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UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY 0 F RAMSEY CITY OF ROSEVILLE Commercial Development Revenue Note of 1985, Series E (Oakcrest Office Plaza Project) $3,750,000 FOR VALUE RECEIVED the CITY OF ROSEVILLE, Ramsey County, Minnesota, (the "City") hereby promises to pay National City Bank of Minneapolis, in Minneapolis, Minnesota, its successors or registered assigns (the "Lender"), from the source and in the manner hereinafter provided, the principal sum of THREE MILLION SEVEN HUNDRED FIFTY THOUSAND AND 00/100 DOLLARS ($3,750,000.00), or so much thereof as may have been advanced to or for the benefit of the City and remains unpaid from time to time (the "Principal Balance"), with interest thereon at the rate set forth in paragraphs (a) and (b) below or at such higher rate as hereinafter provided in para- graph l(d) hereof, in any coin or currency which at the time or times of payment is legal tender for the payment of public or private debts in the United States of America, in accordance with the terms hereinafter set forth. 1. (a) From and after the date hereof and until the Note is purchased from the Lender in accordance with the provisions of paragraph l(c) hereof (the "Purchase Date"), interest on the Principal Balance shall accrue at the rate of eighty-five percent (85%) of the publicly announced prime rate of the Lender; provided that in no event shall the interest rate be less than ten percent (10%) (the "Interim Rate"). The Interim Rate shall be calculated daily. Interest only shall be paid on the Note until the Purchase Date. Interest shall accrue from and after the date of this Note and shall be payable on the first day of the calendar month next succeeding the date hereof, and on the first day of each and every month thereafter. 7