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Exhibit A <br /> UNI• F1) STATES 01' A1•IIiI%ICA <br /> STATL•: Uf MINNESOTA <br /> • COUNTY OF III:NNEP1N <br /> Cl'1'y OF ST. ANTHONY <br /> No. R-1 $780,000.00 <br /> Lrdustrial Development Revenue Note. <br /> (Special Partnership Project) <br /> The City of St. Anthony, Minnesota, a municipal corporation in the County <br /> of Hennepin and State of Minnesota (the "City"), for value received, hereby <br /> promises to fray to the order of First National Bank of Minneapolis, a national <br /> banking association, or its registered assigns, (the "Holder") at its principal office <br /> at 120 South Sixth Street, Minneapolis, Minnesota 55402, or such other place as <br /> the-llolder, may from time to time designate, solely frorn the revenues derived by <br /> the City from the Loan Agreement hereinafter described, the principal surn of <br /> Seven Hundred Eighty Thousand and 00/100 Dollars (5780,000.00) or such portion <br /> thereof as may be advanced hereon from time to time (the "Principal Balance") and <br /> to pay interest thereon from the date hereof until this Note is fully paid at the <br /> rates of interest hereinafter set forth. The Principal Balance and interest thereon <br /> shall be payable as follows: <br /> 1. From and after the date hereof, the City shall pay interest only at <br /> • the rate of percent ( °b) per annum on <br /> the Principal Ballance that shall from time to time be advanced <br /> hereunder pursuant to the terms of the Construction Loan Agreement <br /> and Loan Agreement hereinafter described. Interest shall accrue <br /> from and after the date of each and every advance so made by the <br /> Holder and shall be payable on the first day of the month next <br /> succeeding the date upon which the first advance is made,, and on the <br /> first day of each and every month thereafter, and on the Purchase <br /> Date, as defined in the Loan .Agreement hereinafter described, <br /> .provided, that in the event that the Purchase Date does not occur on <br /> or before June 1, 1980, the entire unpaid principal amount together <br /> with interest accrued thereon shall, at the option of the Holder, <br /> become due and payable on demand. <br /> 2. Commencing on the Purchase Date the unpaid principal amount shall <br /> bear interest thereon at the rate of nine and one-quarter percent (9 <br /> 1/4%) per annum and shall be repayable in installments as follows: <br /> a. On the first clay of the month next succeeding the Purchase <br /> Date there shall be paid an interest only payment equal to <br /> accrued interest between the Purchase Date and said first day <br /> of the month; <br /> b. On the first clay of the second month next succeeding the <br /> Purchase Date and ori the first day of each month thereafter <br /> -1- <br />