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UNITED STATES OF AMERIC^ STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF NEW BRIGHTON No. R-l $G30,OOO.OO Commercial Development Revenue Note, Ser'ies 1980 (Irvin P. Moen and Judith F. Moen Project) The City of New Brighton, Minnesota, a municipal cOl'poration in the C:ounty of Ramsey and State of Minnesota (the "City"), for value I'cceived, hCl'cby Pl'olllises to pay to the order of First National Bank of Minneapolis, a natiorHll hankinf-'; association (the "Holder"), or reg-istered assigns, at its principal office at 120 SOUtll Sixth Street, Minneapolis, Minnesota 55402, or such other place as the Halrler', or its registered assigns, may from time to time desig'nate, solely from the revenues derived by the City from the Loan Agreement hereinafter described, the principal sum of SIX HUNDRED THIRTY THOUSAND AND NO/IOO DOLLAHS ($G30,()()O.OO), or such portion thereof as may be advanced hereon from time to time (the "Principal Balancen) and to pay interest thereon from the date hereof until this Note is fully paid at the rates of interest hereinafter set forth, The Pr'incipal Balance and interest thereon shall be payable as follows: 1. From and after the date hereof, the City shall PflY interest only Ilt the rate of nine and three-fourths (9 3/49f,) percent per Hnnum on the Principal Balance that shall from time to time be advanced hereunder pursuant to the terlllS of the Construction Loan Agreement Hnd LOHIl Agreement hereinafter described, Interest shall accr'ue from and after the date of each and every advance so made by the Holdel' and shall be payable on the first day of the month next succeeding the date upon which the first advance is made, alld on the fil'st day of each and every month thereafter, and on the Purchase Date, as defined in the Loan Agreement hel'einaftct' described, pl'ovided, 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 Holder', become due and payable on demand, 2. Commencing on the Purchase Date the unpaid principal Illilollnt shull bear inter'est ther'eon at the rate of eight nnd tlll'ce-quarters (8 :1/4'i{,) percent per annum and shall be repayable in installments liS follows: a. On tile first day of the month next sllcceeding the Purellllsc Date ther'e shall be paid an interest only payment equal to accrued interest between the Pur'chase Date and said first clay of the month; b. On the first day of the second' month next sllcCecdin[; the Purchuse Date and on the first dny of each month thet'carter' -1-