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UNITED STATE OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA No. R-1 $32,250 TAX INCREMENT REVENUE NOTE SERIES 1995A Rate Date . of Orie;inal Issue October _' 1995 8.50% The City of Centerville, Minnesota (the "City"), for value received, certifies that it is indebted and hereby promises to pay to Northern Forest Products, L. L. C. , or registered assigns (the "Owner"), the principal sum of $32,250 and to pay interest thereon at the rate of 8.50% per annum, as and to the extent set forth herein. 1. Payments. Principal and interest ("Payments") shall be paid on August 1, 1997 and each February 1 and August 1 thereafter to and including August 1, 1998 ("Payment Dates") in the amounts set forth in Attachment A hereto, but only to the extent of Available Tax Increment as hereinafter defined. Payments shall be applied first to accrued interest, and then to unpaid principal. Payments are payable by mail to the address of the Owner or such other address as the Owner may designate upon 30 days written notice to the City. Payments on this Note are payable in any coin or currency of the United Sates of America which, on the Payment Date, is legal tender for the payment of public and private debts. 2. Interest. Interest at the rate stated herein shall accrue on the unpaid principal, commencing on the date of original issue. Interest shall be computed on the basis of a year of 360 days and charged for actual days principal is unpaid. 3. A vailable Tax Increment. Payments on this Note are payable solely from "Available Tax Increment," which shall mean, on each Payment Date, 90 percent of the Tax Increment generated in the preceding six (6) months with respect to the Property and remitted to the City by Anoka County, all as such terms are defined in the Contract for Private Development, dated as of October 24, 1995 (the "Agreement") between the City and the Owner. Available Tax Increment shall not include any Tax Increment generated with respect to the Property if, as of any Payment Date, there is an uncured Event of Default under the Agreement. The City shall have no obligation to pay principal of and interest on this Note on each Payment Date from any source other than Available Tax Increment, and the failure of the City to pay the entire amount of principal or interest on this Note on any Payment Date shall not constitute a default hereunder as long as the City pays principal and interest hereon to the extent of Available Tax Increment. If on any Payment Date there is available to the City insufficient Available Tax Increment to SJB93339 CE155-7 2 Rev1Bed