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Increment District is terminated, or on the date that all principal and interest payable hereunder <br />shall have been paid in full, whichever occurs earliest. <br /> <br />The City makes no representation or covenant, express or implied, that the Tax <br />Increments the City receives from and after January 1, 2015, will be sufficient to pay, in whole or <br />in part, the amounts which are or may become due and payable hereunder. <br /> <br />This Note is a special, limited revenue obligation and not a general obligation of the City <br />and is payable by the City only from the sources and subject to the qualifications stated or <br />referenced herein. This Note is not a general obligation of the City, and neither the full faith and <br />credit nor the taxing powers of the City are pledged to the payment of the principal of this Note <br />and no property or other asset of the City, save and except Tax Increments the City receives on or <br />after January 1, 2015 shall be a source of payment of the City's obligations hereunder. <br /> <br />This Note is issued by the City in aid of financing a project pursuant to and in full <br />conformity with the Constitution and laws of the State of Minnesota, including the Tax Increment <br />Act. <br /> <br />This Note may be assigned only to transferees permitted or deemed to be permitted <br />pursuant to the Development Agreement (each such permitted successor is referred to as <br />"Successor Holder"), and any permitted assignment of the rights and obligations of the <br />Developer under the Development Agreement shall be deemed to be an assignment of the rights <br />granted to the Developer under the Development Agreement with respect to this Note. In <br />order to assign the Note, the assignee shall surrender the same to the City either in exchange <br />for a new fully registered note or for transfer of this Note on the registration records for the <br />Note maintained by the City. Each Successor Holder shall take this Note subject to the <br />foregoing conditions and subject to all provisions stated or referenced herein. <br /> <br />IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions, and things <br />required by the Constitution and laws of the State of Minnesota to be done, to have happened, <br />and to be performed precedent to and in the issuance of this Note have been done, have <br />happened, and have been performed in regular and due form, time, and manner as required by <br />law; and that this Note, together with all other indebtedness of the City outstanding on the date <br />hereof and on the date of its actual issuance and delivery, does not cause the indebtedness of the <br />City to exceed any constitutional or statutory limitation thereon. <br /> <br />IN WITNESS WHEREOF, the City of Ramsey, Minnesota, by its City Council, has <br />caused this Note to be executed by the manual signatures of its Mayor and City Administrator <br />and has caused this Note to be dated as of , 2015 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Mayor City Administrator <br /> <br />3 <br />6911974v4 <br /> <br />