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FORM OF TAX INCREMENT NOTZ <br />No. R -1 $ 700,000.00 <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />IN AND FOR THE CITY OF LITTLE CANADA <br />TAX INCREMENT REVENUE <br />NOTE OF 1994 <br />(GIDEON POND CENTER, INC. PROJECT) <br />The City of Little Canada, Minnesota (the "City "), hereby <br />acknowledges itself to be indebted and, for value received, <br />hereby promises to pay the amounts hereinafter described (the <br />"Payment Amounts ") to Gideon Pond Center, Inc., a Minnesota non- <br />profit corporation, or its registered assigns (the "Registered <br />Owner "), but only in the manner, at the times, from the sources <br />of revenue, and to the extent hereinafter provided. <br />The principal amount of this Note shall equal from time to <br />time the principal amount stated above, as reduced to the extent <br />that such principal installments shall have been paid in whole or <br />in part pursuant to the terms hereof; provided that the sum of <br />the principal amount listed above shall in no event exceed <br />$715,000 as provided in that certain Development Agreement, dated <br />as of October 21, 1992, as the same may be amended from time to <br />time (the "Development Agreement "), by and between the City of <br />Little Canada, Minnesota (the "City "), and Gideon Pond Center, <br />Inc., a Minnesota non - profit corporation (the "Company "). The <br />unpaid principal amount hereof shall bear interest from the date <br />of this Note at the simple, non - compounded rate of nine percent <br />(9.00 %) per annum. Interest shall be computed on the basis of a <br />360 day year consisting of twelve (12) 30 -day months. <br />The amounts due under this Note shall be payable on <br />August 1, 1994, and on each February 1 and August 1 thereafter to <br />and including February 1, 2008, or, if the first should not be a <br />Business Day (as defined in the Development Agreement) the next <br />succeeding Business Day (the "Payment Dates "), provided, that <br />such Payment Date shall be automatically extended if and to the <br />extent required to relieve the City of any obligation to pay any <br />Payment Amount any earlier than 30 days after it has received the <br />statement and Compliance Certificate required under Section <br />226247 <br />Page 1 <br />