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be brought or not, and all other sums due hereunder or <br />under the Loan Agreement or the Mortgage. The Holder may <br />extend the time of payment of interest or principal of <br />this Note, without notice to or consent of any party <br />liable hereon, and without releasing any such party. <br /> <br /> This Note shall not be payable from nor charged <br />upon any funds of the City other than the revenue under <br />the Loan Agreement pledged to the payment thereof, nor <br />shall the City be subject to any liability thereon. No <br />Holder or Holders of this Note shall ever have the right <br />to comPel any exercise of the taxing power of the City to <br />pay this Note or the interest thereon, nor to enforce <br />payment thereof against any property of' the City except <br />the Project, or portions thereof, mortgaged or otherwise <br />encumbered by the Mortgage. This Note shall not. <br />constitute a charge, lien, or encumbrance, legal or <br />equitable, upon any property of the City, except the <br />Project, or portions thereof, mortgaged or otherwise <br />encumbered by the Mortgage. This Note, including interest <br />thereon, is payable solely from the revenue under the Loan <br />Agreement pledged to the payment thereon. This Note shall <br />not constitute a debt of the City within the meaning of <br />any constitutional, statutory or charter limitation. <br />However, nothing contained in this paragraph shall impair <br />the rights of the Holder or Holders of this Note to <br />enforce covenants made for the security thereof as <br />provided under the provisions of Minnesota Statutes, <br />Section 474.11. <br /> <br /> The Holder shall not be deemed, by any act of <br />omission or commission, to have waived any of its rights <br />or remedies hereunder unless such waiver is in writing and <br />signed by the Holder and then only to the extent <br />specifically set forth in the writing. A waiver with <br />reference to one event shall not be construed as <br />continuing or as a bar to or waiver of any right or remedy <br />as to a subsequent event. <br /> <br /> Each maker, co-maker, endorser, surety and <br />guarantor, subject to limitation of the City's liability, <br />hereby guarantees payment of this Note and waives demand, <br />presentment, protest and notice of dishonor and agrees <br />that without any notice, .the Holder hereof and any present <br />or future owner or owners of any property and interests <br />covered by the Mortgage or any other document given to <br />secure this Note, or executed in connection with this <br />Note, may from time to time extend, renew, or otherwise <br />modify the date or dates or amount or amounts of payment <br />above recited. Or, the Holder hereof may from time to <br /> <br />-4- <br /> <br /> <br />