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Financing Statement and Assignment of Leases and Rents, dated , 2015 from the Borrower in
<br />favor of the Lender,
<br />3. The per annum rate of interest payable hereunder shall initially be equal to _ percent
<br />per annum. Effective as of the first day of each calendar month commencing on the first calendar
<br />month following the date hereof (each such date being hereinafter referred to as a "Reset Date"), the per
<br />annum rate of interest payable hereunder shall be equal to sixty-seven percent (67%) times the sum of
<br />then current 1 -Month LIBOR Rate (as defined below) plus two and one-half percent (2.50%). As used
<br />herein, the term "1 -Month LIBOR Rate" shall mean the current 1 -month London Interbank offered rate,
<br />as last published one (1) Business Day immediately prior to each Reset Date in the Midwest Edition of
<br />The Wall Street Journal. All such adjustments to said rate shall be made and become effective as of such
<br />Reset Date and said rate as adjusted shall remain in effect until and including the date immediately
<br />preceding the next Reset Date, If on any Reset Date, the 1 -Month LIBOR Rate is no longer used by the
<br />Lender as its index for adjustment, or is no longer available, the Lender will select a new index for
<br />adjustment which is based upon comparable information and give the City and the Borrower written
<br />notice of the selected new index. As used herein, the term "Business Day" means any day which is not a
<br />Saturday, a Sunday, or any other day on which banking institutions in the State of Minnesota are closed.
<br />days.
<br />4. Interest on this Note shall accrue on the basis of actual days elapsed in a year of 360
<br />5. Commencing on August 1, 2015, and continuing on the first day of each month
<br />thereafter, principal and accrued interest on this Note shall be payable in equal consecutive monthly
<br />installments in an amount necessary to fully amortize the Principal Balance of this Note, together with
<br />accrued interest thereon at the rate then in effect, in equal consecutive monthly installments for a term of
<br />23.35 years (280 months) from the date of delivery of this Note. The outstanding amount of principal
<br />plus accrued interest hereunder shall be due and payable on September 9, 2033 (the "Maturity Date").
<br />6. This Note may be prepaid, upon written notice to the Lender not less than thirty (30) days
<br />prior to the date chosen for prepayment (provided that the Lender may waive or provide alternative
<br />shorter notice requirements), in immediately available funds at par plus accrued interest on the amount of
<br />the Note prepaid, without penalty or premium, subject, however, to any termination payment for any
<br />interest rate swap agreements related to this Note. Any partial prepayment shall be applied first to
<br />amounts which are neither principal nor interest, including any collection costs, late fees, or prepayment
<br />premiums, next to the interest accrued on this Note, and finally shall be applied against the principal
<br />portion of the installments due under this Note in inverse order of maturity. The monthly payments due
<br />under Paragraph 5 hereof shall continue to be due and payable in full until the entire Principal Balance,
<br />accrued interest, and any premium due on this Note have been paid.
<br />7, In all events, the Loan. Repayments hereunder shall be sufficient to pay all principal and
<br />interest duo, as such principal and interest becomes due, and to pay any premium, late payment fee, or
<br />service charge, at maturity, upon redemption, or otherwise.
<br />8. Principal and interest and premium, if any, due hereunder shall be payable at the principal
<br />office of the Lender, or at such other place as the Lender may designate in writing.
<br />9. The City, for itself and its successors and assigns, hereby waives demand, presentment,
<br />protest, and notice of dishonor; and to the extent permitted by law, the Lender may extend interest and/or
<br />principal of or any service charge or premium due on this Note, including the Maturity Date, or release
<br />any part or parts of the property and interest subject to the First Mortgage or to any other security
<br />document from the same, all without notice to or consent of any party liable hereon or thereon and
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