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No. R-1 <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF WASHINGTON <br />CITY OF HUGO, MINNESOTA <br />TAXABLE TAX INCREMENT REVENUE NOTE <br />(HUGO LAND DEVELOPMENT, LLC PROJECT), <br />SERIES 2002 <br />Interest Rate <br />Maturity Date <br />Date of Original <br />Issue <br />7.25% February 1, 2019 February 1, 2002 <br />Registered Owner. <br />$610,535 <br />The City of Hugo, Minnesota (the "City"), for value received, certifies that it is indebted <br />and hereby promises to pay to the registered owner set forth above or its assigns (the "Registered <br />Owner"), but solely from Available Tax Increment (defined below) the principal sum of <br />$610,535 and to pay interest thereon at the interest rate set forth above, as and to the extent set <br />forth herein. <br />1. Payments, Interest shall accrue on this Note from the Date of Original Issue set <br />forth above, to but not including, February 1, 2007, at the interest rate set forth above and <br />thereafter at the adjusted interest rate as provided in Section 2 of this Note, payable on August 1, <br />2002 and each February 1 and August .l thereafter (the "Payment Dates"). The principal amount <br />of this Note is due on the Maturity Date as defined below. Principal of this Note is subject to <br />mandatory redemption and prepayment in accordance with the terms of Section 5 of this Note. <br />In the event Available Tax Increment as defined below is not sufficient to pay all principal of <br />this Note (whether pursuant to mandatory redemption or maturity) and accrued interest due on <br />this Note on any Payment Date, Available Tax Increment shall be applied first to accrued and <br />unpaid interest, and then to principal. <br />The term "Maturity Date" means the earlier of (a) the date all principal and accrued <br />interest on this Note have been paid in full; (b) the date the aggregate of all Payments equals <br />$ ; (c) the date the Note is terminated in accordance with Section 7 hereof; or <br />(d) February 1, 2019. <br />Payments are payable by mail to the address of the Registered Owner as set forth in the <br />Authorization and Registration Provisions of this Note, or such other address as the Registered <br />Owner may designate upon thirty (30) days written notice to the City. Payments on this Note are <br />3 <br />