Base Offering Circular - Multifamily 482090 53 LEGAL INVESTMENT CONSIDERATIONS Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in certain types of Securities.  Any financial institution that is subject to the jurisdiction of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the National Credit Union Administration or other federal or state agencies with similar authority should review any applicable rules, guidelines and regulations prior to purchasing any Securities. In addition, financial institutions should consult their regulators concerning the risk-based capital treatment of any Securities.  Investors should consult their own legal advisors in determining whether and to what extent Securities constitute legal investments, or are subject to restrictions on investment. SECONDARY MARKET There can be no assurance that a secondary market for the Securities in any Series will develop or, if a secondary market does develop, that it will provide the Holders of the Securities with liquidity of investment or that it will continue for the life of the Securities.  Furthermore, because interests in each Trust are offered in multiple Classes, the liquidity of any Class may be less than it would be if only one Class of Securities were offered.  Each of the Sponsors intends to establish a market in the Securities.  None of the Sponsors, however, will be obligated to establish any market in the Securities or to maintain one if so established.  For some Classes of Securities, no secondary trading market exists or is likely to develop.  For that reason, investors must be able to bear the risks of their investment in such Securities for an indefinite period of time.  See “Legal Investment Considerations” for a description of other factors that may limit the liquidity of certain of the Securities.