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<br />UNITED STATE OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF ANOKA <br />LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br /> <br /> <br />No. R-1 $1,000,000 <br /> <br />TAXABLE TAX INCREMENT REVENUE NOTE <br />SERIES 2004 <br /> <br /> Date <br />Rate of Original Issue <br /> <br />6.0% <br /> <br /> <br />The Lino Lakes Economic Development Authority (the “Authority”), for value received, certifies that it is indebted and hereby promises to pay to Legacy Development, Inc. or registered <br /> assigns (the “Owner”), the principal sum of $1,000,000 and to pay interest thereon at the rate specified above, as and to the extent set forth herein. This Note is given in accordance <br /> with that certain Contract for Private Development between the Issuer, the City of Lino Lakes (the “City”) and the original Owner dated as of December 20, 2004 (the “Agreement”) and <br /> the authorizing resolution (the “Resolution”) duly adopted by the Authority on December 20, 2004. Capitalized terms used and not otherwise defined herein have the meaning provided <br /> for such terms in the Agreement unless the context clearly requires otherwise. <br /> <br /> 1. Payments. Principal and interest payments (“Payments”) shall be paid on August 1, 2007 and each February 1 and August 1 thereafter to and including February 1, 2023 (“Payment Dates”) <br /> in the amounts and from the sources set forth in Section 3 herein. Payments shall be applied first to accrued interest, and then to unpaid principal. <br /> <br />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 <br /> 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. <br /> <br /> 2. Interest. Interest at the rate stated herein shall accrue on the unpaid principal, commencing on the date of original issue. Interest shall be computed on the basis of a year of <br /> 360 days and charged for actual days principal is unpaid. Interest accruing from the date of issue through and including February 1, 2007 shall be compounded semiannually on February <br /> 1 and August 1 of each year and added to principal. <br /> <br />3. Available Tax Increment. Payments on this Note are payable on each Payment Date in the amount of and solely from “Available Tax Increment,” which means, on each Payment Date,