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Maker <br />City of Ramsey <br />A Minnesota municipal corporation <br />Lender <br />Ramsey Retail Rental, LLC <br />Principal Amount <br />$35,579.00 <br />Interest Rate <br />Zero percent (0 %) <br />Term <br />Seven (7) Years <br />Annual Payments <br />$5082.27 <br />due annually each April 1St <br />commencing with April 1, 2012 <br />and continuing each April 1s <br />thereafter until April 1, 2019 when <br />all interest and principal shall be <br />due in full. <br />Balloon Payment <br />None <br />Payment in Lieu of <br />Annual Payment <br />If a Restaurant is operated on the <br />Site for a minimum of seven (7) <br />full months during any Fiscal Year <br />during the Term of the Note, the <br />Maker will pay 1/7 of the principal <br />due on Note in the amount of <br />$5082.27 annually. No such <br />payment will be made after April 1, <br />2019. <br />Project. The word "Project" means the renovation /building improvements of 5214 square <br />foot of 7533 Sunwood Drive NW, Suite 108, Ramsey, MN which property is located on the <br />following legally described property: <br />Addition, Anoka County, Minnesota. <br />Recipient. The word "Recipient" means Ramsey Retail Rental, LLC, a Minnesota limited <br />liability company which LLC is receiving the business subsidy granted herein. <br />Related Documents. The words "Related Documents" mean all promissory notes, credit <br />agreements, loan agreements, and all other instruments, agreements and documents, <br />whether now or hereafter existing, executed in connection with the Loan. <br />Restaurant. The word "Restaurant" means an eating facility, under the control of a single <br />proprietor or manager, where meals are regularly prepared on the premises, where full <br />waitress /waiter table service is provided, where a customer orders food from printed menus <br />and where the main food course is served and consumed while seated at a single location. <br />To be a restaurant as defined by this term in this Agreement, an establishment shall have a <br />license from the state as required by Minnesota Statutes §157.16, as it may be amended <br />from time to time, and meet the definition of "large establishment" as defined in said <br />Minnesota Statutes §157.16. An establishment which serves prepackaged food that <br />receives heat treatment and is served in the package or frozen pizza that is heated and <br />served, shall not be considered to be a Restaurant for purposes of this Agreement unless it <br />meets the definition of "large establishment ". Minnesota Statutes §157.16 is attached <br />hereto as Exhibit A and is incorporated herein as if fully set forth at this point. <br />4 <br />