Agenda - Council - 11/25/1981 - Laserfiche WebLink

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'1 I I I I I I ,I I I I I A prepayment which does not result in the entire Princi- pal Balance and interest thereon and any applicable prepayment premium being paid in full shall be applied to installments of principal in the inverse order of their maturity but shall not defer the due date of any monthly payment due hereunder which payments shall continue until the entire Principal Balance has been paid. Notice of prepayment of this Note in whole or in part shall be given in accordance with ~he terms of the Resolution° As provided in the Resolution and subject to certain limitations set forth therein, this Note is transferable upon the books of the City at the office of the City Clerk-Treasurer, by the Lender in person or by his agent duly authorized in writing, at the Lender's expense, upon surrender hereof together with a written instrument of transfer satisfactory to the City Clerk-Treasurer duly executed by the Lender or his duly authorized agent. Upon such transfer the City Clerk-Treasurer will note the date of registration and the name and address of the new registered Lender in the registration blank appearing below. The City may deem and treat the person in whose name the Note is last registered upon the books of the City, with such registration noted on the Note, as the absolute owner hereof, whether or.not overdue, for the purp@se of receiving payment of or on account of the Principal Balance, redemption price or interest and for all other purposes, and all such payments so made to the Lender or upon his order shall be valid and effectual to satisfy and dis- charge the liability upon the Note to the extent of the sum or sums so paid, and the City shall not be affected by any notice to the contrary. Ail of the agreements, condztzons, covenants, provisions and stipulations contained in the Resolution, the Mortgage, the Assignment of Leases and Rents, the Loan Agreement and the Disbursing Agreement are hereby made a part of this Note to the same extent and with the same force and effect as if they were fully set forth herein. I I I I I I I This Note and interest thereon are payable solely from the revenues and proceeds derived from the Loan Agreement, the Mort- gage, the Assignment of Leases and Rents and the Guaranty and do not cOnstitute a debt of the City within the meaning of any constitutional or statutory limitation, are not payable from or a .charge upon any funds other than the revenues and proceeds pledged to the payment thereof and do not give rise to a pecuniary liability of the City, and no holder of this Note shall ever have the right to compel any exercise of the taxing power of the City to pay this Note or the interest thereon, to enforce payment thereon or to enforce payment thereof against any property of the City, and this Note does not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City, and the agreement of the City to perform or cause the performance of the covenants and other provisions herein referred to shall be subject at all times to the availability of revenues or other 10