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4. Purpose. The Note shall provide funds to finance the Project by reimbursing the Developer for its payment of public redevelopment costs consisting of land acquisition and Site Improvements. Pursuant to the Plan, certain tax increments àeriveà from the Tax Increment District have been pledged to the payment of the Note as further specified below. The total cost _ .. _ I . .'. . .... . ., ,. _.,., _ _ _.I- _ _ __ _ _ _ _ __ _ ¿",. _ ....J ..:_ 01: t:ne .l:-'ro]ect:, wn1.cn sna.L.L l.nC.Luae aLL cosçs enur¡¡eLdLeU J.ll Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the Note. 5. Interest. The Note shall bear interest on the unpaid principal balance thereof at the rate of seven percent (7%) per annum; provided that the total amount of principal and interest paid on the Note shall not exceed $567,660, and interest shall cease to accrue on the Note when the total of all the amounts added to its principal amount and of interest paid or ________....:1 ____,_ .....,..,-_ ,..,.._ d~~rueu equd~s ~~þ/,þbU. 6. Redemption. The City may at its optlon at any time prepay in whole or in part the principal amount of the Note at par plüs accrüed interest. 7. Registration of Note. The Note may be assigned only with the consent of the City. In order to assign the Note, the assignee shall surrender the same to the City either in exchange for a new fully registered note or for transfer of the Note on the registration records for the Note maintained by the City. Each permitted assignee shall take the Note subject to the foregoing conditions and subject to all provisions stated or referenced therein. At the time of issuance and delivery of the Notel the officer of the City perfoL~ling the functions of the Treasurer (the "Treasurer") shall register the Note in the name of the payee in a note register which he and his successors in office shall maintain for the purpose of registering the ownership of the Note. The Note shall be prepared for execution with an appropriate text and spaces for notation of registration. Payment of principal installments, whether upon redemption or otherwise, made with respect to the Note, may be made to the registered holder thereof or to his, her or its legal representative, without presentation or surrender of the Note. 8. Form of Note. The Note, together with the ,..,__~..:.ç:":__..._ _,ç: 1")__..:_..._...........:__ +-'h_____ _""'......" '\.-.._":'9""\ _,,'h~~~T"\+-;'::l11,T \""C'.L l..J.....L...L.I",..;Q.l,..C::: UJ.. ~t::~-L.Ol...L.C1l....L.U.L.L L...1LC'.Lt::U.LL .:J.L.La.L..J.. J.Jf:;; .J..J,J. oUJ.../,;:;:JI\...ç;¡.."'\....L.VC,..I-..I-J the form of Exhibit B to the Development Agreement, attached also as Exhibit B to this resolution. of be or 9. the City by sealed with resignation Execution. The Note shall be executed on behalf the signatures of its Mayor and City Manager and the seal of the City. In the event of disability or other absence of either such officer, the Note 357542.2 3