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07. Initial Purchaser Representations Letter (Vista Breeze) 1 4885-9210-7143.3 INITIAL PURCHASER REPRESENTATIONS LETTER December 15, 2023 Housing Finance Authority of Miami-Dade County, Florida 7855 NW 12th Street, Suite 202 Doral, Florida 33126 Attention: Executive Director The Bank of New York Mellon Trust Company, N.A. 4655 Salisbury Road, Suite 300 Jacksonville, Florida 32256 Attention: Corporate Trust Department Re: Vista Breeze Ladies and Gentlemen: The undersigned (the “Funding Lender”) hereby acknowledges receipt of the Multifamily Housing Revenue Note, Series 2023 (Vista Breeze) dated December 15, 2023 (the “Governmental Lender Note”) delivered pursuant to the Funding Loan Agreement dated as of December 1, 2023 (the “Funding Loan Agreement”), among Bank of America, N.A., in its capacity as Initial Funding Lender (the “Initial Funding Lender”), the Housing Finance Authority of Miami-Dade County, Florida, a public body corporate and politic created, organized and existing under the laws of the State of Florida (the “Governmental Lender”) and The Bank of New York Mellon Trust Company, N.A., a national banking association, as fiscal agent (the “Fiscal Agent”). Capitalized terms used herein and not otherwise defined have the meanings given to such terms in the Funding Loan Agreement. In connection with the origination of the Funding Loan by the Funding Lender, the Funding Lender hereby makes the following representations upon which you may rely: 1. The Funding Lender has authority to originate the Funding Loan and to execute this letter, and any other instruments and documents required to be executed by the Funding Lender in connection with the origination of the Funding Loan. 2. The Funding Lender is an “accredited investor” under Regulation D of the Securities Act of 1933 (the “Act”) or a “qualified institutional buyer” under Rule 144(a) of said Act (such “accredited investor” or “qualified institutional buyer”, a “Qualified Transferee”), and therefore, has sufficient knowledge and experience in financial and business matters, including purchase and ownership of municipal and other tax-exempt obligations, to be able to evaluate the risks and merits of the investment represented by the Funding Loan. 3. The Funding Lender acknowledges that it is originating the Funding Loan for investment for its own account and not with a present view toward resale or the distribution thereof (except as set forth below), in that it does not now intend to resell or otherwise dispose of all or any part of its interests in the Funding Loan; provided, however, that Funding Lender has originated and funded the Funding Loan with 2 4885-9210-7143.3 the expectation that the Funding Loan will be sold to Citibank, N.A. on the Conversion Date pursuant to the Forward Purchase Agreement. 4. In addition to the right to sell or transfer the Funding Loan pursuant to an Exempted Transfer as set forth in Section 2.08(b) of the Funding Loan Agreement, the Funding Lender further acknowledges its right to sell or transfer the Funding Loan, subject, as required under the Funding Loan Agreement, to the delivery to the Fiscal Agent of a transferee representations letter from the transferee to substantially the same effect as this Representations Letter or in such other form authorized by the Funding Loan Agreement with no revisions except as may be approved in writing by the Governmental Lender. 5. The Funding Lender understands that the Governmental Lender Note is not registered under the Act and that such registration is not legally required as of the date hereof; and further understands that the Governmental Lender Note (a) is not being registered or otherwise qualified for sale under the “Blue Sky” laws and regulations of any state, (b) will not be listed in any stock or other securities exchange, (c) will not carry a rating from any rating service and (d) will be delivered in a form which may not be readily marketable. 6. The Funding Lender understands that (a) the Funding Loan is not secured by any pledge of any moneys received or to be received from taxation by the State of Florida or any political subdivision thereof and that the Governmental Lender has no taxing power, (b) the Funding Loan does not and will not represent or constitute a general obligation or a pledge of the faith and credit of the Governmental Lender, the State of Florida or any political subdivision thereof; and (c) the liability of the Governmental Lender with respect to the Funding Loan is limited to the Pledged Security as set forth in the Funding Loan Agreement. 7. The Funding Lender has either been supplied with or been given access to information, including financial statements and other financial information, which it considers necessary to make an informed decision in connection with the origination of the Funding Loan. The Funding Lender has not relied upon the Governmental Lender for any information in connection with its purchase of the Funding Loan. 8. The Funding Lender has made its own inquiry and analysis with respect to the Funding Loan and the security therefor, and other material factors affecting the security and payment of the Funding Loan. The Funding Lender is aware that the business of the Borrower involves certain economic variables and risks that could adversely affect the security for the Funding Loan.