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UNITED STATE OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA No. R -1 $114,051.19 TAX INCREMENT REVENUE NOTE SERIES 1995B Date Rate of Original Issue 8.50% November 1, 1995 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 $114,051.19 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, 1998 and each August 1 and February 1 thereafter to and including February 1, 2006 ( "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. Available 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 prior to the date that the City's $32,250 Tax Increment Revenue Note, Series'1995A (the "Note 1 ") has been paid in full or terminated in accordance with its terms, including any extension of the final maturity of such Note as may be approved by the City after the issuance thereof. This Note is subordinate in all respects to Note 1. 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. SJ393340 CE155 -7 2 Rev -se: