04-14-1997 EDA - Laserfiche WebLink

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Exhibit B FORM OF EDA NOTE No. R-1 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY TAXABLE TAX INCREMENT REVENUE NOTE OF 1997 (ZEP MANUFACTURING COMPANY PROJECT) (1] The Mounds View Economic Development Authority (the "EDA") hereby acknowledges itself to be indebted and, for value received, hereby promises to pay to Kenmark Partnership, LLP, a Minnesota limited liability partnership, 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 4110 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 under the Development Agreement described below. 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 April 14, 1997 (as the same may be amended from time to time, the "Development Agreement") , between the EDA and Kenmark Partnership, LLP, a Minnesota limited liability partnership, as the initial Developer under the Development Agreement . Each capitalized term which his used but not otherwise defined in this Note shall have the meaning given to that term in the Development Agreement. [2] The Principal Amount of this Note is $150, 000 . (3] Subject to the terms hereof, amounts due on this Note shall be payable on each February 1 and August 1, commencing August 1, 1999, and continuing through February 1, 2005 (the "Payment Dates") . 4110 346932.2 B-1 i' - UT: