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IN WITNESS WHEREOF, the Board of Commissioners of the Lino Lakes Economic <br />Development Authority has caused this Note to be executed with the manual signatures of its <br />President and Executive Director, all as of the Date of Original Issue specified above. <br />LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />Executive Director President <br />REGISTRATION PROVISIONS <br />The ownership of the unpaid balance of the within Note is registered in the bond register <br />of the City Finance Director, in the name of the person last listed below. <br />Date of <br />Registration <br />Director <br />Registered Owner <br />Schwan's Home Service, Inc. <br />Federal Tax I.D. No. 41- 0879087 <br />Section 3. Terms, Execution and Delivery. <br />Signature of <br />City Finance <br />3.01. Denomination, Payment. The Note shall be issued as a single typewritten note <br />numbered R -1. <br />The Note shall be issuable only in fully registered form. Principal of the Note shall be <br />payable by check or draft issued by the Registrar described herein. <br />3.02. Payment Dates. Installments of Principal of the Note shall be payable by mail to <br />the owner of record thereof as of the close of business on the fifteenth day of the month <br />preceding the Payment Date, whether or not such day is a business day. <br />3.03. Registration. The Authority hereby appoints the City Finance Director to perform <br />the functions of registrar, transfer agent and paying agent (the "Registrar "). The effect of <br />registration and the rights and duties of the Authority and the Registrar with respect thereto shall <br />be as follows: <br />(a) Register. The Registrar shall keep at its office a bond register in which the <br />Registrar shall provide for the registration of ownership of the Note and the registration of <br />transfers and exchanges of the Note. <br />(b) Transfer of Note. Upon surrender for transfer of the Note duly endorsed by the <br />registered owner thereof or accompanied by a written instrument of transfer, in form reasonably <br />satisfactory to the Registrar, duly executed by the registered owner thereof or by an attorney duly <br />SJB- 258192v3 C -4 <br />LN 140 -89 <br />