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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 <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 . 00$) 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 FeldrumLy 1:7 September 14, 1998 (as the same <br /> may be amended from time to time, the "Development Agreement") , <br /> between the EDA and 'Ile Eve.zc-abl. GLoup Michael Investment, Ltd. , a <br /> Minnesota 1...vLrtrLat.1011 general partnership, as the initial Developer <br /> under the Development Agreement. Each capitalized term which his <br /> used but not otherwise defined in this Note shall have the meaning <br /> given to that term in 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 /> v5 to v4 9/10/98 B-1 <br /> n7 T 7117r1 inns •n Ar/To'on •-n /tn•rn nG IT .nn /-771 kr!rntt«TAr ro rnnT=" •ArntT- <br />