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]N WITNESS WHEREOF, the City Counci} af the City of Arden HilIs, Minnesota has caused this Note to be executed with ihe manuat signatures of its Mayor and City Administrator, all as of the Date of Or�gina� Tssue specified above. CITY OF ARDEN HILLS, MINNESOTA Mayor City Adrninistrator REGISTRATION PROVISIONS The ownership of the unpaid balance af tlae within Note is registered in the bond register of the City Administrator, in the nanne of the person last listed beiow. Date of Aegistration , Za Registered Owner Presbyterian Homes of Arden Hills, Inc. Signature of Ci�v Ad�ninistrator Section 3. Terms, Execution and Deliverv. 3.41. Denomination Pa ment. Tne Note shall be issued as a si�gle typewritten note numbered R-3 . The Note sha�] be iss�able only in fuliy registered farm. Principal of and interest on the Note sha11 be payable by check or draft issued by the Registrar described herein. 3A2. Dates; Interest Payment Dates. Principa] of and interest on the Note shal] be payable by mai] to the owner of record thereof as of the elose of bt�siness on the �fteenth day of the month preceding the Pay�nent Date, whetl-�er or not such day is a business day. 3.03. Re�istration. The City hereby appoints the City Administrator to perform the functions of registrar, transfer agent and paying agent (the "Registrar"). The effect of registra�ion and the rights and duties of the City and the Registrar with respeci thereto shall be as follows: (a) Register. The Registrar shall keep at its office a bond register in which the Registrar sha�l provide for the registration of ownership of the Note and the registration of trans�ers and exchanges of the Note. (b} Transfer of Note. Upon surrender for transfer of the Note duly endorsed by the registered owner thereof or accompa�ied by a written instr�ment of transfer, in form reasonably satisfactory to the 37S990v]0 SJB AR20D-10 C_�