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9� �os�5,� REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS THIS REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS(this "Regulatory Agreement")is made and entered into as of June 1, 1999 by and among the NEBRASKA INVESTMENT FINANCE AUTHORITY,a body politic and corporate, not a state agency but an independent instrumentality exercising essential public functions organized and existing under the laws of the State of Nebraska(the "Issuer"), and FIVE POINTS BANK, a banking association organized and existing under and by virtue of the laws of Nebraska, with its principal corporate trust office located in Grand Island,Nebraska,and duly authorized to accept and execute trusts of the type contemplated by the Indenture(as hereinafter defined),as trustee(together with its permitted successors and assigns, the "Trustee"), and SOUTHLAWN APARTMENTS, L.L.C.,aNebraska limited liability company(together with its successors and assigns),as the owner of the property described in Exhibit A hereto (the "Borrower"). WITNESSETH : WHEREAS, the Nebraska Investment Finance Authority Act, Neb. Rev. Stat. Sections 58-201 et seq. (1993), as amended (the "Act"), has been enacted by the Legislature of Nebraska; and WHEREAS, the Act provides for the creation of the Issuer for the purpose of alleviating a shortage of rental housing available at rents which persons and families of low and moderate income can afford and a shortage of capital for investment in such housing; and WHEREAS, pursuant to the Act, the Issuer is authorized to carry out the public purposes described therein by issuing its revenue bonds to make loans to finance the acquisition and construction of qualified multifamily rental housing developments and by entering into any agreements made in connection therewith; and WHEREAS, to alleviate the creation of slums and blighted areas, prevent deterioration of the quality of living conditions within this State, alleviate excessive and disproportionate expenditures of public funds for crime prevention and punishment,public health and safety,fire and accident prevention and other public services and facilities, and increase employment in the construction industry,which constitute valid public purposes for the issuance of revenue bonds under the Act, the Issuer has determined it to be in furtherance of its public purposes and the public purposes of the Act to issue its $507,004 Multifamily Housing Revenue Bonds (Southlawn Apartments Project) Series 1999 (the "Bonds") and use the proceeds of the Bonds to make a mortgage loan to the Borrower, to finance the acquisition and construction of a multifamily residential rental project of the Borrower located in Hall County, Nebraska on the site more particularly described in Exhibit A hereto (the "Project"); and WHEREAS,in order for interest on the Bonds to be excluded from gross income for federal income tax purposes under the Internal Revenue Code of 1986, as amended (the "Code"), and the income tax regulations(the "Regulations")and rulings with respect to the Code,in order to provide 1