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EXHIBIT B <br />Form of TIF Note <br />No. R-1 $ <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF ANOKA <br />CITY OF RAMSEY <br />TAX INCREMENT REVENUE NOTE <br />(DELTA MODTECH PROJECT) <br />The City of Ramsey, Minnesota (the "City"), hereby acknowled elf to be indebted <br />and, for value received, hereby promises to pay the amounts hereinaf cribed (the "Payment <br />Amounts") to SLP EX, LLC and AMP EX, LLC (collectively, the " e v eloper") or its registered <br />assigns (the "Registered Owner"), but only in the manner, at :. times, from the sources of <br />time to time the principal amount <br />revenue, and to the extent hereinafter provided. <br />The principal amount of this Note shall equal <br />stated above, as reduced to the extent that such priK pal installments shall have been paid in <br />whole or in part pursuant to the terms hereof; Ivied that the sum of the principal amount <br />listed above shall in no event exceed $972' . s provided in that certain Tax Increment <br />Financing Agreement, dated as of July 1, 2O9, as the same may be amended from time to time <br />and the Developer. This Note bears no interest. <br />(the "TIF Agreement"), by and between <br />The amounts due under thhvTe shall be payable on August 1, 2021, and on each <br />February 1 and August 1 thereafte and including February 1, 2030, or, if the first should not <br />be a Business Day (as define. the TIF Agreement), the next succeeding Business Day (the <br />"Payment Dates"). On eac ent Date, subject to the provisions of Section 3.5 the City shall <br />pay by check or draft ,d to the person that was the Registered Owner of this Note at the <br />close of the last busi • a'' day of the City preceding such Payment Date an amount equal to the <br />sum of the Tax Inc?. is (hereinafter defined) received by the City during the six month period <br />preceding such Pa ent Date. All payments made by the City under this Note shall be applied <br />to principal. This Note is prepayable by the City, in whole or in part, on any date. <br />The Payment Amounts due hereon shall be payable solely from 90% of tax increments <br />(the "Tax Increments") from the Development Property (as defined in the TIF Agreement) within <br />the City's Tax Increment Financing District No. 17: Delta ModTech (the "Tax Increment <br />District") within its Development District No. 1 which are paid to the City and which the City is <br />entitled to retain pursuant to the provisions of Minnesota Statutes, Sections 469.174 through <br />469.1794, as the same may be amended or supplemented from time to time (the "Tax Increment <br />Act"). This Note shall terminate and be of no further force and effect following the last Payment <br />Date defined above, on any date upon which the City shall have terminated the TIF Agreement <br />under Section 4.2(2) thereof or the Developer shall have terminated the TIF Agreement under <br />B-1 <br />11750570v4 <br />