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14, Article 9, Section 10 (collectively, the "Special Law") and the provisions of Minnesota <br />Statutes, Sections 469.174 through 469.1794, as the same may be amended or supplemented from <br />time to time (the "Tax Increment Act") . This Note shall terminate and be of no further force and <br />effect following the last Payment Date defined above, on any date upon which the City shall have <br />terminated the TIF Agreement under Section 4.2(2) thereof or the Developer shall have terminated <br />the TIF Agreement under Article V thereof, on the date the Tax Increment District is terminated, <br />or on the date that all amounts payable hereunder shall have been paid in full, whichever occurs <br />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 in <br />its sole discretion. <br />The City makes no representation or covenant, express or implied, that the Tax Increments <br />will be sufficient to pay, in whole or in part, the amounts which are or may become due and payable <br />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 Event <br />of Default shall thereafter have been cured; and, further, if pursuant to the occurrence of an Event <br />of Default under the TIF Agreement the City elects to cancel and rescind the TIF Agreement, the <br />City shall have no further debt or obligation under this Note whatsoever. Reference is hereby <br />made to all of the provisions of the TIF Agreement, including without limitation Article III thereof, <br />for a fuller statement of the rights and obligations of the City to pay the principal of this Note, and <br />said provisions are hereby incorporated into this Note as 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 Special Law <br />and the Tax Increment Act. <br />This Note may be assigned only with the consent of the City which consent shall not be <br />unreasonably withheld, conditioned or delayed. In order to assign the Note, the assignee shall <br />surrender the same to the City either in exchange for a new fully registered note or for transfer of <br />this Note on the registration records for the Note maintained by the City. Each permitted assignee <br />shall take this Note subject to the foregoing conditions and subject to all provisions stated or <br />referenced herein. <br />B-2 <br />76644791v2 <br />