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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 1982 <br />(Flameburger Restuarant Project) <br />$240,000 <br />FOR VALUE RECEIVED the CITY OF LITTLE CANADA, Ramsey <br />County Minnesota (the "City ") hereby promises to pay Midway <br />National Bank of St. Paul in St. Paul, Minnesota, its <br />successors or registered assigns (the "Lender "), from the <br />source and in the manner hereinafter provided, the principal <br />sum of TWO HUNDRED FORTY THOUSAND AND NO /100 DOLLARS <br />($240,000.00), or so much thereof as remains unpaid from time <br />to time (the "Principal Balance "), with interest thereon at the <br />rate of fourteen percent (14 %) per annum or at such higher rate <br />as hereinafter provided in paragraphs 1(c) and 1(d) hereof, in <br />any coin or currency which at the time or times of payment is <br />legal tender for the payment of public or private debts in the <br />United States of America, in accordance with the terms <br />hereinafter set forth. <br />1. (a) Interest only shall accrue from and after <br />the date hereof and shall be payable on the first day of the <br />calendar month next succeeding the date of this Note and on the <br />first day of each and every month thereafter to and including <br />(b) Commencing on , the Principal <br />Balance shall be amortized and paid in 240 consecutive monthly <br />installments of $ each, payable on , and <br />continuing on the first day of each and every month thereafter <br />to and including , 2002, when the entire Principal <br />Balance and accrued interest thereon shall be fully due and <br />payable (the "Final Maturity Date "). Payments shall be applied <br />first to interest due on the Principal Balance and thereafter <br />to reduction of the Principal Balance. <br />47 <br />