07-25-2016 EDA Packet - Laserfiche WebLink

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No. R-1 UNITED STATE OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY TAX INCREMENT REVENUE NOTE SERIES 2016 Date of Original Issue , 20 The Lino Lakes Economic Development Authority, Minnesota (the "Authority"), for value received, certifies that it is indebted and hereby promises to pay to United Properties Development LLC or registered assigns (the "Owner"), the principal sum of $ solely from the sources and to the extent set forth herein. 1. Payments. Principal ("Payments") shall be paid on August 1, and each February 1 and August 1 thereafter to and including February 1, ("Payment Dates") in the amounts and from the sources set forth in Section 3 herein. Payments are payable by mail to the address of the Owner or such other address as the Owner may designate upon 30 days written notice to the Authority. Payments on this Note are payable in any coin or currency of the United States of America which, on the Payment Date, is legal tender for the payment of public and private debts. 2. Interest. No interest shall accrue on this Note. 3. Available Tax Increment. Payments on this Note are payable on each Payment Date in the amount of and solely payable from "Available Tax Increment," which shall mean, on each Payment Date, eighty percent (80%) of the Tax Increment attributable to the Development Property and paid to the Authority by Anoka County in the six months preceding the Payment Date, all as such terms are defined in the Contract for Private Development between the Authority, Owner, and Distribution Alternatives, Inc. dated as of , 2016 (the "Agreement"). Available Tax Increment shall not include any Tax Increment if, as of any Payment Date, there is an uncured Event of Default under the Agreement. The Authority shall have no obligation to pay principal of this Note on each Payment Date from any source other than Available Tax Increment, and the failure of the Authority to pay the entire amount of principal on this Note on any Payment Date shall not constitute a default hereunder as long as the Authority pays principal hereon to the extent of Available Tax Increment. The Authority shall have no obligation to pay unpaid balance of principal that may remain after the final Payment on February 1, 4. Optional Prepayment. The principal sum payable under this Note is prepayable in whole or in part at any time by the Authority without premium or penalty. No partial prepayment shall affect the amount or timing of any other regular payment otherwise required to be made under this Note. 483310v2 JAE LN140-116