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Draft: 10/17/01 <br /> EXHIBIT C <br /> FORM OF TIF NOTE <br /> No. R- 1 <br /> UNITED STATES OF AMERICA <br /> STATE OF MINNESOTA <br /> ORONO HOUSING AND <br /> REDEVELOPMENT AUTHORITY <br /> TAX INCREMENT REVENUE <br /> NOTE OF 2001 <br /> [1] The Orono Housing and Redevelopment Authority (the "HRA"), located in the <br /> City of Orono,Hennepin County,Minnesota,hereby acknowledges itself to be indebted and,for <br /> value received, hereby promises to pay to Orono Senior Housing, LLC, a Minnesota limited <br /> liability company,or its registered assigns(the "Registered Owner"),but only in the manner, at <br /> the times, from the sources of revenue, and to the extent hereinafter provided, the Principal <br /> Amount of this Note (as defined in paragraph [2] hereof) and to pay interest on the unpaid <br /> portion of the Principal Unpaid Amount of this Note at the rate of interest of 7.00%per annum. <br /> Interest shall accrue on the Principal Amount from , , and shall be computed on <br /> the basis of a 360-day year consisting of 12 30-day months. This Note is the "TIF Note" <br /> described and defined in that certain Development Agreement, dated as of , 2001 <br /> (as the same may be amended from time to time, the "Development Agreement"), among the <br /> HRA, the City of Orono, Minnesota, and Orono Senior Housing, LLC, a Minnesota limited <br /> liability company,as the initial Developer under the Development Agreement. Each capitalized <br /> term which is used but not otherwise defined in this Note shall have the meaning given to that <br /> term in the Development Agreement. <br /> [21 The Principal Amount of this Note shall be $ $ [not more than <br /> $850,000]. <br /> [3] Subject to the terms hereof,amounts due on this Note shall be payable on each February <br /> 1 and August 1, commencing FebruarrAugust 1, 2002, and continuing through February <br /> 1, 2024 (the "Payment Dates"), and on each "Additional Payment Date" described in <br /> paragraph [5] hereof. All amounts of accrued interest on this Note which are not paid in full on <br /> any Payment Date shall also accrue additional interest from the date of such non-payment(the <br /> "Compound Interest") until paid at the rate of interest of 7.00% per annum. <br /> [4] On each Payment Date(or,if not a business day of the HRA,the first business day <br /> thereafter) the HRA shall pay by check or draft mailed to the person that was the Registered <br /> Owner of this Note at the close of the last business day of the HRA preceding such Payment Date <br /> C-1 <br />