, that there may be one or more legal defenses available to it which are different from or additional to those
available to the Remarketing Agent, and that as a result thereof such counsel has advised such Borrower Indemnified Person that employment of the same legal counsel may involve a conflict of interest, the Borrower Indemnified Person shall have the
right to select separate counsel to assume such legal defense and to otherwise participate in the defense of such action on behalf of the Borrower Indemnified Person; provided further, however, that the Remarketing Agent shall not, in connection
with any one such action, or separate but substantially similar or related actions arising out of the same general allegations or circumstances, be liable for the feds and expenses of more than one separate firm of attorneys at any point in time for
the Borrower and other Borrower Indemnified Persons. 
 (f) The Remarketing Agent shall not be liable for any settlement of any
such action effected without its consent by any Borrower Indemnified Person, but if settled with the consent of the Remarketing Agent or if there is a final judgment for the plaintiff in any such action against any Borrower Indemnified Person, with
or without the consent of the Remarketing Agent, the Remarketing Agent shall indemnify and hold harmless such Borrower Indemnified Person to the extent provided in this Agreement. 

(g) The indemnity agreements contained in this Section 7 shall remain in full force and effect, regardless of any investigation made
by or on behalf of the Remarketing Agent and the Borrower, and shall survive the termination or cancellation of this Agreement. 

8. Nature of the Remarketing Agent’s Obligations. Without limiting the foregoing, the Remarketing Agent is expressly
authorized and directed to honor its obligations under and in compliance with the terms of this Agreement without regard to, and without any duty on its part to inquire into, the existence of any disputes or controversies between the Borrower, the
Trustee, the Credit Provider or any other person or the respective rights, duties or liabilities of any of them, or whether the facts or occurrences represented in any of the documents presented under this Agreement are true and correct.
Furthermore, the Borrower fully understands and agrees that the Remarketing Agent’s sole obligation to the Borrower shall be limited to honoring its obligations under and in compliance with the terms of this Agreement. 

9. Intention of Parties. It is the express intention of the parties hereto that neither the determination of any interest rate on
the Bonds nor any sale, tender or transfer of any Bond, as herein provided, shall constitute or be construed to be the extinguishment of any Bond or the indebtedness represented thereby or the reissuance of any Bonds. 

10. Registration of Letter of Credit. If the blue sky or securities laws of any state or other jurisdiction requires the
registration or qualification of the Letter of Credit, the Remarketing Agent shall not offer or sell any Bonds in or into such state or other jurisdiction. 

  
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 11. Miscellaneous. (a) Except as otherwise specifically provided in this
Agreement, all notices, demands and formal actions under this Agreement shall be in writing and mailed or delivered by courier or facsimile transmission to: 
 The Remarketing Agent: 
 Stern Brothers & Co. 

8000 Maryland Avenue, Suite 800 
 St. Louis, Missouri 63105 
 Attention: Terrence Finn 

Telephone: (314) 743-4010 
 Facsimile number: (314) 727-7313 
 The Borrower: 

Windsor on the River, LLC 
 5400 West Elm Street, Suite 110 
 McHenry, Illinois 60050 

Attention: Christopher G. Zock 
 Telephone: (815) 385-3192 
 Facsimile number: (815) 385-2068 

Each of the above-named addressees may, by notice given under this Agreement, designate other addresses to which subsequent notices, requests, reports or
other communications shall be directed. 
 (b) This Agreement will inure to the benefit of and be binding upon the Remarketing
Agent and the Borrower and their respective successors and assigns. The terms “successors” and “assigns” shall not include any purchaser of any of the Bonds merely because of such purchase. 

(c) All of the representations, warranties and covenants of the Borrower, and the Remarketing Agent in this Agreement shall remain
operative and in full force and effect, regardless of (i) any investigation made by or on behalf of the Remarketing Agent, the Issuer or the Borrower or (ii) delivery of and any payment for any Bonds. 

(d) Section headings have been inserted in this Agreement as a matter of convenience for reference only, and such section headings are
not a part of this Agreement and will not be used in the interpretation of any provisions of this Agreement. 
 (e) If any
provision of this Agreement shall be held or deemed to be or shall, in fact, be invalid, inoperative or unenforceable as applied in any particular case in any jurisdiction or jurisdictions, or in all jurisdictions because it conflicts with any
provisions of any constitution, statute, rule of public policy, or for any other reason, such circumstances shall not have the effect of rendering the provisions in question invalid, inoperative or unenforceable in any other case or circumstance, or
of rendering any other provision or provisions of this Agreement invalid, inoperative or unenforceable to any extent whatever. 

  
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 (f) This Agreement may be executed in several counterparts, each of which shall be regarded
as an original and all of which shall constitute one and the same document. 
 (g) This Agreement shall be governed exclusively
by and construed in accordance with the internal laws of the State of Iowa applicable to contracts to be wholly performed therein. 
 (h) This Agreement shall become effective upon execution by the Remarketing Agent and the Borrower and shall continue in full force and effect until the payment in full of the Bonds, subject to the right
of the Remarketing Agent and the Borrower to cancel this Agreement at any time pursuant to Section 2(d) hereof. 
 12.
Non-Recourse. It is understood and agreed that the Remarketing Agent will look solely to the Borrower for payment of the obligations hereunder, and not to the members of the Borrower; provided, however: 

(a) nothing in this Section shall be or be deemed to be a release or impairment of such obligations or preclude the Remarketing Agent
from suing pursuant to this Agreement; 
 (b) this Section shall not release the Borrower from liability to the Remarketing
Agent for the application of any funds received by the Borrower in violation of the covenants contained in this Agreement or in any other document executed in connection herewith; 

(c) this Section shall not preclude the Remarketing Agent from securing a judgment from any party who subsequently assumes the payment of
the obligations hereunder or as against any other person or persons or entity who may hereafter become liable for the payment of such obligations; and 
 (d) nothing contained herein is intended to relieve, release, discharge or affect in any way the personal liability of any third party to the Remarketing Agent, including any guarantors, for payment of
the Borrower’s obligations or otherwise. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the day and year first written above. 
  

			
	STERN BROTHERS & CO.
		
	By:	 	 /s/ Illegible

	Its:	 	Vice-President
	
	WINDSOR ON THE RIVER, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Christopher G. Zock

		 	Christopher G. Zock, its Manager

  
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