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Payment Date after the default is cured, unless the Note has been terminated in accordan.ce with Section 9.2(b) of the Agreement. Availab}e T� Tncrement shall also not include any Tax Inereaaaent if, as of a�y Payment Date, there is an outstanding petitian or claim to reduce the market value of the Developrnent Property as described in Section C.2(b) of the Agreement; any amount of Available Tax Increme�t so withheld shall be paid, without interest on t�e wi�hheId amount, on the next Aayment Date after resolution of the tax petition or claim in accordance wit� Section 6.2(b) of the Agreerne�t. The City shali have no obligatior� to pay principal af and interest on this No#e on each Payment Date from a�y source other tha� Available Tax Increment, and shall have no obligation to pay u�paid balance of principal or acc�ed interest that may remain after the Payment on the final Payment Date described in Section I hereof. 4. Prepayrr�ent. The principal sum and all aecrued interest payable under this Note is prepayable in whole or in part a# any time by the City without premium or penalty, and is subject to deemed prepaymenE in accordance with Section 3.8 of the Agree�nent. 5. NatUre of Ob�igation_ This Note is one of an issue in the total principal amour�f of $l,l I5,0�0 issued to aid in financing certain pubiic development costs and administrative costs of a �'roject undertaken by the City pursuant to Minnesota Statt�tes, Sections 469.125 through 469.I34, and is issued pursuant to the Agree�nent and an authorizi�g resolution (the "ResoluNon"} duty adopted by the City on December ] 3, 2010, and pursuant to and in full cor�farmity ��vit[� the Constitution and laws af the State of Minnesota, including Minnesota Statutes, Seciior�s �k69.174 to 469.179, and the Special Laws. This Note is a�irni�ed obligation of the City which is payable sotely from Availabie Tax Inerement p�edged to the payment hereof under the Resolution. This Note and tl�e interest hereon shall not be deemed to canstitute a generai ohligation of the 5tate of Minnesata or any poIitica3 subdivision tI�ereof, including, without limitation, the City. Neither the State of Minnesota; nor any politicai subdi�isian thereof shall be obIigatEd to pay the principal of or interest on this Note or other costs incident �ereta except out of Available Tax Increment, and neither the fuil faith and credit nor the taxing power af the State of Mi�nesota ar any political subdivision thereof is pledged ta the payment of the principal of or interest on this Note or other casts incident hereto. 6. Registration and Transfer. This Note is issuab�e only as a fully registered nate witha�t coupons. As provided in the Resolution, and subject to certai� limitations set forth therein, this Note is transferable upon the books of the City kept for that purpose at the prineipal office of the City Administrator, by the Owner hereof ir� person or by such Owner`s attorney duly authorized in writing, upon surrender of this Note together with a wr�tEen instrumen# of iransfer satisfactory to the City, d�iy executed by the Owner. Upan such transfer or exchange and the payment by the Owner of any tax, fee, or gaverFtmentat charge required by law ta be paid by the City with respect to such transFer or exchange, there will be iss�ed i� the name of ihe transferee a new Note of ihe sarrte aggregate pri�cipal amount, bearing interes� at the same rate and maturing on the same dates. Tl�is Note shall not be transferred to any persan otl�er tha�� an affiliate, or other rela�ed entity, of the Owner untess the C�ty has been provided with an opinio�� of counsel or a certificate of the transferor, in a form satisfactary to the City, that such transfer is exerr�pt from registration and praspectus detivery require�nents of%deral and applicable state securities ]aws. IT IS HEREBY CERTIFIED AND RECITED chat a�l acts, conditions, and thi�gs rec�uired by the Constit�tion a�d laws of the State o� Minnesota to be done, to exist, to happen, and to be �erforrned in order to make this Note a valid and binding limited obligation of ihe City according to its te�-ms, have been do�te, do exist, have happened, and have been performed in due farm, time and manner as so required. GS