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UNITED STATES OF AMERICA <br /> STATE OF MINNESOTA <br /> COUNTY OF ANOKA <br /> CITY OF RAMSEY <br /> <br />Commercial Development Revenue Note <br />(Greenberg's, Inc. Project) <br /> <br />$450,000 <br /> <br /> The City of Ramsey, Minnesota, a municipal corpo- <br />ration of the State of Minnesota (the City), for value <br />received, hereby promises to pay to the order of FIRST <br />NATIONAL BANK IN ANOKA or assigns (the Holder), at its <br />principal office in Anoka, Minnesota, or at such other <br />place as the Holder may designate in writing, from the <br />Source and in the manner and with interest thereon <br />hereinafter provided, the principal sum of FOUR HUNDRED <br />FIFTY THOUSAND DOLLARS ($450,000), or so much as is <br />advanced hereunder in payment of Project Costs (as defined <br />in the Mortgage hereinafter referred to), with interest on <br />the unpaid principal amount at the rate of eight and'' <br />three-fourths percent (8-3/4%) per annum, except as here- <br />inafter provided upon a Determination of Taxability. Both <br />principal and interest are payable in any coin or currency <br />which at the time or times of payment is legal tender for <br />the payment of public or private debts in the United <br />States of America. This Note is payable in installments <br />due on the first day of each month following the dates of <br />the initial advance of the proceeds hereof made pursuant <br />to the Loan Agreement hereinafter referred to, as follows: <br /> <br /> (a) prior to the first day of the month follow- <br />ing the Completion Date (as defined in the Mortgage <br />hereinafter referred to), an amount equal to the <br />interest accrued monthly on the outstanding principal <br />of this Note; and <br /> <br /> (b) commencing on the first day of the month fol- <br />lowing the Completion Date and on the first day of <br />each month thereafter to and including the first day <br />of the one hundred forty-third (143rd) month following <br />the Completion Date, in equal monthly installments of <br />Three Thousand Nine Hundred Sixty-seven and no/100ths <br />Dollars ($3,967.00) each, and the entire unpaid prin- <br />cipal and accrued interest thereon, if not sooner <br />paid, to be due and payable on the first day of the <br />one-hundred forty-fourth (144th) month following the <br />Completion Date, all payments to be applied first to <br />interest and then to principal. <br /> <br /> <br />