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UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF LITTLE CANADA <br />Commercial Development Revenue Note of 1980 <br />(Yorkton Industrial Building C Project) <br />$525,000 <br />FOR VALUE RECEIVED the CITY OF LITTLE CANADA, Ramsey <br />County, Minnesota, (the "City ") hereby promises to pay to the <br />order of FIDELITY BANK AND TRUST CO., Minneapolis, Minnesota, a <br />Minnesota corporation (the "Interim Lender "), its successors or <br />registered assigns, from the source and in the manner <br />hereinafter provided, the principal sum of Five Hundred <br />Twenty -five Thousand and No /100 Dollars ($525,000.00), or so <br />much thereof as may have been advanced to or for the benefit of <br />the City pursuant to a Construction Loan Agreement of even date <br />herewith between the City, the Interim Lender and Lancaster <br />Associates, a Minnesota general partnership (the "Borrower ") <br />(the "Construction Loan Agreement ") or pursuant to a Buy -Sell <br />Agreement of even date herewith between the City, the Borrower, <br />the Interim Lender and Ministers Life - A Mutual Life Insurance <br />Company, a Minnesota corporation (the "Permanent Lender ") and <br />remains unpaid from time to time (the "Principal Balance "), <br />with interest thereon as follows: <br />1. (a) From and after the date hereof, interest <br />only, at the rate of ten and three quarters (10 -3/4 %) percent <br />per annum, on the unpaid Principal Balance, shall be payable <br />monthly on the Principal Balance from time to time advanced for <br />the benefit of the City pursuant to the Construction Loan <br />Agreement. Interest payments shall commence on the first day <br />of the calendar month next succeeding the date on which the <br />first such advance is made and shall continue on the first day <br />of each succeeding month thereafter until the entire <br />indebtedness evidenced hereby is paid in full. <br />(b) If the interest on this Note should become <br />subject to federal income taxation pursuant to a "Determination <br />of Taxability" as that term is defined in Section 4.07 of. the <br />Loan Agreement of even date herewith between the City and the <br />