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SENT BY:UNIVERSITY OF VI :10- 6-84 +10:27AM ; BUS. & FIN. AFF.- LVI PRESIDENT;# 2/ 7 ¥ RESOLUTION OF THE UNIVERSITY OF THE VIRGIN ISLANDS AUTHORIZING THE MORTGAGING OF CERTAIN PROPERTIES PURSUANT TO A FIRST PRIORITY MORTGAGE Upon motion duly made and seconded, the following resolution was unanimously adopted by the members of the Board of Trustees of the University of the Virgin Islands: WHEREAS, on September 22, 1994 the University of the Virgin Islands, (the "University") issued $15,000,000 General Obligation Bonds (the "Bonds") pursuant to an Indenture of Trust, dated as of September 1, 1994, by and between the University and Marine Midland Bank, as Trustee (the “fndenture") for purchase by Rochester Fund Municipals and American Capital Asset Management (collectively, the "Purchasers") ; WHEREAS, as a condition to the Purchasers agreement to purchase the Bonds, the University officials agreed to solicit approval from the Board of Trustees of the University to grant a first priority mortgage on the 102-bed residence facility to be constructed on St. Croix and the real property on which such facility will be constructed from the proceeds of the Bonds (See Exhibit A for a description of the St. Croix Residence Hall) (the "St. Croix Dormitory") and the 72-bed St. Thomas residence hall, and the real property on which such residence hall is constructed, (see Exhibit B for a description of the St. Thomas Residence Hall) (the "St. Thomas Residence Dormitory") to be refinanced from the proceeds of the Bonds; and WHEREAS, the St. Thomas Dormitory may currently be encumbered by two existing mortgages securing certain existing debt which cannot at this time be discharged, but instead will require consent from the existing mortgagees to either a release of such property or agreement to take a subordinate security position with respect to such parcel, and therefore the University is prevented from granting a first mortgage lien on such property at this time; and WHEREAS, the Purchasers have agreed to accépt a first priority mortgage on the Evans Center and the parcel of real property upon which the Evans Center is located on the St. Croix campus in accordance with the terms of the Indenture, until a first priority mortgage can be obtained on the St. Thomas Dormitory (See Exhibit C for a description of the Evans Center); and WHEREAS, a portion of the proceeds of the Bonds will be used to pay the outstanding principal an@ interest due and payable on the Academic Building Bonds of 1974, which are currently secured by a first mortgage lien on the Evans Center, which will permit the University to grant a first mortgage lien on the Evans Center “ = ; - UVI PRESIDENT;# 7/ 7 SENT BY:UNIVERSITY OF V1 ;10- 6-84 +10:32AM ; BUS. & FIN. AFP. EXHIBIT ¢ St. Thomas Residence Hall (St. Thomas Campus) DESCRIPTION The 72-bed St. Thomas residence hall, originally financed in 1992 with the proceeds of Bond Anticipation Notes which matured in September 1994, was completed in 1993. A portion of the proceeds of the 1994 bonds has refunded the Bond Anticipation Notes. The 22,000 gross square foot St. Thomas residence hall is a bed-suite style facility consisting of 12 Suites, a common lounge and lobby, and Student laundry facilities. parcel of real property located on a Portion of Parcel No. 66 Estate Lindberg Bay, No. 4A Southside Quarter, and Parcel Nos. 1 and 2 Estate John Brewers’ Bay, No. § Southside Quarter, st. Thomas, U.S. Virgin Islands; said two acre portion shall be the only real property subject to the Scope of the mortgage to be granted, on ~