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THIS IS AN INSTRUMENT OF T.IMIT~D ASSIGNABIT.TTY CITY OF UNIVERSITY CITY, MISSOURI TAX INCREMENT ANTICIPATION NOTE i~THE CITY OF UNIVERSITY CITY, MISSOURI (the 'City"), on this day of February, 1992, for value received, promises to pay to Royal Banks of Missouri (the "Holder") the sum up to Four Hundred Twelve Thousand Five Hundred and no/100 Dollars ($412,500.00), as is shown on the schedule of advances attached hereto as Exhibit A, with simple, non-cumulative interest at the rate of 7.25% per annum on outstanding balances from the date of receipt calculated on the basis of a 365-day year and'actual days elapsed. This. promise to pay is payable solely from the Net Proceeds (as hereinafter defined) generated by the Plan (as hereinafter defined) for the Area (as hereinafter defined), and deposited in the Acquisition Loan Subaccount of the Special Allocation Fund created by Ordinances No. 5686, 5781, and 5~, enacted by the University City Council on November 21, 1988, December 10, 1990, and February/~ , 1992, respectively (collectively the "Plan Ordinance"), and from no other revenue or property of the City, it being understood that this instrument is not the general obligation of the City, St. Louis County (the "County"), the State of Missouri or any political subdivision thereof, nor of any officer or employee thereof, and it being further understood that this Note is issued in connection with the City's Olive Boulevard Central Tax Increment Finance District Redevelopment Plan for redevelopment of part of the City through tax increment financing (the "Plan"), as approved in the Plan Ordinance. For the purpose of the foregoing promise to pay, and subject to the limitations contained herein, the Net Proceeds of the Acquisition Loan Subaccount of the Special Allocation Fund (the "Account") are those payments in lieu of taxes (as defined in S 99.805(7) and S 99.845, R.S. Mo.) (hereinafter, PILOTs) attributable to the increase in the current equalized assessed valuation of all taxable lots, blocks, tracts, and parcels of real property for the redevelopment project area (the "Area"), as defined in Ordinance No. 5687 enacted by the University City Council on November 21, 1988 and by Ordinance No. 5781 enacted December 10, 1990, (collectively the "Area Ordinance") over and above the certified total initial equalized assessed value of such property (as provided for by ~ 99.855, R.S. Mo.) in the Area, less (i) the costs of collection charged by the County; (ii) administrative expenses incurred by the City and the Tax Increment Financing Commission of the City of University City, Missouri (the "TIF Commission") in administering the Plan; and (iii) the net proceeds of PILOTs generated by a portion of the STL -08570