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_ UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF FALCON HEIGHTS <br />Commercial Development Revenue Note of 1984 <br />(Bullseye Golf Centers, Inc. Project) <br />$1,400,000 <br />FOR VALUE RECEIVED the CITY OF FALCON HEIGHTS, Ramsey <br />County, Minnesota, (the "City") hereby promises to pay National <br />City Bank of Minneapolis, in Minneapolis, Minnesota, its <br />successors or registered assigns (the "Lender"), from the <br />source and in the manner hereinafter provided, tY~e principal <br />sum of ONE MILLION FOUR HUNDRED THOUSAND AND 00/100 DOLLARS <br />($1,400,000.00), (the "Principal Balance"), with interest <br />thereon at the rate set forth below, in any coin or currency <br />which at the time or times of payment is legal tender for the <br />payment of public or private debts in the United States of <br />America, in accordance with the terms hereinafter set forth. <br />1. (a) From and after the date hereof and until <br />October 3~, 1985 (the "First Anniversary Date") interest on the <br />Principal Balance shall accrue at the rate of 85$ of the <br />publicly announced prime rate of the Lender calculated daily. <br />Interest only shall be paid on the Note until the First <br />Anniversary Date. Interest shall accrue from and after th e <br />date of this Note and shall be payable on the first day of the <br />calendar month next succeeding the date hereof, and on the <br />first day of each and every month thereafter. <br />(b) Commencing on the First Anniversary Date <br />and on the first day of each calendar month thereafter, the <br />Principal Balance shall be amortized in equal consecutive <br />monthly installments of principal and interest the amount of <br />each which is to be calculated on an assumed 30 year <br />amortization with a final. installment of all unpaid principal <br />and interest on October 3~, 2014 (the "Final Maturity Date') <br />which shall be applied first to accrued interest and thereafter <br />to reduction of the Principal Balance. From and after the <br />First Anniversary Date interest on the Principal Balance shall <br />accrue at an annual rate which (i) is not less than 115$ nor <br />• ' <br />