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<br /> <br />EXHIBIT F <br /> <br />FORM: OF PAR..~NC LOT NOTE <br /> <br />No.R 1 <br /> <br />$ <br /> <br />UNITED ST}...TES OF }lMERIC^... <br />ST}... TE OF MINNESOTA <br />COUNTY OF SHERBURNE <br />CITY OF ELK RIVER, MINNESOT,^... <br /> <br />T,^...)( INCREMENT REYENUE NOTE, SERIES 200_ <br />(METROPL^...INS DEVELOPMENT, LLC PARYJNG LOT PROJECT) <br /> <br />The City of Elk River, Minnesota (the "City"), hereby acknowledges itself to be indebted <br />and, for value recei'/ed, hereby promises to pay the amounts hereinafter described (the "Payment <br />}...mounts") to MetroPlains Development, LLC, a Minnesota limited liability company or its <br />registered assigns (the "Registered O'.vner"), the principal of <br />Dollars ($ ), but only in the manner, at the times, from the sources of reyenue, and <br />to the extent hereinafter provided. <br /> <br />The principal amount of this Note shall equal from time to time the principal amount <br />stated abo'.'e, as reduced to the extefl-t that such principal shall have been paid in whole or in part <br />pursuant to the terms hereof. This Note is issued pursuant to that certain DC'/elopment <br />.^...greement, dated as of December _, 2001, as the same may be amended from time to time <br />(the "Dcyclopment l\greemern"), by and between the City and MetroPlains Development, LLC, <br />a Minnesota limited liability company (the "Company"). The unpaid principal amount hereof <br />shall beur simple non compounding irnerest from the date of this Note at the rate of six and fifty <br />hundredths percefl-t (6.50%) per annum. Interest shall be computed on the basis of a 360 day <br />year oft'.velYe (12) 30 day months. <br /> <br />The amounts due under this Note shall be payable on each February 1 and August 1, <br />commencing with the first February 1 or l\l:lgust 1 occurring after the date of issuance of this <br />Note or, if the first should not be a Business Day (as defined in the Deyelopment .^...greement) the <br />next succeeding Business Day (each, a "Payment Date"). On each Payment Date, the City shall <br />pay by check or draft mailed to the person that ';/as the Registered OVvTIer of this Note at the <br />close of the last business day preceding such Payment Date an amount equal to the Parking Lot <br />Pledged Tax Incremern (as hereinafter defined) received by the City during the six mornh period <br />preceding such Payment Date. }JI paymefl-ts made by the City under this Note shall first be <br />applied to accrued interest and then to principal. If Pledged Tax Increments are insufficient to <br />pay any accrued interest due, such unpaid interest shall be carried f-onvard viithout interest. <br /> <br />The Payment .^Jllounts due hereon shall be payable solely from 6% of the actual <br />,^...vailable Tax Incremern receh'ed by the City since the last Payment Date based on the lesser of <br />the currern actual Market Value of the Minimum Impro'/ements (as defined in the Development <br />.^...greement) as determined by the County ,^...ssessor or the County .\ssessor's Market Value of the <br />Minimum Improvements as of the January 2 immediately following the Completion Date (the <br /> <br />I 824344vRED V2 to VI; 10/12/05 <br /> <br />F-1 <br />