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IN WITNESS WHEREOF, the City Cvuncil of the C�ty of Arden Hil}s, Minnesota has caused this Nate to be executed with #he manual signatures of its Mayor and City Administrator, aIl as a� the Date of Qriginal Issue speci�ed above. CITY O�' ARDEN NILI,S, MINNESOTA Mayor City Administrator REGIS'TRATION PROVISIONS The ownership of the unpaid balance of the within Note is registered in the bond register of the CiTy Administrator, in the name of the person last 3isted below. Date of Registration Re�ered Ow��er Signature of Citv Administrator ,20 Presbyterian Homes af Arden Hills, Inc. Section 3. Tezms, Execution and Deliverv. 3.01. Denan�ination. Pa.�. The Note shall be issued as a single typewritten note numbered R-1. The Note shall be issuab�e only in fully registered form. Principal of a�d interest on the Note shalt be payable by check or draft issued by t�e Registrar describe� herein. 3.02. Dates; Interest Payment Dates_ Principal of and interest on t[te Note shall be payable by rnail ta the owner pf record thereof as of the close of business on the f�teent� day of the month preceding the Payment Date, whether or not sueh day is a business day. 3.03. Registration. The City hereby appoints the City Administrator ta perform the functions of registrar, tra�sfer agent and paying agent (the "Registrar"). Th� effect of re�istratian and the righ#s and duties of the City and the Registrar with respect thereto sha13 be as follows: (a) R�ister. The Registrar shall keep at its offce a bond register in which the Registrar sha11 provide for the registration of ownership of the Note and the registration of transfers and exchanges of the Note. (b) Transfer of Note. Upon s�trrender for transfer of ihe Note duly ei�dorsec� by the registered ownec thereof or aceompanied by a written instrument of transfer, in forrn reaso�ably satisfac#ory to the C-6