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3. Principal and interest and any premium due hereunder shall be payable at the principal office of the Lender, or at such other place as the Holder may designate in writing. 4. This Note is issued by the City to finance the acquisition of a Project, as defined in Section 474.02, Subdivision la, Minnesota Statutes, consisting of the acquisition of land and the construction and installation thereon of an office building, pursuant to the Loan Agreement, and this Note is further issued pursuant to and in full com- pliance with the Constitution and laws of the State of Minneso- ta, particularly Chapter 474, Minnesota Statutes, and pursuant to a resolution of the City Council duly adopted on December 26, 1984 (the "Resolution"). 5. This Note is secured, among other things, by a Pledge Agreement of even date herewith by the City to the Lender (the "Pledge Agreement"), a Combination Mortgage, Security Agreement and Fixture Financing Statement of even date herewith among the Borrower as mortgagor, and the Lender as mortgagee (the "Mortgage"), an Assigrunent of Rents and Leases, of even date herewith, from the Borrower to the Lender (the "Assigrunent of Rents and Leases") and a Letter of Credit (as defined in the Loan Agreement). The proceeds of this Note shal1 be placed in the Construction Fund established pursuant to the Resolution and the Disbursing Agreement (hereinafter referred to) and disbursement of the proceeds of this Note from the Construction Fund is subject to the terms and conditions of a Disbursing Agreement of even date herewith among the Lender, the City, the Borrower and Title Insurance Company of Minnesota (the "Disbursing Agreement"). 6. The Holder may extend the times of payments of interest and/or principal of or any penalty or premium due on this Note, including the date of the Final Maturity Date, to the extent permitted by law, without notice to or consent of any party liable hereon and without releasing any such party. However, in no event may the Final Maturity Date be extended beyond thirty (30) years from the date hereof. 7. The Borrower may prepay the Principal Balance in whole or if in part in increments of $100,000 on any payment date upon at least 30 days advance written notice to the Holder (or such lesser period of notice as the Holder may approve) and upon payment of an amount equal to the principal amount being so prepaid, plus accrued interest hereon to the date of prepayment, plus the prepayment premium calculated in accordance with paragraph 8 hereof. This Note is also subject 11