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RLH 10/19/81 <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF LITTLE CANADA <br />Commercial Development Revenue Note of 1981 <br />(Frank M. Frattalone Project) <br />$309,000 <br />FOR VALUE RECEIVED the CITY OF LITTLE CANADA, Ramsey <br />County, Minnesota, (the "City ") hereby promises to pay <br />Roseville State Bank, Roseville, Minnesota (the "Lender "), its <br />successors or registered assigns, from the source and in the <br />manner hereinafter provided, the principal sum of THREE HUNDRED <br />NINE THOUSAND AND NO /100 DOLLARS ($309,000.00), or so much <br />thereof as may have been advanced to or for the benefit of the <br />City and remains unpaid from time to time (the "Principal <br />Balance "), with interest thereon at the rate of twelve percent <br />(12 %) per annum or at such higher rate as hereinafter provided, <br />in any coin or currency which at the time or times of payment <br />is legal tender for the payment of public or private debts in <br />the United States of America, in accordance with the terms <br />hereinafter set forth. <br />1. (a) From and after the date hereof and until the <br />"Amortization Date ", (the first day of the calendar month next <br />succeeding completion of the Project in accordance with the <br />Disbursing Agreement hereinafter referred to, but in any event <br />no later than unless extended by the Lender), <br />interest only shall be paid at the rate of twelve percent (12 %) <br />per annum. Interest shall accrue from and after the date of <br />each and every advance so made under this Note and shall be <br />payable on the first day of the calendar month next succeeding <br />the date upon which the first advance is made, and on the first <br />day of each and every month thereafter. <br />(b) From and after the Amortization Date, the <br />Principal Balance shall be amortized and paid in equal <br />consecutive monthly installments, payable on the first day of <br />each month commencing on the first day of the calendar month <br />next succeeding the Amortization Date and continuing until the <br />Principal Balance and accrued interest thereon shall have been <br />