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3. Interest shall be computed on the basis of a 30 day month and a 360 day year, but charged for the actual number of days principal is unpaid. 4. If the holder should not receive on the first day of any month all of the principal and interest then due on this Note, and if the City should continue to be in arrears through the fifteenth day of such month, then, in addition to all other sums due hereunder, the holder shall be entitled to receive on the sixteenth day of such month a service charge equal to five percent (5.00%) of the delinquent principal and interest. 5. Principal and interest and any penalty or premium due hereunder shall be payable at the principal office of the holder hereof, or at such other place as the holder may designate in writing. 6. This Note is issued by the City to provide funds for a Project, as defined in Section 474.02, Subdivision la, Minnesota Statutes, consisting of the acquisition of real estate, and the construction and installation of hardwood lumber manufacturing facilities thereon, under a Loan Agree- ment (the "Loan Agreement"), of even date herewith, between the City and Lake Elmo Hardwood Lumber, Inc., (the "Company"), a Minnesota corporation, and this Note is further issued pursuant to and in full compliance with the Constitution and laws of the State of Minnesota, particularly Chapter 474, Minnesota Statutes, and pursuant to resolution of the City Council duly adopted on February 6, 1979 (the "Resolution"). 7. This Note is secured by an Assignment of the Loan Agreement by the City to the Lender ("Assignment"); a mortgage of even date herewith executed by the Company, as mortgagor, in favor of the Lender, as mortgagee ("Mortgage"); a security agreement of even date herewith executed by the Company in favor of the Lender ("Company Security Agreement"); a security agreement of even date herewith executed by Sylvan Products, Inc., a Minnesota corporation ("Sylvan"), and delivered to the Lender ("Sylvan Security Agreement"), a guaranty executed by Sylvan and by Joseph D. Rogers, individually, in favor of the Lender ("Guaranty Agreement"); two Assignments of Life Insurance Policies each dated August 28, 1972 on the life of Joseph D. Rogers, policies No 64-2446477 and 64-2462093, respectively, issued by Lincoln National Life Insurance Company ("Assignment of Life Insurance") and by an assignment of rents and leases of even date herewith executed by the Company in favor of the Lender A