ENCINO DEVELOPMENT &

THE PURPOSE OF THIS CORPORATION IS TO PROVIDE MANAGEMENT FOR ALL ENCINO PROPERTIES: TO PROVIDE RENTAL HOUSING AND RELATED FACILITIES AND SERVICES FOR LOWER INCOME ELDERLY HOUSEHOLDS THAT MEET THE CORPORATION'S ELIGIBILITY CRITERIA FOR HOUSING. THIS HOUSING IS PROVIDED BY A NON-PROFIT SUBSTANTIALLY BELOW MARKET BASIS, SPECIALLY DESIGNED TO MEET THE PHYSICAL, SOCIAL, AND PSYCHOLOGICAL NEEDS OF THE AGED; TO BORROW MONEY AND ISSUE EVIDENCE OF INDEBTEDNESS IN FURTHERANCE OF ANY OR ALL OF THE OBJECTS OF ITS BUSINESS, AND TO SECURE THE SAME BY MORTGAGE, PLEDGE, OR OTHER LIEN ON THE CORPORATIONS PROPERTY; TO DO AND PERFORM ALL ACTS REASONABLY NECESSARY TO ACCOMPLISH THE PURPOSES OF THE CORPORATION, INCLUDING THE EXECUTION OF A REGULATORY AGREEMENT WITH THE SECRETARY OF HOUSING AND URBAN DEVELOPMENT.