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Scheduled Payment Date after the default is cured, unIess the Note has been terminated in accardance with Section 9.2(b) af the Agreement. The City shall have no obligation to pay principaI of and interest on this Note on each Fayment Date from any source other than Available Tax Increment, and s�all have na obligation to pay unpaid balance of principal or accrued interest that may remain after the Payment on the finaI Payment Date described in Section 1 hereof. 4. Prepaymen�. The principal sum and all accrued interest payable under this Note is prepayable in whole or in part at any time by the City without premium or penaliy. 5. Naiure oi Obli_a� tion. This Note is one of an issue in the total principal amount of $l,i 15,OOQ issued to aid in ��ancing cartain public deve�opment costs and administrative costs of a Project undertaken by the City pursuant to Minnesota Statutes, Sections 469.125 through 469.134, and is issued pursuant to the Agreement and an authorizing resolution {the "Resolution") duly adopted by the City on December 20, 2010, and pursuant to and in fuil conformity with the Canstitution and laws of the State of Minnesota, including Minnesota Statutes, Sections 469.174 to 469.179, and tlie Special Laws. This Nate is a limited obligation af the City which is payable sole�y from Available Tax Increment pledged to the payment hereof under the Resolution. This Note and the interest hereon shall not be deemed to constitute a general obligation of the State of Minnesota or any political subdivision thereof, including, without limitation, the Ci€y. Neither the State of Minnesota, nor any politicai subdivision #hereof shall be obligated to pay the principal of or interest on this Note or other costs incident hereta except out of Available Taac Increment, and neither #1ie full faith and credit nor the taxing power of the State of Minnesota or any political sUbdivision thereof is pledged to the payment of the principal oi or interest on this Note or other costs incident hereto. 6. Registration and Transfer. This Note is issuable only as a fully registered note without coupons. As pravided in the Resolution, and subject to certain limitations set forth therein, this No#e is transferable upon the books of the City kept for that purpose ai the principal off'ice of the City Adminis#rator, by the Owner hereof in person or by such Owner's attorney duly autharized in writing, upon surrender of this Note together with a writ�en instrument of transfer satisfactary fio the City, duly executed by the Owner. Upon such transfer or exclaange and the payment by the Qwner of any tax, fee, or governmental charge required by Iaw to be paid by the City with respect to such transfer or exchange, there will be issued in the name of the transferee a new Note of the same aggregate principal arnount, bearing interest at the same rate and zz�aturing on the same dates. This Note shall not be transferred to any person other than an affiliate, ar other related en�ity, of the Owner unless the City has been provided wi#h an opinion of counsel or a certificate of the transferor, in a form satisfactory to the City, that such transfer is exempt from registration and prospectus delivery requirements of federal and applicable state securities laws. IT IS HEREBY CERTIFIED AND RECITED that aIl acts, conditions, and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen, and ta be performed in order to malce tl�is Note a valid and binding Iimited ob�igation of the City according to its ierms, have been done, do exist, have happened, and have been perfor�ned in due form, time and manner as so required. 379276v1 AR2U0-10 3