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2. Interest. Interest at the rate stated herein shall accrue on the unpaid principal, <br />commencing on the date of original issue. Interest shall be computed on the basis of a year of 360 <br />days and charged for actual days principal is unpaid. <br />3. Available Tax Increment. (a) Payments on this Note are payable on each Payment <br />Date solely from and in the amount of Available Tax Increment, which shall mean 25% of the Tax <br />Increment attributable to [Phase UPhase II] of the Minimum Improvements and Redevelopment <br />Property that is paid to the Authority by Ramsey County in the six months preceding each Payment <br />Date on the Note. <br />(b) The Authority shall have no obligation to pay principal of and interest on this Note on <br />each Payment Date from any source other than Available Tax Increment and the failure of the <br />Authority to pay principal or interest on this Note on any Payment Date shall not constitute a default <br />hereunder as long as the Authority pays principal and interest hereon to the extent of Available Tax <br />Increment. The Authority shall have no obligation to pay any unpaid balance of principal or <br />accrued interest that may remain after the final Payment on February 1, 2031. <br />4. Default. If on any Payment Date there has occurred and is continuing any Event of <br />Default under the Agreement, the Authority may withhold from payments hereunder under all <br />Available Tax Increment. If the Event of Default is thereafter cured in accordance with the <br />Agreement, the Available Tax Increment withheld under this Section shall be deferred and paid, <br />without interest thereon, within 30 days after the Event of Default is cured. If the Event of Default <br />is not cured in a timely manner, the Authority may terminate this Note by written notice to the <br />Owner in accordance with the Agreement. <br />5. Prepayment. The principal sum and all accrued interest payable under this Note is <br />prepayable in whole or in part at any time by the Authority without premium or penalty. No partial <br />prepayment shall affect the amount or timing of any other regular Payment otherwise required to be <br />made under this Note. <br />6. Nature of Obligation. This Note is one of an issue in the total principal amount of <br />$ , issued to aid in financing certain public redevelopment costs and <br />administrative costs of a Project undertaken by the Authority pursuant to Minnesota Statutes, <br />Sections 469.001 through 469.047, and is issued pursuant to an authorizing resolution (the <br />"Resolution") duly adopted by the Authority on , 2019, and pursuant to and in full <br />conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, <br />Sections 469.174 to 469.1794, as amended. This Note is a limited obligation of the Authority which <br />is payable solely from Available Tax Increment pledged to the payment hereof under the <br />Resolution. This Note and the interest hereon shall not be deemed to constitute a general obligation <br />of the State of Minnesota or any political subdivision thereof, including, without limitation, the <br />Authority. Neither the State of Minnesota, nor any political subdivision thereof shall be obligated to <br />pay the principal of or interest on this Note or other costs incident hereto except out of Available <br />Tax Increment, and neither the full faith and credit nor the taxing power of the State of Minnesota or <br />any political subdivision thereof is pledged to the payment of the principal of or interest on this Note <br />or other costs incident hereto. <br />B-6 <br />623340v3SA730-2 <br />