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• <br />• <br />• <br />UNITED STATE OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF ANOKA <br />LINO LAKES ECONOMIC DEVELOPMENT' AUTHORITY <br />No. R -1 $91,715 <br />TAX INCREMENT REVENUE NOTE <br />SERIES 20 <br />Date <br />of Original Issue <br />The Lino Lakes Economic Development Authority (the "Authority "), for value received, <br />certifies that it is indebted and hereby promises to pay to Schwan's Home Service, Inc. or <br />registered assigns (the "Owner "), the principal sum of $91,715, without interest thereon, as and <br />to the extent set forth herein. <br />1. Payments. Principal payments ( "Payments ") shall be paid on August 1, 2006 and <br />each February 1 and August 1 thereafter to and including February 1, 2011 ( "Payment Dates ") in <br />the amounts and from the sources set forth in Section 2 herein. <br />Payments are payable by mail to the address of the Owner or such other address as the <br />Owner may designate upon 30 days written notice to the Authority. Payments on this Note are <br />payable in any coin or currency of the United States of America which, on the Payment Date, is <br />legal tender for the payment of public and private debts. <br />2. Available Tax Increment. Payments on this Note are payable on each Payment <br />Date in the amount of and solely from "Available Tax Increment," which means, on each <br />Payment Date, 95 percent of the Tax Increment attributable to the Development Property and <br />paid to the Authority by Anoka County in the six months preceding the Payment Date, all as <br />such terms are defined in the Contract for Private Development between the Authority and <br />Owner dated as of , 2005 (the "Agreement "). <br />Available Tax Increment shall not include any Tax Increment if, as of any Payment Date, <br />there is an uncured Event of Default under the Agreement. <br />The Authority shall have no obligation to make any payment on this Note on any <br />Payment Date from any source other than Available Tax Increment, and the failure of the <br />Authority to pay principal on any Payment Date shall not constitute a default hereunder as long <br />as the Authority pays principal to the extent of Available Tax Increment. The Authority shall <br />have no obligation to pay unpaid balance of principal that may remain after the final Payment on <br />February 1, 2011. <br />SJB- 258192v3 <br />LN 140 -89 <br />C -2 <br />