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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 City makes no representation or covenant, expressed 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 Agreem ncluding without <br />limitation Section 3.2 thereof, for a fuller statement of the rights and ola ions of the City to <br />pay the principal of this Note, and said provisions are hereby ins . ted into this Note as <br />though set out in full herein. <br />This Note is a special, limited revenue obligation and <br />and is payable by the City only from the sources and <br />referenced herein. This Note is not a general obligatio <br />credit nor the taxing powers of the City are pledged <br />and no property or other asset of the City, save . i; <br />is or shall be a source of payment of the City's `, 1s_ations hereunder. <br />general obligation of the City <br />to the qualifications stated or <br />e City and neither the full faith and <br />payment of the principal of this Note <br />ept the above -referenced Tax Increments, <br />This Note is issued by the Ci livid of financing a project pursuant to and in full <br />conformity with the Constitution ai' ws of the State of Minnesota, including the Tax <br />Increment Act. <br />This Note may be ass d only with the consent of the City which consent shall not be <br />unreasonably withheld. In o to assign the Note, the assignee shall surrender the same to the <br />City either in exchange a new fully registered note or for transfer of this Note on the <br />registration records f e Note maintained by the City. Each permitted assignee shall take this <br />Note subject to th oing conditions and subject to all provisions stated or referenced herein. <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 />B-2 <br />11750570v4 <br />