Resolution - #81-191 - 11/25/1981

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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 ~e 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 ~%e 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 purpose 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, conditions, 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. This Note and interest ~]ereon 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 ~le 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 ~]e 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 funds furnished for such purpose in accordance with the Loan Agreement, sufficient to pay all costs of such performance or the enforcement thereof. It is agreed that time is of the essence of this Note. In the event of failure by the City to pay any monthly installment of principal or interest on or before ~e due date or if an Event of Default shall occur, as defined in the Mortgage, the Assignment of Leases and Rents, the Disbursing Agreement, the Guaranty or the 10