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No. R-1 <br />EXHIBIT C <br />Form of Tax Increment Note <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF CROW WING <br />IN AND FOR THE CITY OF PEQUOT LAKES <br />TAX 1NCREMENT REVENUE NOTE <br />(BRETT AND SARAH DALE, LLC PROJECT) <br />$ <br />--. <br />The City of Pequot Lakes, Minnesota (the "City"), hereby acknowledges itself to be <br />indebted and, for value received, hereby promises to pay the amounts hereinafter described <br />(the "Payment Amounts") to Brett and Sarah Da1e, LLC or its registered assigns (the <br />"Registered Owner"), but only in the manner, at the times, from the sources of revenue, and � <br />to the extent hezeinafter provided. <br />The pri.ncipal amount of this Note shall equal from time to time the principal amount <br />stated above, as reduced to the e�rtent that such principal installments shall have been paid <br />in whole or in part pursuant to the terms hereof; provided that the sum of the pri.ncipal <br />amount listed above shall in no event exceed $84,000 as provided in that certain <br />Development Agreement, dated as of October 1, 1999, as the same may be amended from <br />time to time (the "Development Agreement"), by and between the City of Pequot Lakes, <br />Minnesota (the "City"), and Brett and Sarah Dale, LLC (the "Compa.ny"). The unpaid <br />principal amount hereof shall bear interest from the date of this Note at the simple non- <br />compounded rate of eight percent (8.00%) per annum. Interest shall be computed on the <br />basis of a 360 day year consisting of twelve (12) 30-day months. <br />The amounts due under this Note shall be payable on August 1, 2002, and on each <br />February 1 and August 1 thereafter to and including February 1, 2017, or, if the first should <br />not be a Business Day (as defined in the Development Agreement) the next succeeding <br />Business Day (the "Payment Dates"). On each Payment Date the City shall pay by check or <br />draft mailed to the person that was the Registered Owner of this Note at the close of the last <br />business day of the City precedi.ng such Payment Date an amount equal to the sum of 90% <br />` <br />1087040.3 C-1 <br />