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y This Note is issued r►ncl s(Od pur:s►11111t to a resolution of the City adopted Icy,
<br /> its City Coullod on _ , 1980 (the "Note Resolution") in
<br /> order to provide funds to be lo,u►ed to Special 111irtnrrship, it 111inncsotrr crencral
<br /> partnership, (the "Hot•rowcr") pu►:sunnt to it Loon Agreement (Inted as of _
<br /> • ___ _ 1980 (the "Loren Agreement") between the
<br /> City tend the Borrower for the purpose of finnnc•irl(,► tl►e acquisition, construction
<br /> and equipping of an office %viirehouse building and related facilities, together with
<br /> appurtenant site improvements (the "Project"), all loented on real property situated
<br /> in Hennepin County, Minnesota/I Under the L,onn Agreement, the Borrower has
<br /> agreed to construct and equip the Project and has agreed to make certain loan
<br /> repayments in amounts and at tunes sufficient to pay the principal of, premium, if
<br /> any, and interest on this Note when clue. Pursuant to n Pledge Agreement dated as
<br /> of _ . 1980 executed by the City in favor of the holder
<br /> (the "Pledg;e !1„reement") the City has pledged and assigned its. interest in the
<br /> Loan Agreement (except its rights under Sections
<br /> and thereof) to the Holder hereof. This Note is
<br /> further secured by (i) a Nlortgage and Security Agreement and Fixture Financing
<br /> Statement dated as of _ , 1980-(the "Mortgage") by which
<br /> the Borrower has granted to the Holder a first mortgage lien on and security
<br /> interest in thcWremiscs, c ir�dCfiu�d_Cthe "t�reiLjis '" . and (ii) an Assignment
<br /> of Lease dat&a as of _ 1980 (the "Lease Assign-
<br /> ment") by which the llorrower h,►s assii,ned to the Iloldcr its interest in all rents
<br /> and leases of tile Premises.- Advances of funds for the Project are being made
<br /> ursur_�nt to a Consi`r•uction Loan_j ;reement dated_as-of
<br /> 1980 (tire "Construction_ i,otuL<'\BLS et>Zc11 ” dD-, �* !E--('it,•,.Holder and_
<br /> B01-ro er- Reference is hereby made to the Note Resolution, Loan Aareeinent,
<br /> Pledge, Construction Lot
<br /> ElAtileeiircrli, Mortgage, and Assignment for a complete
<br /> description of the covenants and agreements therein contained, the nature and
<br /> extent of the security thereby created and the rights, duties and immunities of the
<br /> • City thereunder.
<br /> This Note may not be prepaid oil or before the Purchase Date. During the
<br /> first ten 10 Loan Years, as hereinafter defined, at the direction of the Borrower,
<br /> this Note may be prepaid in full but not in part provided that such additional
<br /> principal payment shall be subject to a prepayment premium of nine and one
<br /> carter percent (9 1/491. ) of such an►ount prepaid over and above the interest
<br /> accrued under the terms of, this Note. Beginning; with the eleventh (11th) Loan
<br /> Year, this Note may be prepaid in full but not in part provided that such additional
<br /> principal payment shall be subject to a prepayment premium of five aeCc,-QaL(546)/A
<br /> of such amount prepaid, which premium shall decrease one pQgq.g.[lls_Q"1=�)� during
<br /> every Loan Year thereafter to a minium of one percent (1°b)nduring the fi�teenth
<br /> (15th) Loan Year and every Loan Year thereafter. As used herein, the tern► "Loan
<br /> Year" shall mean a year consisting; of twelve (12) calendar months, the first day of
<br /> the first Loan Year being the date on which the first full monthly payment of
<br /> principal and interest is due under this Note. Borrower shall hive the Holder of this
<br /> Note ninety (90) days written notice of any such prepayment and any such
<br /> prepayment shall not suspend regular payments as they become due.
<br /> Provisions to the contrary, if any, contained in this Note notwithstanding,
<br /> the above-described Construction i,omi A;Treement shall no longer constitute a part
<br /> of this Note from and after the Pur•chttse. Date, and no defenses, offsets or
<br /> counterclaims available to the City or the Borrower arising out of said Construc-
<br /> tion Loan Agreement shall be valid or effective as against the indebtedness
<br /> evidenced by this Note or against the Holder hereof, its successors or assigns, all of
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