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No. R-1 <br /> <br />UNITED STATE OF AMERICA <br />STATE OF MINNESOTA <br /> CITY OF RAMSEY <br /> <br />TAX INCREMENT REVENUE NOTE <br /> SERIES 1993 <br /> <br />$106,756 <br /> <br /> Date <br />of Ori~nal Issue <br /> <br />December 1, 1993 <br /> <br /> The l~ity of Ramsey, Minnesota (the "City"), for value received, certifies that it is indebted <br />and hereby pkomises to pay to W!ndemere Woods of Ramsey, a Minnesota Limited Partnership or <br />registered a~signs (the "Owner'), the principal sum of One Hundred Six Thousand, Seven <br />Hundred Fife-Six Dollars ($106,756) and to pay interest thereon at the rate of 8% per annum, as <br />and to the exfent ,set forth herein. <br /> <br /> 1. i payments. Principal and interest ("Payments") sh~l be paid on F,e, bruary 1, 1995 <br />and each Fei:~'u~ 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 first tb aCCrued interest, and then to unpaid principal. <br /> <br /> Payments are payable by mail to the address of the Owner or such other address as the <br />Owner may ~esignate upon 30 days written notice to the City Administrator. Payments on this <br />Note are pay~tble in any coin or currency of the United Sates of America which, on the Payment <br />Date, is legalltender for the payment of public and private debts. <br /> 2. I I~!terest. Interest at the rate stated herein s'hall accrue on the unpaid principal, <br />commencingon ~the date of original issue and ceasing on February 1, 2000. Interest shall be <br />computed on )he basis of a year of 360 days and charged for actual days principal is unpaid. <br /> <br /> 3. ' AYailable Tax Increment. Payments on this Note are payable solely from <br />"Available Tax Increment," which shall mean, on each Payment Date, 97% of Tax Increment <br />generated in ~e preceding twelve (12) months with respect to the Subject Property and remitted to <br />the City by/~nol~a County, all as such terms are defined in the Development Agreement, dated as <br />of October 3 f, 1991 (the "Agreement") between the City and the Owner. Available Tax Increment <br />shall not include .any Tax Increment generated by the Subject Property if, as of any Payment Date, <br />the Owner ha~s breached and failed to cure any term or condition of the Agreement, including but <br />not limited to[the.Obligations set forth in Articles VI and VII thereof. <br />The City shall have no obligation to pay principal of and interest on this Note on each Payment <br />Date from ay sOurce other than Available Tax Increment, and the failure of the City to pay the <br />entire amounlt of~ principal or interest on this Note on any Payment Date shall not constitute a <br />default hereu0der as long as the City pays principal and interest hereon to the extent of Available <br />Tax Incremer~t. Further, the City shall have no obligation to pay unpaid balance of principal or <br />accrued inter6st that may remain after the final Payment on February 1, 2000. <br /> <br /> 4. i O_~tional Prepayment. The principal sum and all accrued interest payable under this <br />Note is prepa~yable in whole or in part at any time by the City without premium or penalty. No <br />partial prepayment shall affect the amount or timing of any other regular payment otherwise <br />required to he'matte under this Note. <br /> <br />B-2 <br /> <br /> <br />