Resolution - #79-47a - 06/11/1979

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notice to or consent of any party liable hereon, and with- out releasin~ any such party. This Note shall not be payable from nor charged upon any funds ~of the City other than the revenue under the Loan Agreement pledged to the payment thereof, nor shall the City be subject to any liability thereon. No Holder or Holders 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, nor to enforce pay- ment ~thereof against any property of the City except the Project, or portions thereof, mortgaged or otherwise encumbered by the Mortgage. This Note shall not consti- tute a charge, lien, or encumbrance, legal or equitable, upon any property of the City, except the Project, or por- tions thereof, mortgaged or otherwise encumbered by the Mortgage. This Note, including interest thereon, is pay- able solely from the revenue under the Loan Agreement pledged to the payment thereon. This Note shall not con- stitute a debt of the City within the meaning of any con- stitutional, statutory or charter limitation. However, nothing contained in this paragraph shall impair the rights of the Holder or Holders of this Note to enforce covenants made for the security thereof as provided under the provisions of Minnesota Statutes, Section 474.11. The Holder shall not be deemed, by any act of omission or commission, to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by the Holder and then only to the extent specifi- cally set forth in the writing. A waiver with reference to one event shall not be construed as continuing or as a bar to or waiver of any right or remedy as to a subsequent event. Each maker, co-maker, endorser, surety and guar- antor, subject to limitation of the City's liability, hereby guarantees payment of this Note and waives demand, presentment, protest and notice of dishonor and agrees that without any notice, the Holder hereof and any present or future owner or owners of any property and interests covered by the Mortgage or any other document given to secure this Note, or executed in connection with this Note, may from time to time extend, renew, or otherwise modify the date or dates or amount or amounts of payment above recited. Or, the Holder hereof may from time to time release any part or parts of the property and inter- ests subject to the Mortgage or to any such other document from the same, with or without consideration. In any such case, each maker, co-maker, endorser, surety and guaran- -4-