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UNITED STATE OF AMERICA - STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF ARDEN HILLS No.R-1 $1,115,000 TAX INCREMENT REVENUE NOTE SERIES 20 Rate _ Date of Original Issue % , 20 The City of Arden Hills, Minnesota (the "City"), for value received, certifies that it is indebted and hereby promises to pay to PRESBYTERIAN HOMES OF ARDEN HILLS, INC. or registered assigns (the "Owner"), the principal sum of $ and to pay interest thereon at the rate of -- percent per annum, as and to the extent set forth herein, Unless the context clearly requires otherwise, capitalized terms in this Note have the meaning provided in the Contract for Private Development between the City and Owner dated as of December 20,2010(the"Agreement"). 1. Payments. Principal and interest("Payments") shall be paid on August 1, 2014 and each February I and August I thereafter("Payment Dates") to and including February 1,2028, or such earlier Payment Date when principal and accrued interest have been paid in full, and shall be made in the amounts and solely from the sources set forth in Section 3 hereon. Payments shall be applied first to accrued interest,and then to unpaid principal. Payments are payable by mail to the address of the Owner or such other address as the Owner may designate upon thirty (30) days written notice to the City. Payments on this Note are payable in any coin or currency of the United States of America which, on the Payment Date, is legal tender for the - payment of public and private debts. 2. Interest. Interest at the rate stated herein shall accrue on the unpaid principal from and after the date of issue of this Note. Interest accruing from the date of issue through February 1,2014 will be compounded semiannually on each August I and February 1 and added to principal. Interest shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 3. Available Tax Increment. Payments on this Note on each Payment Date are payable solely from and in the amount of Available Tax Increment. The term "Available Tax Increment" means (a) on Payment Dates from August 1, 2014 through February 1, 2019, 90 percent of the Tax Increment attributable to the Minimum Improvements and Development Property that are paid to the City by Ramsey County in the six (6) months preceding the Payment Date, and (b) on Payment Dates from August 1, 2019 to February 1, 2028, 75 percent of the Tax Increment attributable to the Minimum Improvements and Development Property that are paid to the City by Ramsey County in the six (6) months preceding the Payment Date. Available Tax Increment shall not include any Tax Increment if, as of any Payment Date,there is an uncured Event of Default under the Agreement or the Land Development Agreement Any amount of Available Tax Increment so withheld shall be paid, without interest on the withheld amount, on the next 379276v1 AR200-10