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<br />~ EXHIBIT C <br />~ FORM OF TAX INCREMENT NOTE <br /> <br />No. R-1 $ <br /> <br /> <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF WASHINGTON <br />IN AND FOR THE CITY OF COTTAGE GROVE <br /> <br />~ TAX INCREMENT REVENUE <br />NOTE OF 1991 <br />(COTTAGES OF COTTAGE GROVE LIMITED PARTNERSHIP PROJECT) <br /> <br />The City of Cottage Grove, Minnesota (the "City"), hereby <br />acknowledges itself to be indebted and, for value received, <br />hereby promises to pay the amounts hereinafter described (the <br />"Payment Amounts") to Cottages of Cottage Grove Limited <br />Partnership or its registered assigns (the "Registered Owner"), <br />but only in the manner, at the times, from the sources of <br />revenue, and to the extent hereinafter provided. <br /> <br />The principal amount of this Note shall equal from time to <br />time the principal amount stated above, as reduced to the extent <br />~ that such principal installments shall have been paid in whole or <br />in part pursuant to the terms hereof; provided that the sum of <br />the principal amount listed above shall in no event exceed <br />$585,000, as provided in that certain Development Agreement, <br />dated as of June 1, 1991, as the same may be amended from time to <br />time (the "Development Agreement"), by and between the City of <br />Cottage Grove, Minnesota (the "City"), and Cottages of Cottage <br />Grove Limited Partnership (the "Company"). The unpaid principal <br />amount hereof shall bear interest from the date of this Note at <br />the simple, non-compounded rate of seven percent (9.00%) per <br />annum. Interest shall be computed on the basis of a 360 day year <br />consisting of twelve (12) 30-day months. <br /> <br />The amounts due under this Note shall be payable on <br />August 1, 1993, and on each February 1 and August 1 thereafter to <br />and inCluding February 1, 2005, or, if the first should not be a <br />Business Day (as defined in the Development Agreement) the next <br />succeeding Business Day (the "Payment Dates"), provided, that <br />such Payment Date shall be automatically extended if and to the <br />extent required to relieve the City of any obligation to pay any <br />Payment Amount any earlier than 30 days after it has received the <br />statement and compliance Certificate required under Section <br /> <br />( <br /> <br />. 18499 <br />C-1 <br />