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thc security hereinafter' dcs('rihc<l. Tile linbility of the (~ity hereunder is further restr'ictcd in ail respects as set fortlt in Section 474.10 of the Act. Tl1is Note is isslJcd [lrJd sold pursuant to n r'csolution of the City adopted by its City Council on :\larch 25, 1\380 (the "Note Resolution") in order to provide funds to be loaned to Irvin P. 1\10en and Judith F. 1\10en, husbnnd and wife, (the "Borrowers") pursuant to n Loan Agr'cemcnt dated fiS of , 1~J80 (the "Loan Agreement") beTwcell--fjlcCTty HllcJthe Borrowers' for the-p'urpose of finnllcing; the acquisition, construction Hnd equippint~ of an office warehouse building and related facilities, together with ap[>ul'tentmt site improvements (the "Pl'ojcd"), Rlllocated on rcal property situated in Ramsey County, Minnesota (the "Premises"). Under the Loan Agr'eement, the I3orrowers have agreed to construct and equip the Project and have agr'ccd to make certain loan repayments in amounts nnd at times sufficient to pay the principal of, premium, if any, and interest on this Note when due. Pursuant to an Assignment and PledGe of LOEln /\p,Tcelllcnt dated 8S of , 1980 executed by the City in [flvor of the Holder (the "Pledg~nie Crfy-hnspledged and assigned its interest in the Loan Agreement (except its rights umier Sections 4.02, 6.01, 7.04 and 7.05 thereof) to tlw registered owner hct'eof. This Note is further sccured by (i) a l\lol'tgnge and Security Agreement and Fixture Financing Statement dated as of . , 1980 (the "1\10rtgage") by which the Borrowers have grallTedto-thcHolder a first mortgage, lien on and secur'ity interest in the Project and tile Pr'cmises, (ij) an Assignment of Lease dated as of , HJ80 (the "Assignment") by which the Borrowers have assigned'to the Holclertll(~lr' interests in all rents and leases of the Project and the Premises; and (lii) a Guaranty to be executed by Chemical Technolog:l, Inc. to Investors Syndicate of America, Inc., a Delaware corporation ("Guamnty"). Advancc:s of funds for the Project are being made pursuant to n Construction Loan Agreement dated as of , 1980 (the "Construction Loan Agreement") amon~-tlle-(~i1y~rfoTdcr lll1<flTorrowers. Refec'cncc is hereby made to the Note Resolution, Loan Agreement, Pledge, Construction Loan Agree~ ment, MOl'tgagc, Assignment, and Guaranty for a complete description of the covenants and agreements therein contained, the nature and extent of the security thereby created and the rights, duties and immunities of the City thereunder. This Note may not be prepaid on or before the Purchase Date nor during the period of the first seven (7) LOlln Yeurs, as hereinafter defined. Thereafter, a"t the direction of the 13ol'rov,:ers, this N ate may be prepaid in full but not in part during the eighth (8th) Loan YCUI' upon t)le payment of a prepayment premium, over and above the interest accrued under the terms of tllis Note in an amount equal to three percent (3'?b) of the amount of principal prepaid and commencing with the ninth (9th) Loan Year upon the payment of a prepayment premium in an amount equal to two and one-half pcr'cent (2-1/2%) of the amount of principal prepaid. The prepayment premium to bc paid shall decrease by one-half percent (1/2%) for each LOHn YeM thereafter to 11 minirnur11 of one percent (1<:\,)) clur'ing the twelfth (12th) Loan Year Hnd ever'y LOHn Yerrr thcreufter. "Loan Year,n shall mean a calendar year consisting of twelve (12) months commencing on the date the first full monthly payment of principal and interest is due under this Nole. The Borrowers shall Rive the r'cgistered owner' of this Note ninety (90) days written notice of Hny such prepllYlll (,l1t Hnd Hny such prepayment Shall not suspend regular payments as they become clue. Provisions to the contrary, if any, contained in this Note notwithstanding, the above--described Construction Loan Agreement shall no longer constitute a part -3-