05-09-1994 EDA WS - Laserfiche WebLink

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r : � . _ _ _ _ , _ - ____ _ . ._ ___._.___ � . . . _ ___ _ � x_ _ I�C•��:ail EXHIBIT B FORM OF EDA NOTE UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY TAXABLE TAX INCREMENT REVENUE NOTE OF 1994 (MULTI-TECH EXPANSION) [1] The Mounds View Economic Development Authority (the "EDA") hereby acknowledges itself to be indebted and, for value received, hereby promises to pay to , or its registered assigns (the "Registered Owner"), but only in the manner, at the times, from the sources of revenue, and to the extent hereinafter provided, the Principal Amount of this Note (as defined in paragraph [2] hereof) and to pay interest on the unpaid portions of the Principal Amount of this Note at the rate of interest of seven and no hundredths percent (7.00�) per annum. Interest shall accrue from the date of the EDA's execution of the Certificate of Completion, as defined in the Development Agreement (hereinafter defined), and interest shall be computed on the basis of a 360-day year consisting of 12 30-day months. This Note is the "EDA Note" described and defined in that certain Development Assistance Agreement, dated as of , 1994 (as the same may be amended from time to time, the "Development Agreement"), between the EDA and Everest Development, Ltd., a Minnesota corporation, as the initial Developer under the Development Agreement. [2J The Principal Amount of this Note shall be $707,626. [3] Subject to the terms hereof, amounts due on this Note shall be payable on each February 1 and August 1, commencing August 1, 1996, and continuing through February 1, 2006 (the "Payment Dates" ) . [4] On each Payment Date (or, if not a business day of the EDA, the first business day thereafter) the EDA shall pay by check or draft mailed to the person that was the Registered Owner of this Note at the close of the last business day of the EDA preceding 262545 .1 g"' �