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Redemption Date
<br />Prindpal Amount
<br />Redemption Date
<br />Prindpal Amount
<br />August 1, 2002
<br />$0
<br />February 1, 2011
<br />16,482.50
<br />February 1, 2003
<br />$0
<br />August 1, 2011
<br />18,105.75
<br />August 1, 2003
<br />$0
<br />February 1, 2012
<br />18,762.08
<br />February 1, 2004
<br />$0
<br />August 1, 2012
<br />20,498.74
<br />August 1, 2004
<br />6,838.67
<br />February 1, 2013
<br />21,241.81
<br />February 1, 2005
<br />7,086.57
<br />August 1, 2013
<br />23,100.06
<br />August 1, 2005 _.
<br />7,343.46
<br />February 1, 2014
<br />23,937.43
<br />February 1, 2006
<br />7,609.66
<br />August 1, 2014
<br />25,926.04
<br />August 1, 2006
<br />8,770.34
<br />February 1, 2015
<br />26,865.86
<br />February 1, 2007
<br />9,088.26
<br />August 1, 2015
<br />28,994.25
<br />August 1, 2007
<br />10,329.09
<br />February 1, 2016
<br />30,045.29
<br />February 1, 2008
<br />10,703.52
<br />August 1, 2016
<br />32,323.56
<br />August 1, 2008
<br />12,030.23
<br />February 1, 2017
<br />33,495.29
<br />February 1, 2009
<br />12,466.33
<br />August 1, 2017
<br />35,934.31
<br />August 1, 2009
<br />13,885.11
<br />Febnmy 1, 2018
<br />37,236.93
<br />February 1, 2010
<br />14,388.44
<br />August 1, 2018
<br />39,848.32
<br />August 1, 2010
<br />15,905.91
<br />Febnrary 1, 2019*
<br />41,291.20
<br />* Maturity
<br />6. Optional Redemption of Note. This Note shall be subject to redemption after
<br />August 1, 2002, on any Payment Date, without prior notice, in whole or in part, at a redemption
<br />price of one hundred percent (100%) of the principal amount thereof to be redeemed plus interest
<br />accrued to the date of redemption, without premium from the following sources: (i) Available
<br />Tax Increment in excess of the Available Tax Increment applied to the required Payments under
<br />this Note on any Payment Date; and (ii) the proceeds of any refunding obligation of the City.
<br />7. Termination. Except as otherwise provided in Section 10.2 of the_ Agreement, at
<br />the City's option, this Note shall terminate and the City's obligation to make any payments under
<br />this Note shall be discharged upon the occurrence of an Event of Default on the part of the
<br />Developer as defined in Section 10.1 of the Agreement, but only if the Event of Default has not
<br />been cured in accordance with Section 10.2 of the Agreement.
<br />8. Nature of Obligation. This Note is one of an issue in the total principal amount of
<br />$610,535 issued to aid in financing certain capital and administration costs of a Development
<br />District undertaken by the City pursuant to Minnesota Statutes, Sections 469.124 through
<br />469.134, as amended, and is issued pursuant to an authorizing resolution (the "Resolution") duly
<br />adopted by the City on February 19, 2002 and pursuant to and in full conformity with the
<br />Constitution and laws of the State of Minnesota, including Minnesota Statutes. Sections 469.174
<br />to 469.179, as amended. This Note is a limited obligation of the City which is payable solely
<br />from Available Tax Increment and capitalized interest pledged to the payment hereof under the
<br />6
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