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UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF ARDEN HILLS Commercial Development Revenue Note of 1984 (Pet Care Partnership Project) . $235,000 FOR VALUE RECEIVED the CITY OF ARDEN HILLS, Ramsey County, Minnesota, (the "City") hereby promises to pay North Star State Bank, in Roseville, Minnesota, its successors or. registered assigns (the "Lender"), from the source and in the manner hereinafter provided, the principal sum of TWO HUNDRED THIRTY-FIVE THOUSAND AND 00/100 DOLLARS ($235,000), or so much thereof as may have been advanced to or for the benefit of the Ci ty and remains unpaid from time to time (the "Principal Balance"), with interest thereon at the rate or rates hereinafter set forth in any coin or currency Which at the time or times of payment is legal tender for the payment of public or private debts in the United States of America, in accordance with the terms hereinafter set forth. 1. From and after the date hereof through April 30, . 1988, interest shall accrue on the principal Balance at a rate per annum equal to eleven and five-eighths percent (11 5/8%). Accrued interest only shall be payable on April 1, 1985. Additional interest for the period beginning on the date of this Note and ending December 31, 1985 shall be payable on the date of this Note in the amount of $2,000.00. Commencing on May 1, 1985 and on the first day of each month thereafter through and including May 1, 1988, principal of and interest on this Note shall be payable in equal installments of $2,415.00. 2. commencing May 1, 1988 and on each May 1 every t'NO years thereafter through and including May 1, 1994 (each, an "Adjustment Date") interest accruing on the Principal Balance shall be adjusted to equal one percent (1%) per annum in excess of the yield on the most recent original offering prior to each Adjustment Date of two year United States Treasury Notes rounded to the nearest one-eighth of one percent 7 .