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SI A ri£ OF MINNESOIA ORONO HOUSING AND REDEVELOPMENT AUTI lORITY TAX INCREMENT REVENUE NOTE OF 2001 [ 11 Fhe Orono I lousing and Redevelopment Authority (the *i IRA”), located in the City of Orono. Hennepin County. Minnesota, hereby acknowledges itself to be indebted and. for value received, hereby promises to pay to Orono Senior Housing. LLC. a Minnesota limited liability company, or it.v registered assigns (the “Registered Owner”), but only in the manner, at the times, from the sources of revenue, and to the extent hereinafter provided, the Principal Amount of this Note (as detlned In paragraph (2J hereof) and to pay interest on the unpaid portion of the Principal Unpaid Amount of this Note at the rate of interest of 7.00% per annum. Interest shall accrue on the Principal Amount from_______.____. and shall be computed on the basis of a 360-day year consisting of 12 30-day months. This Note is the “TIF Note” described and defined in that certain Development Agreement, dated as of___________. 2001 (as the same may be amended from time to time, the “Development Agrcemenf'), among the HR.A. the City of Orono. Minnesota, and Orono Senior Housing. LLC, a Minnesota limited liability company, as the initial Developer under the Development Agreement. Each capitalized term which is used but not otherwise delmed in this Note shall have the meaning given to that term in the De\ elopment Agreement. |2) 'fhe Principal Amount of this Note shall be $________. (31 Subject to the terms hereof, amounts due on this Note shall be payable on each February 1 and August 1. commencing February 1.___. ;md continuing throu ;h Febniary 1.___(the “Payment Dates”), and on each "Additional Payment Date” described in paragraph (5) hereof. .All amounts of acemed interest on this Note which are not paid in full on any Payment Date shall also accrue additional interest from the date of such non-pa\ment (the "Compound Interest”) until paid at the rate of interest of 7.00% per annum. (4) On each Payment Date (or. if not a business day of the I IRA. the iirst business day thereafter) the HRA shall pay by check or draft mailed to the person that was the Registered Owner of this Note at the close of the last business day of the HRA preceding such Payment Date an amount equal to the lesser of (1) the Available Tax Increments (which generally consist of 90®/o of the tax increments from the I IRA’s Tax Increment Financing District No. 1-1 within its Housing Project Area No. 1) received by the HRA within the 6-month period preceding said PaNment Date and (2) the sum of (i) the accrued and unpaid interest on the Principal Amount and (ii) the unpaid Principal Amount of this Note. All pax menls made by the HR/\ under this Note shall be applied first to pay the accrued and unpaid Interest on the Principal Amount of this Note and second to pay the unpaid Principal Amount hereof. The I IR A shall have the right on :my Payment Date to prepay the principal amount of this Note in whole or in part without penalty or premium and without the prior written