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UNITED STATE OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF ARDEN HILLS Na. R-1 $1, I I S,Q00 TAX iNCREMENT REV ENUE NOTE SERIES 20_ Rate Date of Qriginal Issue % , 20 The City of Arden H�lls, Minnesota (the "City"), for value received, certifies that it is indebted and hereby promises to pay to PRESBYTER�AN HOMES OF ARD�N HILLS, 1NC. or registered assigns (#he "Owner"), ihe principal st�m 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 ii� the Contract far I'rivate Development between the City and Owner dated as of December I3, 2U1 D(the "Agree�ent"). i. Payments. Principal and interest ("Payments") shaIt be paid on At�gust l, 201� and each February 1 and August l thereafter ("Payrr�ent Dates") to and including February l, 2028, or such earlier Payment Date when pri�cipal and accrued interest have been paid in full, and s�all be made i� the anr�ounts and soiely frorn the sources sEt forth in Section 3 hereon. Payments shall be applied first to accrued in#erest, and then to unpaid principai. Payments are. payable by mail to Ihe address of the Owner or such other address as the Ow�ier may designate upon thirty {30) days written notice to ti�e City. Payments on this Note are payabte in any coin or currency of the United States of America which, on the Payment Date, is Iegal tender for the payment of public and private debts. 2. interest_ I�tterest at the rate stated herein sha11 accrue on the unpaid principa� from and after the date of issue of this Note. [nierest accruing from the date of iss�e thro�gh February 1, 20I4 will iae compounded semiannually on eacl� August I and February 1 and added to principal. Interest sliall be computed on the basis af a 360-day year consisting of twelve 30-day months. 3. Available Tax ]ncrerr�ent_ Aayments an this Note on each Payment Date are payabie solely from and in the amount of Available Tax Increrrzent. The ter�r� "Avai}able Tax Incremer�t" �neans (a} on Payment Dates frort� August I, 2014 through February 1, 2019, 90 perce�# of the Tax Increment attributable to the Minirrium Improvements and Develop�nent Property t�tat ar� �aid to the City by Ramsey Cour�Ty in the six {6) months preceding the Payment Date, and (b) an Paymer�t Dates from August 1, 2019 to February 1, 2Q28, 75 percent of the Tax Increment attributable to the Minimum lmproverraents and Development Property that are paid to the City by Ramsey County in the six (6) months preceding the Payment Daie. Available Tax Increment shall not inciude any Tax inerement if, as of any Payment Date, there is an uncured Event of De�ault under tF�e Agreement or the Land Development Agreement; any amount of Availabte Tax Inerement so withheld sha11 be paid, without interest on the w'rthheld amount, on ihe next 378990v10 53B AfZ200-10 C-4