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1 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF LITTLE CANADA, MINNESOTA Capital Campaign Financing Note, Series 2024 (Saint Paul Academy and Summit School Project) Dated Date: May __, 2024 $10,000,000 FOR VALUE RECEIVED the City of Little Canada, Minnesota, (the “City”) hereby promises to pay to the order of Bremer Bank, National Association, a national banking association, in [Minneapolis], Minnesota, its successors or registered assigns (the “Lender”), from the source and in the manner hereinafter provided, the principal sum of TEN MILLION DOLLARS ($10,000,000), or so much thereof as has been advanced and remains unpaid from time to time (the “Principal Balance”), with interest thereon from the date hereof until paid or otherwise discharged as set forth in Paragraph 1 below, in any coin or currency which at the time or times of payment is legal tender for the payment of public or private debts in the United States of America, in accordance with the terms hereinafter set forth. 1. Commencing on June 1, 2024 and on the 1st day of each month thereafter (each such date, a “Payment Date”) to and including May 1, 2028 (the “Maturity Date”), monthly installments of interest at the annual rate set forth below on the Principal Balance shall be payable. Interest payments shall be computed on the basis of a 360-day year, actual days elapsed. [Commencing on _______ 1, 202__, and on the 1st day of each _______ 1 and __________ 1 thereafter (each such date a “Principal Payment Date”), semi-annual installments of principal in the amount sufficient to provide level payments of principal amortized over the remaining term of this Note.] The entire outstanding Principal Balance and interest, if not sooner paid, shall be due and payable in full on the Maturity Date. Payments shall be applied first to interest due on the unpaid principal and thereafter to reduction of principal. The per annum rate of interest payable hereunder shall initially be equal to ___% per annum. On the first Payment Date, and each Reset Date (hereinafter defined) thereafter, the interest rate on this Note will be adjusted to a rate per annum equal to (a) the sum of (i) 2.50% and (ii) the One-Month CME Term SOFR in effect as of the Reset Date, (b) multiplied by 0.79. Notwithstanding anything herein to the contrary, during any period of time the interest rate shall not be less than two and one-half percent (2.50%) per annum. As used herein, “Reset Date” means June 1, 2024, and the 1st day of each calendar month thereafter. As used herein, the “One-Month CME Term SOFR” means the CME one-month term SOFR published by CME Group Benchmarks Administration Limited (or a successive administrator designated by the relevant authority) for the date that is two U.S. Government Securities Business Days prior to the Reset Date (the “Index”). The Index is not necessarily the lowest rate charged by the Lender on its loans. If the Index becomes unavailable during the term