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currently due and owing on the Original Note, less credits, plus the additional <br />Loan Amount. The Original Note shall be deemed fully satisfied, performed, paid <br />and extinguished upon delivery of the Restated Promissory Note by Debtor to <br />Secured Party. <br />2. Secured Property and Financing Agreement. As additional <br />consideration, the Secured Property granted, bargained, sold, and conveyed by <br />Debtor unto Secured Party in the Original Security Agreement is hereby <br />continued in favor of Secured Party as security for the Restated Promissory <br />Note. As further collateral, the parties agree that Generator Unit No. 4 and its <br />infrastructure shall be pledged. <br />3. Discretionary Additional Consideration. The Debtor, in its sole <br />and absolute discretion, may pay to Secured Party as additional consideration <br />the following sums to be known as Discretionary Payments: <br />YEAR AMOUNT <br />2006 $ 8, 000 <br />2007 $10,000 <br />2008 $12, 000 <br />2009 $12, 000 <br />2010 $12, 000 <br />2011 $15,000 <br />2012 $15, 000 <br />2013 $15,000 <br />2014 $20,000 <br />2015 $20,000 <br />2016 $25,000 <br />2017 $25,000 <br />2018 $25,000 <br />2019 $30,000 <br />2020 $35,000 <br />2021 $40,000 <br />2022 $45, 000 <br />4. Conditions Precedent. The following are conditions precedent to <br />the loan of monies and the creation of the Amended Security Agreement and <br />Financing Statement and the Restated Promissory Note: <br />4.1 Elk River Municipal Utilities shall obtain certification of the Project <br />as a QF from FERC no later than May 31, 2006. <br />