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tenor in exchange and substitution for and upon cancellation of such mutilated <br />Note, or in lieu of and in substitution for such Note destroyed or lost, upon <br />the Lender's paying the reasonable expenses and charges of the City in <br />connection therewith, and in the case of a Note destroyed or lost, the filing <br />with the City of evidence satisfactory to the City with indemnity satisfactory <br />to it. If the mutilated, destroyed or lost Note has already matured or been <br />called for redemption in accordance with its terms it shall not be necessary to <br />issue a new Note prior to payment. <br /> <br />2-8. Ownership of Note. <br /> <br /> The City may deem and treat the person in whose name the Note is last <br />registered in the Note Register and by notation on the Note whether or not such <br />Note shall be overdue, as the absolute owner of such Note for the purpose of <br />receiving payment of or on account of the Principal Balance, redemption price <br />or interest and for all other purposes whatsoever, and the City shall not be <br />affected by any notice to the contrary. <br /> <br />2--9 o <br /> <br />Limitation_on Not~ Transfers. <br /> <br /> The Note has been issued without registration under state or other <br />securities laws, pursuant to an exemption for such issuance; and accordingly <br />the Note may not be assigned or transferred in whole or part, nor may a <br />participation interest in the Note be given pursuant to any participation <br />agreement, except in accordance with an applicable exemption form such <br />registration requirements. <br /> <br />7 <br /> <br /> <br />