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No. R-1 <br /> <br />UNITED STATE OF AMERICA <br />STATE OF MINNESOTA <br /> CITY OF RAMSEY <br /> <br />$234,042 <br /> <br />TAX INCREMENT REVENUE NOTE <br /> SERIES 1993 <br /> <br /> Dale <br />of Orieinal Issue <br /> <br />8% <br /> <br />December 1, 1993 <br /> <br /> The ~ty Of Ramsey, Minnesota (the "City"), for value received, certifies that it is indebted <br />and hereby p~om~..'.ses to pay to M.G. Astelford Company or registered assigns (the "Owner"), the <br />principal sum.' of ~Two Hundred Thirty-Four Thousand, Forty-Two Dollars ($234,042) and to pay <br />interest there0- .n a~:the rate of 8% per annum, as and to the extent set forth herein. <br /> <br /> 1. i [ P ,ayments. Principal and interest ("Payments") shall be paid on February 1, 1995 <br />and each Feb~ary 1 thereafter to and including February 1, 2000 ("Payment Dates") in the amount <br />of and only 't~ the extent of Available Tax Increment as hereinafter defined. Payments shall be <br />applied fa'st ~ a~ed interest, and then to unpaid principal. <br /> <br /> Payrtl <br />Owner may lc <br />Note are payi <br />Date, is legal <br /> <br />:ntsr are payable by mail to the address of the Owner or such other address as the <br />esignate upon 30 days written notice to the City Administrator. Payments on this <br />ble[in any coin or currency of the United Sates of America which, on the Payment <br />ender for the payment of public and private debts. <br /> <br />Interest. Interest at the rate stated herein shall accrue on the unpaid principal, <br /> <br />commencing ion :~he date of original issue and ceasing on February 1, 2000. Interest shall be <br />computed onthe basis of a year of 360 days and charged for actual days principal is unpaid. <br /> <br /> 3. [ AVailable Tax Increment. Payments on this Note are payable solely from <br />"Available T~x ~crement," which shall mean, on each Payment Date, 97% of Tax Increment <br />generated inthe I/reced/ng twelve (12) months with respect to the Subject Property and remitted to <br />the City by A ~olc$ County, all as such terms are def'med in the Development Agreement, dated as <br />of May 31, 1' ~91 ~(the "Agreement") between the City and the Owner. Available Tax Increment <br />shall not inch de ~y Tax Increment generated by the Subject Property if, as of any Payment Date, <br />the Owner ha; br~aehed and failed to cure any term or condition of the Agreement, including but <br />not limited to rlae Obligations set forth in Articles VI and VII thereof. <br />The City sh.al~, have no obligation to pay principal of and interest on this Note on each Payment <br />Date from any sola'ce other than Available Tax Increment, and the failure of the City to pay the <br />entire amoun~of.!principal or interest on this Note on any Payment Date shall not constitute a <br />default heremjder~as long as the City pays principal and interest hereon to the extent of Available <br />Tax Increment. l~urther, the City shall have no obligation to pay unpaid balance of principal or <br />accrued interest ~at may remain after the final Payment on February 1, 2000. <br /> - <br /> 4. : ~O~fional Preoayrnent. The principal sum and all accamed interest payable under this <br />Note is prepa~,al~le in whol~ or in part at any time by the City without premium Or penalty. No <br />partial prepa~m~t shall affect the amount or timing of any other regular payment otherwise <br />required to be}made under this Note. <br /> <br />B-2 <br /> <br /> <br />