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®3 <br /> • EXHIBIT C <br /> FORM OF NOTE <br /> UNITED STATES OF AMERICA <br /> STATE OF MINNESOTA <br /> COUNTIES OF HENNEPIN AND RAMSEY <br /> HOUSING AND REDEVELOPMENT AUTHORITY OF ST.ANTHONY <br /> LIMITED REVENUE TAXABLE TAX INCREMENT NOTE <br /> The Housing and Redevelopment Authority of St. Anthony (the "HRA") acknowledges <br /> itself to be indebted and, for value received, promises to pay to the order of Hillcrest Development, <br /> or its assign, (the 'Redeveloper") solely from the source, to the extent and in the manner hereinafter <br /> provided, up to the principal amount of this Note as provided herein, together with interest thereon <br /> accrued on the outstanding principal amount hereof, at the rate of interest of nine and one-half percent <br /> (9.50%) per annum, on the Payment Dates (as hereinafter defined). <br /> Each payment on this Note is payable in any coin or currency of the United States of America <br /> • which on the date of such payment is legal tender for public and private debts and shall be made by <br /> check or draft made payable to the Redeveloper and mailed to the Redeveloper at its postal address <br /> within the United States which shall be designated from time to time by the Redeveloper. <br /> The Note is a special and limited obligation and not a general obligation of the HRA, which has <br /> been issued by the HRA pursuant to a Redevelopment Agreement dated 12000, <br /> between the HRA and Redeveloper(the 'Redevelopment Agreement") and a resolution of the Board of <br /> Commissioners of the HRA to aid in financing a "project," as defined in Minnesota Statutes, Section <br /> 469.174, subdivision. 8, of the HRA consisting generally of defraying certain capital and administration <br /> costs incurred and to be incurred by the HRA within and for the benefit of its Tax Increment Financing <br /> District No. 5-Ramsey County (the "Tax Increment Financing District"). Capitalized terms used herein <br /> and not otherwise defined herein shall have the meaning given to them in the Redevelopment Contract. <br /> The outstanding principal amount of this Note shall be increased subject to the limits provided <br /> herein by the amount of Redeveloper's actual out-of-pocket costs which the Redeveloper has certified <br /> to the HRA pursuant to Section 6.2 of the Redevelopment Contract for Public Redevelopment Costs, <br /> as defined in the Redevelopment Agreement. <br /> The maximum principal amount of this Note attributable to Public Redevelopment Costs shall <br /> not exceed $4,750,000, and of such principal amount the principal amount of this Note attributable to <br /> • <br /> C-1 <br />