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<br />10 1llld ilWllldill'c Illl' two 111l:](\I'(~<I Ilind\'-Ilillth C~~l!l\ll) Illontll
<br />" ,
<br />t!H'f'('n l \('1', prillCipnl .'mil intC'I'('st sllall be title 111\<1 payable in
<br />('(pml ll1o!~tI11:,' il1::;t:dll11clits of Five Tll011:,IUHl One Ilundl'ed
<br />F i ~~ h ts - Cd 1 (' Illl( i 'F) / lUll ($:i, 1 B I. 'l ~)) I) 0 11 H I'S wit h It fin nIp 11 y III (' n t
<br />dul' Oil Ill(' tllT'CC hlllHll'cdth (:WOth) month thercafter on which
<br />d,l\c tile {llIire unpaid bnlrlllcc tCI!";dhcr with n('<'l'ucd interest
<br />sl1nJl b(' (lI:e nlld pn~l:tblc. Notwilllstnn<linp: the above nl\d
<br />rL'f','ill'dless of thc 1'lH'('llasc Date, this Note shllll Ilwtllrc und nil
<br />unpnid prineipal and interest shnll be due and payable in any
<br />('vent on S'--'ptcl\lbcl' 1, 2005.
<br />
<br />In tl'e event of a nctcI'minntion of Tnxability, as defined in the Loan
<br />Agreement. the r:lte of intet'c:;t hereon shall automatically be illcr'eased to ten and
<br />three-faurllt::; (lO-3/4"(,) DCI' nl~nllm cffr:etive as of the Date of Taxabilitv. os
<br />I ' , ,. .
<br />defined in t1IC~ Loan /\~;I'CCI1lCllt, unless the Date of Taxability o('curs before the
<br />PLlr'ehas(' 11r:te, in which ea~~c this Note shull bent' interest fr'om the Date of
<br />Taxability until the Purelwsc !):lte at an annual rate that shall at nIl times bc equal
<br />to two (2) pcrccnlaf;(' points over' the !wime rate of interest charged by Fi['st
<br />Nationnl Bnnk of l\1innenpolis from time, to time on gO-day unsecured loans to its
<br />cornme['einl horrower's of t!1(' hif;llest c['celit standing, whieh arltllwl rnte shall
<br />ehange wilen ,and as said primc r:lte slHdJ ('ilallgc~ until the PW'CllllSC Date at which
<br />time Gnd thereafter the interest r<-lte shall be ten and three-fourths (10 3/4'7(,)
<br />percent pCI' antHII\1. In the event of [] Dctct'iTlina lion of Taxahili ty, mont/ily
<br />payments or prilll~ipnl Uild irltNest fr'om and after the Date of Taxability shall be
<br />rccompllted at tile nrr'lieal)lc inicr'cst rate or ['ales set forth above using thc
<br />nmortizatiol\ period llsed in tile orif;inal computation of the pl1ym.ent'i dlle her(~-
<br />under and the City shall (n) pl'orrlptly pay to the r'e[!istercd owner hereof and to any
<br />prior rq;'istercd owner the l1[;gTcgatc differ'cnce between (i) the nlllounts actually
<br />paid hereunder between tile U;lIe of Taxability and tile date of D~tcrmino.tion of
<br />Taxability and Oi) the amounts which would have been pai<j to sLlch registered
<br />owner during such period j [ the incl'cnscd interest rate or rates had been in effect
<br />and (b) pay to t;le registered owner hereof after the date of Determination of
<br />Taxability monUl1v payments of principal and interest as so recomputcd.
<br />
<br />/\11 intere:t shall be pomput'rl on the basis of the actual number of days
<br />elapsed on the Ih'UlnptioTls I~!,t cnell month contains thirty (30) clays and each year'
<br />three IlulJdl'ed :~i;.; i y (:Hin) r]\y<
<br />
<br />All pnYI11(':i\s Iw\de III'\>T thi'~ ~~ote shall be applied first tn interest and then
<br />to rt'ir)('ipn1. C'~,(~CiJt tll'1I. if 'I", V1Vnrl('C5 lllllde by the r'C[;ister'ed owner' of the Note
<br />linder' the tcnw: o[ nn.\' ill'li'l 11<'11\" ~:(~elll'ing the Note Me not ['epaid, BIlY manics
<br />t'cc'eivcd, nl tl1'\ "ptiC)[l of 111" 1":'i-.,-isll'l'ed owner' may first be rpplir'd to \'cpny slleh
<br />;l(!vnnecs, pIll'; ir!lel'c:-;l t1H II ;'1, at the intcrest rate thcn in eHeet her'cllndel', and
<br />IIIC ba1:1I1(,(', if :11':,1, shilll hi' :'!,,!jed on Ile('ount of Hny installmcnts then duc.
<br />
<br />'I'11i:; Note i:: iSS\le(l li!l\ il-emt to the i\Tinnesota :\1unicipal Industrial Dcvelo[>'-
<br />ment l\r:'t, Ch;'i tel' ,174, '"q; '\Csc,t1 Statutes, as 8.mcnr!ed (the "Act"), and in
<br />r'onfonnity ,'.'iti; tile p['OVi'~II)il;;, )'c',;ll'ictions and limitations thCl'cof. This Note
<br />docs not rCj>l'e:;nJ1, n d,:,!)t ni !>Ir'dn:c of the faith or cI'edit of the City or' gt'ant to
<br />the rCf':istr.'t'ctl (I'TH:I' ;)[" tlli: ~!ote 11I1Y rip;ht to huve the City levy Ilny taxes 01'
<br />:lppI'O[ll'i:l'(~ nrl;; 'IInds (01' jll,\ il:lynl"llt of tile principal hereof or interest hc{'con,
<br />not' is this Notc' ~;' iH'l':tl ',:<i'i1ioll i'l the City 01' th2 individual offieCl's or nf;cnts
<br />(iJcreof. TI1i:~ 7' ,tc lllld i!Jtn,';t t:'~I'r'on ar'c payable solely and only out of the
<br />1110IlCYS receive' I IlflrlCI' Uti' I, "Ill /\I~r'('emcnt or realized frolll the enforcement of
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<br />-2.-
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