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Date defined above, on any date upon which the City shall have terminated the TIF Agreement <br />under Section 4.2(2) thereof or the Developer shall have terminated the TIF Agreement under <br />Article V thereof, on the date the Tax Increment District is terminated, or on the date that all <br />principal payable hereunder shall have been paid in full, whichever occurs earliest. <br />The Tax Increment District includes properties other than the Development Property and <br />Anoka County remits Tax Increment to the City on the basis of the Captured Tax Capacity of the <br />entire Tax Increment District. For purposes of this Tax Increment Revenue Note, the City will <br />determine Tax Increment generated from the Development Property and improvements thereon <br />in its sole discretion. <br />The City makes no representation or covenant, express or implied, that the Tax <br />Increments will be sufficient to pay, in whole or in part, the amounts which are or may become <br />due and payable hereunder. <br />The City's payment obligations hereunder shall be further conditioned on the fact that no <br />Event of Default under the TIF Agreement shall have occurred and be continuing at the time <br />payment is otherwise due hereunder, but such unpaid amounts shall become payable if said <br />Event of Default shall thereafter have been cured; and, further, if pursuant to the occurrence of <br />an Event of Default under the TIF Agreement the City elects to cancel and rescind the TIF <br />Agreement, the City shall have no further debt or obligation under this Note whatsoever. <br />Reference is hereby made to all of the provisions of the TIF Agreement, including without <br />limitation Section 3.2 thereof, for a fuller statement of the rights and obligations of the City to <br />pay the principal of this Note, and said provisions are hereby incorporated into this Note as <br />though set out in full herein. <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 the above -referenced Tax Increments, <br />is or shall be a source of payment of the City's obligations hereunder. <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 <br />Increment Act. <br />This Note may be assigned only with the consent of the City which consent shall not be <br />unreasonably withheld. In order to assign the Note, the assignee shall surrender the same to the <br />City either in exchange for a new fully registered note or for transfer of this Note on the <br />registration records for the Note maintained by the City. Each permitted assignee shall take this <br />Note subject to the foregoing conditions and subject to all provisions stated or referenced herein. <br />This Note is subject to prepayment in immediately available funds on any date at the <br />option of the City, in whole or in part and without penalty. <br />IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions, and things <br />required by the City Charter, the Constitution and laws of the State of Minnesota to be done, to <br />B-2 <br />7269889v1 <br />