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in lieu of and in substitution for such Note destroyed or lost, <br />upon the Lender's paying the reasonable expenses and charges of <br />the City in conaection therewith, and in the case of a Note <br />destroyed or lost, the filing with the City of evidence satis- <br />factory to the City that such Note was destroyed or lost and <br />furnishing the City wit'h indemnity satisfaction to it. If the <br />mutilated, destroyed or lost Note has already matured or been <br />called for redemption in accordance with its terms it shall not be <br />necessary to issue a new Note prior to payment. <br /> <br />Section 207. Ownership of Note <br /> <br /> The City may deem and treat the person in whose name each <br />Note is last registered in the Note Register and by notation on <br />the Note whether or not such Note shall be overdue, as the <br />absolute owner of such Note for the purpose of receiving payment <br />of or on account of the Principal Balance, reder~otion price or <br />interest and for all other purposes whatsoever, and the City shall <br />not be affected by any notice to the contrary. <br /> <br />Section 208. Limitation on Note Transfers <br /> <br /> The Note has been issued without registration under state <br />or other securities laws, pursuant to an exemption for such <br />issuance; and accordingly the Note may not be assigned or trans- <br />ferred in whole or part nor may a participation interest in the <br />Note be given pursuant to any participatiQn agreement, except in <br />accordance with applicable registration requirements or an appli- <br />cable exemption from such registration requirements. <br /> <br />Section 209. Cancellation of Note <br /> <br /> Any Note surrendered to the City for cancellation shall <br />forthwith be cancelled by the City. <br /> <br />Section 210. Authorization and Form of Note <br /> <br /> At the request of the Borrower, there shall be issued <br />pursuant to this Resolution the Note in substantially the form set <br />forth herein, with such appropriate variations, omissions and <br />insertions as are permitted or required by this Resolution, and in <br />accordance with the further provisions of this Article; the total <br />principal amount of ~e Note that may be outstanding hereunder is <br />expressly limited to $575,000 unless a duplicate Note is issued <br />pursuant to Section 206 and the proceeds of the Note shall be <br />disbursed pursuant to the Disbursing Agreement to pay the Project <br />Costs. The Note shall be in substantially the following form: <br /> <br />6 <br /> <br /> <br />