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EXHIBIT B <br /> FORM OF EDA NOTE <br /> No. R-1 <br /> UNITED STATES OF AMERICA <br /> STATE OF MINNESOTA <br /> COUNTY OF RAMSEY <br /> MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br /> TAXABLE TAX INCREMENT REVENUE <br /> NOTE OF 1998 1999 <br /> (BUILDING "N" PROJECT) <br /> [1] The Mounds View Economic Development Authority (the <br /> "EDA" ) hereby acknowledges itself to be indebted and, for value <br /> received, hereby promises to pay to <br /> or its registered assigns (the "Registered Owner" ) , but only in the <br /> manner, at the times, from the sources of revenue, and to the <br /> extent hereinafter provided, the Principal Amount of this Note (as <br /> defined in paragraph [2] hereof) and to pay interest on the unpaid <br /> portions of the Principal Amount of this Note at the rate of <br /> interest of eight and no hundredths percent (8 . 009s) per annum. <br /> Interest shall accrue from the date of the Certificate of <br /> Completion and shall be computed on the basis of a 360-day year <br /> consisting of 12 30-day months . This Note is the "EDA Note" <br /> described and defined in that certain Development Assistance <br /> Agreement, dated as of September 14 , 1)90 , 1999 (as <br /> the same may be amended from time to time, the "Development <br /> Agreement" ) , between the EDA and Michael Investments, a Minnesota <br /> general partnership, as the initial Developer under the. Development <br /> Agreement . Each capitalized term which his used but not otherwise <br /> defined in this Note shall have the meaning given to that term in <br /> the Development Agreement . <br /> [2] The Principal Amount of this Note shall be the lesser of <br /> (1) $1, 200 , 000 and (2) the $615, 000 appraised value of the <br /> Development Property determined pursuant to the Appraisal plus the <br /> amounts of costs for both the Public Improvements (unless specially <br /> assessed) and the Site Improvements, all as completed in the <br /> subsequent certification thereof which appears hereinafter in this <br /> Note . <br /> [3] Subject to the terms hereof, amounts due on this Note <br /> shall be payable on each February 1 and August 1, commencing on the <br /> first August 1 or February 1 (as the case may be) following the <br /> 334455.RED <br /> V6 to V5; 2/15/99 B-1 <br />