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<br />The terms "Determination of Taxability," "Date <br />of Taxability" and "Notice of Taxability" shall have the <br />meanings ascribed to such terms in the Loan Agreement, dated <br />the date hereof (the "Loan Agreement"), between the City and <br />Heco, Inc. (the "Borrower"). <br /> <br />2. In any event, the payments hereunder shall be <br />sufficient to pay all principal and interest due, as such <br />principal and interest becomes due, and to pay any premium or <br />penalty, at maturity, upon redemption, or otherwise. Interest <br />shall be computed on the basis of a 360 day year, but charged <br />for the actual number of days principal is unpaid. <br /> <br />3. Principal and interest and any premium due <br />hereunder shall be payable at the principal office of the <br />Lender, or at such other place as the Holder may designate in <br />writing. <br /> <br />4. This Note is issued by the City to provide <br />financing for a Project, as defined in Section 474.02, <br />Subdivisions la, Minnesota Statutes, consisting of the <br />construction and equipping of an office/warehouse building, <br />pursuant to the Loan Agreement, and this Note is further issued <br />pursuant to and in full compliance with the Constitution and <br />laws of the State of Minnesota, particularly Chapter 474, <br />Minnesota Statutes, and pursuant to a resolution of the City <br />Council duly adopted on July 12, 1982 (the "Resolution"). <br /> <br />5. This Note is secured by a Pledge Agreement of <br />even date herewith by the City to the Lender (the "Pledge <br />Agreement"), a Combination Mortgage, Security Agreement and <br />Fixture Financing Statement, of even date herewith between the <br />Borrower, as mortgagor, and the Lender as mortgagee (the <br />"Mortgage"), by an Assignment of Rents and Leases, of even date <br />herewith, from the Borrower to the Lender (the "Assignment of <br />Rents and Leases"), and by a Guaranty of even date herewith <br />(the "Guaranty") by the Borrower, Hoffmann Electric Company and <br />NuComp Systems, Inc. in favor of the Lender. The proceeds of <br />this Note shall be placed in the Proceeds Account of the <br />Construction Fund established pursuant to the Resolution and <br />the Construction Loan Agreement (hereinafter referred to) and <br />disbursement of the proceeds of this Note from the Construction <br />Fund is subject to the terms and conditions of a Construction <br />Loan Agreement of even date herewith among the Lender, the City <br />and the Borrower (the "Construction Loan Agreement"). <br /> <br />12 <br />