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be applied first to interest due on the Principal Balanee and thereafter to reduction of the Principal: alance. 3. In any event, the payments hereunder shall he sufficient to play all principal and interest due, as such principal and 'Interest becomes due, and to pay any prienlium, or service charge., at maturity, upon redeniption, or otherwise., 4. If any installment of principal or interest on this Note is not paid d within ten (10) days of the due date thereof, the City shall pay to the Lender a late charge equal to five percent (5%) of the amount of such 'installment. 5. If Concordia Academy Association of'Schlools, a Minnesota nonprofit corporation (the "Borrower") ails to provide financial statements, o r other financial informatiorddocumentation as required by the Amended and Restated Loan Agreement of even date herewith among the City, the Borrower and the Lender (the "Loan Agreement") and Stich failure continues after ten (10) days' written notice thereoffrom the Lender to the Borrower, then ' 4 the Lender shall have the option, upon notice written tic of ie to the Borrower, increasing the rate I of interest due on this Note for the balance of the term by one-half percent (.5%) per annum (which 'increase shall be 'in addition to any other inerleasie as specified hierlein) and/or declaring such failure to constitute an Event of Default (as defined it the Loan Agrelement). 6. Upon a Deternunation of Taxability as defined 'in the Loan Agreement), the interest rate on this Note shall be 1% in excess of the Prime Rate, as such rate shall change from time to time, but never less than 7% per year from and after the Date of Taxability (as defined in the Loan Agreement), Any accrued and -unpaid interest as a result of such Detieri-ni at ion of T axab i I ity shall be paid to the Lender within tb irty (3 0) days lo of the D ete rminati lo n of Taxability. 7. Principal and interest and premium or service charge, if any, due hereunder shall be payable at the principal office of the Lender, or at such other place as the Lender may designate in writing. 9. This Note is issued by the City with the consent of the City of Bloomington to provide long-term financing for a project, as defined in Minnesota Statutes, Section 469.152, consisting of the non-religious portions of (a) improvements at the Bilorrolwer's facility at 2400 North Dale Street in the City, (b) the Borrower's facility at 82,01 Park Avenue South in Bloomington, Minnesota, and (c) additional improvements at the Bloo,mingtion facility. This Note is further issued pursuant to and in on full compliance with the Cstitution and laws of the State of Minnesota, Darticularly Minnesota Statutes, Sections 469.152 to 469.1651 and pursuant to a resolution of the City duly adopted on March 171, 2008 (the "Resolution"). 9. This Note is secured by a Pledge Agreement of even date herewith between the City and the Lender (the "Pledge Agreement"), as Amended and Restated Mortgage, Security Agreement, Fixture Financing Statement and Assignment of Leases anid dents dated of even date herewith executed by the Borrower, as mortgagor, in favor of the Lender, as mortgagee, as amended b n Amended and Restate Mortgage (the "Mortgage"), a Security Agreement dated of even date herewith between the Borrower, as debtor', and the Lender, as secured party (the "Security Agreement") and a Pledge and Security Agreement from the Borrower in favor of the 2144812x1 2