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UNITED STATE OF AMERICA STATE OF MINNESOTA RAMSEY COUNTY MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY No. R-1 $1,770,000 TAXABLE TAX INCREMENT REVENUE NOTE SERIES 2023 Date Rate of Original Issue 4.00% November , 2023 Mounds View Economic Development Authority ("EDA"), for value received, certifies that it is indebted and hereby promises to pay to Villas at Mounds View, Limited Partnership, a Minnesota limited partnership, or its registered assigns (the "Owner"), the principal sum of $1,770,000 and to pay interest thereon at the rate of 4.00 percent per annum, as and to the extent set forth herein. 1. Payments. Principal and interest ("Payments") are estimated to be paid on August 1, 2024, and each February 1 and August 1 thereafter to and including February 1, 2050 ("Payment Dates"), in the amounts and from the sources set forth in Section 3 herein. Payments will be applied first to accrued interest, and then to unpaid principal. Payments are payable by mail to the address of the Owner or any other address as the Owner may designate upon 30 days written notice to EDA. Payments on this Note are payable in any coin or currency of the United States of America which, on the Payment Date, is legal tender for the payment of public and private debts. 2. Interest. Interest at the rate stated herein will accrue on the unpaid principal, commencing on the date of original issue. Interest will be computed on the basis of a year of 360 days and charged for actual days principal is unpaid. 3. Available Tax Increment. Payments on this Note are payable on each Payment Date in the amount of and solely payable from "Available Tax Increment," which will mean, on each Payment Date, 90 percent of the Tax Increment attributable to the Redevelopment Property (defined in the Agreement) and paid to the EDA by Ramsey County in the six months preceding the Payment Date, all as the terms are defined in the Contract for Private Redevelopment between the EDA and Owner dated as of June 9, 2022 (the "Agreement"). Available Tax Increment will not include any Tax Increment if, as of any Payment Date, there is an uncured Event of Default by the Owner under the Agreement. The EDA will have no obligation to pay principal of and interest on this Note on each Payment Date from any source other than Available Tax Increment, and the failure of the EDA to pay the entire amount of principal or interest on this Note on any Payment Date will not 2 MU205\52\914349.v 1