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PROMISSORY NOTE <br /> FOR VALUE RECEIVED,in the form of Park Dedication fees owed to the City of Centerville,the <br /> undersigned Borrowers hereby jointly and severally promise to pay to the order of the City of <br /> Centerville, the sum of$3,860.00. Payment is due one-hundred eighty(180)days from the date of <br /> this Note,or due earlier at such time as the Subject Property may be sold.At such time as the Subject <br /> Property may be sold, funds to satisfy this Note shall be deducted from the proceeds of that sale by <br /> the Closing Agent, and paid directly to the City to satisfy this Note. <br /> The purpose of this Note is to secure payment of Park Dedication fees for the Subject Property, of <br /> which, the parties agree these fees benefit the Subject Property at least in the amount of the value <br /> of this Note. These fees are normally due prior to the time the City allows a subdivision and plat of <br /> the Subject Property to be filed with the County. The City agrees to accept this Note and a security <br /> interest in the Subject Property in lue of the normal requirement for the Borrowers to pre-pay these <br /> fees. <br /> The Subject Property at 6995 - 20' Avenue, Centerville, Minnesota, is legally described as Outlot <br /> A, Centervilla. <br /> The Borrowers grant the City a security interest in the Subject Property for the amount of this Note. <br /> This Note may be prepaid, at any time, in whole or in part, without penalty. <br /> This Note shall at the option of the holder hereof be immediately due and payable upon failure to <br /> make any payment due hereunder or for breach of any condition of any security interest,mortgage, <br /> pledge agreement or guaranty granted as collateral security for this Note or breach of any condition <br /> of any security agreement or mortgage,if any,having a priority over any security agreement,security <br /> interest,or mortgage on collateral granted,in whole or in part,as collateral security for this Note or <br /> upon the attempt to sell the Subject Property, or the filing by any of the undersigned of an <br /> assignment for the benefit of creditors, bankruptcy, or for relief under any provisions of the <br /> Bankruptcy Code;or by suffering an involuntary petition in bankruptcy or receivership not vacated <br /> within thirty days. <br /> Page 1 of 2 <br />