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• UNITED STATES OF AMERICA 410 STATE OF MINNESOTA COUNTY OF SHERBURNE CITY OF ELK RIVER Commercial Development Revenue Note (John Plaisted Project) No. R-1 $320, 000 FOR VALUE RECEIVED, The CITY OF ELK RIVER, MINNESOTA, a municipal corporation of the State of Minnesota (the "City" ) , hereby promises to pay to the order of FIRST NATIONAL BANK IN ANOKA, a national banking association, or registered assign (the "Holder") , at its principal office in Anoka, Minnesota, or such other place as the Holder may designate in writing, from the source and in the manner, and with interest thereon as herein- after provided, the principal sum of THREE HUNDRED TWENTY THOUSAND DOLLARS ($320, 000) , or so much thereof as may be advanced, with interest on the unpaid principal amount at the rate of eight and seven-eighths percent (8-7/8%) per annum, in any coin or currency which at the time or times for payment is legal tender for the payment of public or private debts in the United States of America. This Note . is payable in installments due as follows: (a) From and after the date hereof until the Completion Date (as hereinafter defined) , the City shall pay interest only on the amount of principal that shall from time to time be advanced hereunder. Interest shall accrue from and after the date of each and every advance so made by the Holder and shall be payable on the first day of the month next succeeding the date on which the first advance is made, and on the first day of each and every month thereafter, with a final payment of accrued interest to be made on the Completion Date. (b) Commencing on the first day of the month following the Completion Date, the principal balance hereof , together with interest thereon, shall be due and payable in 264 consecutive monthly installments each in the amount of Two Thousand Seven Hundred Sixty-one and 39/100 Dollars ($2 ,761. 39) , except that monthly 41/0