Notice of Mortgage Foreclosure sale-2010

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. UNITED STATES OF AMERICA • STATE OF MINNESOTA COUNTY OF HENNEPIN City of Orono, Minnesota Revenue Note (The Hill School Pmject) Series 2006 Dated May 16,2006 No.R-1 , $480,000 The City of Orono, Minnesota, a public body corporate and politic (the "Issuer"), for value received, hereby promises to pay to William Cooper or his registered assigns (the "Lendec,"with the Lender and any subsequent owner of this Note being also hereinafter referred to as the "Holder'�, by such means and manner as the Holder may designate in writing, solely from the source and in the manner hereinafter provided, the unpaid principal balance of the principal sum of Four Hundred Eighty Thousand Dollars ($480,000) as set forth herein. This Note shall beaz interest on the unpaid principal amount at the rate of 5.50% per annum, computed on the basis of a year of 360 days cansisting of twelve 30-day months. Payment of the principal of and interest on this Note shall be made in coin or currency of the United States of America which at the time of payment is legal tender for payment of public ; and private debts, in semiannual installments. On each May 1 and November 1 commencing November 1, 2006 (the "Payment Dates'�, 60% of the principal and interest set forth with respect to such date on the attached schedule shall be paid, to be applied first to accrued but unpaid inte�rest on the unpaid principal amount of this Note,and second to the unpaid principal of this Note. On May 1, 2026, all accrued and unpaid interest and the unpaid principal balance of this Note shall be paid. In the event interest on this Note shall become subject to federal income taxation pursuant to a Determination of Taxability, the interest rate on this Note shall be increased to that rate of interest per annum which is equal to 200 basis points in elccess of the interest rate on the Note. For the purpose of this paragraph,a"Determination of Taxability"shall mean the issuance of a statutory notice of deficiency by the Intemal Revenue Service; or a ruling of the National Office or any District Office of the Intemal�Revenue Service, or a final decision of a court of competent jurisdiction which holds that the interest payable on this Note is includable in the gross income of the Holder for federal income tax purposes if the period, if any, for contest or appeal of such action, ruling or decision has expired without any such contest or appeal having been properly instituted. The expenses of any such contest shall be paid by the party initiating the contest and neither the Issuer nor the Holder shall be required to contest or appeal any Determination of Taxability. The"Date of Taxabi(ity"shall mean that point in time,as specified in the determination,ruling or decision,that the interest payable on this Note becomes includable in the gross income of the Holder for federal income tax purposes.