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UNITED STATE OF AMERICA <br />STATE OF MINNESOTA <br /> CITY OF RAMSEY <br /> <br />No. R-1 $205,300 <br /> <br />TAX INCREMENT REVENUE NOTE <br /> SERIES 1993A <br /> <br />Rate ~ of Ori~nal Issue <br /> <br />8% : December 1, 1993 <br /> <br /> The C~ty .of Ramsey, Minnesota (the "City"), for value received, certifies that it is indebted <br />and hereby pgo~s to pay to Good Value Homes, Inc. or registered assigns (the "Owner"), the <br />principal suM, of Two Hundred Five Thousand, Three Hundred Dollars ($205,300) and to pay <br />interest thereo~ al:[the rate of 8% per annum, as and to the extent set forth herein. <br /> <br />1. ! ~. Principal and interest ("Payments") shall be paid on February 1, 1995 <br />and each Fcbrg~ 1 thereafter to and including February 1, 2000 ("Payment Dates") in the amount <br />of and only .tO thc extent of Available Tax Increment as hereinafter defined. Payments shall be <br />applied first t~ accrued interest, and then to unpaid principal. <br /> <br /> p I · <br /> aym~:nts ~are payable by mail to the address of the Owner or such other address as the <br />Owner may ~sig[n. ate upon 30 days written notice to the City Administrator. Payments on this <br />Note are paYa[~ble~.:~ any coin or currency of the United Sates of America which, on the Payment <br />Date, is legal ~ndrr for the payment of public and private debts. <br /> <br /> 2. [: Inler~. Interest at the rate stated herein shall accrue on the unpaid principal, <br />commencing ~~ate of original issue and ceasing on February 1, 2000. Interest shall be <br />computed ori {he I~asis of a year of 360 days and charged for actual days principal is unpaid. <br /> <br /> 3. i Available Tax Increment. Payments on this Note are payable solely from <br />"Available T~ix Ihcrement," which shall mean, on each Payment Date, 97% of Tax Increment <br />generated in'i.t~e p~rec~g twelve (12) months with respect to the Subject Property and remitted to <br />the City by A~oka County, all as s,u, ch terms are defined in the Development Agreement, dated as <br />of May 31, 1991 ,(the "Agreement ) between the City and the Owner. Available Tax Increment <br />shall not incI'~dde any Tax Increment generated by the Subject Property if, as of any Payment Date, <br />the Owner ha.~ br~ached and failed to cure any term or condition of the Agreement, including but <br />not limited tO ~e Obligations set forth in Articles VI and VII thereof. <br /> <br />The City shal~ h~Ve no obligation to pay principal of and interest on this Note on each Payment <br />Date from an~ source other than Available Tax Increment, and the failure of the City to pay the <br />entire amount of Tprincipal or interest on this Note on any Payment Date shall not constitute a <br />default heret~lder~[as long as the City pays principal and interest hereon to the extent of Available <br />Tax Increm¢~ !. Further, the City shall have no obligation to pay unpaid balance of principal or <br />accrued intere ,t tliat may remain after thc final Payment on February 1, 2000. <br /> <br />Note is prepa <br />partial prepa: <br />required to be imade under this Note. <br /> <br />O0tional Prepayment. The principal sum and all accrued interest payable under this <br />?abele in whole or in part at any time by the City without premium or penalty. No <br />mae!at shall affect the amount or timing of any other regular payment otherwise <br /> <br />B-2 <br /> <br /> <br />