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c;..?...:/ ~ I't. A UNITED STATES Of AMElUCA STATE OF l\JlNNESOTA COUNTY OF RAMSEY CITY OF NEW BRIG HTON No. R-l $630,000.00 Commercial Development Revenue Note, Series 1980 (Irvin P. l\loen and Judith F. Moen Project) The City of New 13r'iG'hton, Minnesota, a municipal corporation in the County of Ramsey and State of ~Jinncsota (tile "City"), for value received, hereby promises to pny to the order of Fit;st National Bank of IVlinneapolis, a national banking association (the l1IIolder"), or registered a,ssigns, at its principal office at 120 South Sixth Stt'eet, Minneapolis, ;\linnesota 55402, or such other place as the Holder, or its registered assigns, may fl'om time to time designate, solely from the revenues derived by the City from the Loan Agreement hereinaftel' described, the principal sum of SIX IIUNDRED THIRTY THOUSAND AND NO/lOO DOLLARS ($630,000.00), or such portion thereof as may be advanced hereon from time to time (the IIPrincipal Balance") and to pay interest thereon from the date hereof until this Note is fully paid at the ra tes of interest hereinafter set forth. The Principal Balance and intel'est thcl'eon shall be payable us follows: 1. From and after the date hereof, the City shall pay intel'est only at the rate of nine and three-fourths (9 3/490) percent per annum on the Principal Balance thut shull from time to time be advanced hereunder pUl'suant to the terms of the Construction Loan Agreement and Loan Agreement hereinafter described. Interest shall accrue from and after the date of each and every advance so made by the Holder and shall be payable on the first day of the month next succeeding the date upon whiel1 the first advance is made, and on the first day of each and every month thereafter, and on the Purcllase Date, as defined in tile Loan Agreement hereinafter described, provided, that in the event that the Purchase Date docs not occur on or before August 20, 1980, the entire unpaid principal amount together with interest accrued thereon shall, at the option of the HOldel', become due and payable on demand. 2. Commencing on the Purchasc Date the unpaid principal amount shall bcnl' intel'cst thel'con at the rnte of eight and thece-quarters (8 3/4%) percent per annum unci shall be repayable in installments as follows: u. On tile fi rst clay of the month next succeeding the PUl'chnse Date thCl'C shall be paid an intet'cst only payment equal to Hccrued interest betwcen the Purchase Date and said first day of the month; b. On the [iI'St day of the second month next succeeding the Purchase Date and on the first day of each month thereafter -1-