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UNITED STATE OF AN�RICA <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY O�' ARDEN HILLS <br />No. R-1 <br />$1, I 15,000 <br />TAX INCREMENT REVENUE NOTE <br />SERIES 20 <br />Rate <br />Date of Original Issue <br />% , 20 <br />The City of Arden Hills, Minnesota {tk�e "City"), for value received, certifies that it is indebted <br />and hereby pramises to pay to PRESBYTERiAN HOMES OF ARDEN HILLS, INC. or registered <br />assigns (the "Owner"), the principal sum of $ and ta pay inEerest thereon at the rate of <br />percent per annum, as and to the extent set forth herein. Llnless the co:ntext clearIy requires <br />otherwise, capitalized te;r:�s in. this Note have the meaning provided in the Contract for Pri�ate <br />DeveIopment between the City and Owner dated as oF December 13, 2010 (tlae "Agreement"). <br />1. Payments. Principal and interest ("Payments") s�all 6e paid on August 1, 2014 and each <br />February 1 and August 1 thereafter ("Payment Dates") to and including February 1, 2028, or snch earIier <br />Payment Date when principal and accrued interest have been paid in fuil, and shalI be made in the <br />amounts and solely from the sources set forth in Section 3 hereon. Payments shall be applied first to <br />accrued interest, and then to unpaid p:rincipal. <br />Payments are payable by mail to the address of the Owner or such other address as the Owner <br />may desig!nate upon thirty {30) days written notice to the City. Payments on this Note are payable in any <br />coin or currency of the United States of America which, on the Payme►at Date, is legal tender for the <br />paynnent of public and private debts. <br />2. �aterest. Interest at the rate stated herein shall accrue on the unpaid principaI from and <br />after the date of issue of this Note. Interest accruing from the date of issue thraugh February 1, 2014 will <br />be compounded semiannually on each Augus� 1 and February I and added to principal. Interest shall be <br />computed on tlae basis of a 360-day year consisting of tweIve 3U-day rnonths. <br />3. Available Tax Increment. Payments on this Note on each Pay�nent Date are payable <br />soIely from and in the amount at' Available Tax Increr�nent. The term "Availabla Tax Increment" means <br />(a) on �ayment Dates fro� August l, 2U1A througl� February 1, 2019, 90 percent of the Tax Increz�nent <br />attributable to the Minimum Improvements and Development Property that are paid to the Ciiy by <br />Ramsey Counry in the six (6) manths preceding the �'ayment Date, and {b) on Payment Dates from <br />Aug�st 1, 2019 to Febr�ary 1, 202$, 75 percent of the Tax Increment attributable to the Minimum <br />Improvements and Development Property that are paid to the City by Ramsey County in the six (6) <br />mon�s �receding the Payment Date. <br />Available Tax Inerement shaIl not include any Tax Increment if, as of any Payment Date, there is <br />an uncured Event of Default under the Agreexnent or the Land Devalopment Agreement; any amount of <br />Available Taac Increment so wit}iheld shall be paid, without interest on the withheld amount, on the next <br />378990v6 SJB AR200-10 C_,4 <br />