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-- ---~--- --------- -- --~ --- - --- -~ --- -~ --- -- ---- ---------- -~ SCHEDULE F FORM OF NOTE UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA CITY OF CENTERVILLE TAXABLE LIMITED REVENUE TAX INCREMENT NOTE ( PROJECT) The City of Centerville, Minnesota (the "City"), hereby acknowledges itself to be indebted and, for value received, promises to pay to the order of . a , or its permitted assigns (the "Owner"), solely from the source, to the extent and in the manner hereinafter provided, the principal amount of this Note, being Dollars ($ ) (the "Principal Amount"), commencing on August 1, 20_ and continuing on each February 1 and August 1 thereafter up to and including August 1,20_ (the "Scheduled Payment Dates"). This Note is one of the Notes defined in that certain Development Agreement dated as of ,2007, between the City and the Owner (the "Contract"). No interest shall accrue on the Principal Amount of this Note until the City has delivered to the Owner a certificate certifying that the condition precedent set forth in Section 3.8 of the Contract has been satisfied or waived. Interest at the rate of percent ~%) per annum shall accrue from the date of such certification (the "Certification Date") until the earlier of the date that this Note is paid in full or the termination of the Authority's Tax Increment Financing District No. _ (the "District). Accrued and unpaid interest on this Note shall be added to the Principal Amount on each February 1 and August 1 up to and including February 1,20_. Each payment on this Note is payable in any coin or currency of the United States of America which on the date of such payment is legal tender for public and private debts and shall be made by check or draft made payable to the Owner and mailed to the Owner at its postal address within the United States which shall be designated from time to time by the Owner. The Note is a special and limited obligation and not a general obligation of the City, which has been issued by the City pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes. Section 469.178, subdivision 4, to aid in financing a "project", as therein defined, of the City consisting generally of defraying certain capital and administrative costs incurred and to be incurred by the City within and for the benefit of its Municipal Development District No. 1 (the "Project"). THIS NOTE IS A SPECIAL AND LIMITED AND NOT A GENERAL OBLIGATION OF THE CITY PAYABLE SOLELY OUT OF AVAILABLE TAX INCREMENT, AS DEFINED BEWW, AND .NEITBER THE STATE NOR ANY POLmCAL SUBDIVISION THEREOF SHALL BE LIABLE ON THIS NOTE, NOR SHALL THIS NOTE BE PAYABLE OUT OF ANY FUNDS OR PROPERTIES OTHER THAN AVAILABLE TAX INCREMENT.