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UNITED STATE OF AMERICA STATE O�' MINNESOTA COUNTY OF RAMSEY CITY OF ARDEN HILLS No. R-1 $1,115,000 TAX INCREMENT REVENUE NOTE SERIES 20_ Rate Date oi Original Issue % , 20 The City of Arden Hills, Minnesata (the "City"), for value received, certi�es that it is indebted and hereby promises to pay to PRESBYTERIAN HOMES O� ARDEN HILLS, INC. or registered assigns (tha "Owner"), the principal sum of $ and to pay interest thereon at the rate of percent per annum, as and to the extent set farth herein. Unless the context clearIy reqUires otherwise, capitalized terms in tk�is Note have the meaning provided in the Contract for Private Development between the City artd Owner dated as of December 20, 2010 {the "Agreement"). 1. Payments. Principal and interest {"1'ayments") shall be paid on August 1, 2014 and each February 1 and August 1 ti�ereafter ("Payment Dates") to and including February 1, 2U28, or such eariier Payment Date when principal and accrued interest have bcen paid in full, and shall be made in the amour�ts and solely from the sources set forth in Section 3 hereon. Paymen#s shail be applied first to accrued interest, and then ta unpaid principal. Payments are payable by mail ta the address of the Owner or such other address as ihe Owner may designate upon thirty (3U) days writt�n notice to t�e City. Payments on this Nate are payable in any coin or currency of the United 5�ates of America wh�ch, on the Payment Date, is legal tender for the payment of p�blic and private debts. 2. Interest. Interest a� the rate stated herein shall accrue on the �npaid principal from and after the date of issue of this Note. Interest accruing from the date of issue through February 1, 2014 wil� be compounded semiannually on each August 1 and February 1 and added to principaI. Interest shall be computed on the basis of a 360-day year consisting of t�vvelve 30-day months. 3. A�ailable TaY Increment. �ayments on this Note on each Payment Date are payable solely from and in the amount of Avaiiable Tax Incrernent. The term "A�ailable Tax Yncrement" means (a) on Payment Dates from August 1, 2014 through Febntary 1, 2019, 90 percent of the Tax Increment attributable to the Minimurz� IznprovemEnts and Development Property that are paid to the City by Ramsey County in the six (6) montt�s preceding the Payment Da#e, and (b} on Payment Dates from At�gust 1, 2019 ta February 1, 2028, 75 percent of the Tax Increment attributable to the Minimum T�nprovements and Development Property that are paid to the City by Ramsey County in the six (6) months preceding t�ae Paytt�ent Date. Available Tax Increment shall not include any Tax Increment if, as of any Payment Date, there is a� uncured Event of Default under the Agreement or tlie Land Development Agreement Any amount of Available TaY Increment so wi#hheld shall be paid, without interest on the withhetd amount, on the next 379276v1 AR200-10 2