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tenor in exchange and in substitution for and upon cancellation of the mutilated Obligation or in lieu of or in substitution for any Obligation destroyed, stolen or lost, upon the payment of the reasonable expenses and charges of the Registrar and Issuer in connection therewith; and, in the case of an Obligation destroyed, stolen or lost, upon filing with the Registrar of evidence satisfactory to the Registrar that the Obligation was destroyed, stolen or lost, and of its ownership, and upon furnishing to the Registrar and Issuer of an appropriate bond or indemnity in form, substance and amount satisfactory to it and as provided by law, in which both the Issuer and the Registrar must be named as obligees. An Obligation so surrendered to the Registrar will be canceled by the Registrar. If the mutilated, destroyed, stolen or lost Obligation has already matured or been called for redemption in accordance with its terms it is not necessary to issue a new Obligation prior to payment. X. Limitation on Transfers. The Obligations have been issued without registration under state or other securities laws, pursuant to an exemption for issuance; and accordingly an Obligation may not be assigned or transferred in whole or part, nor may a participation interest in an Obligation be given pursuant to any participation agreement, except in accordance with an applicable exemption from registration requirements. In no event may any participation interest in an Obligation be in an initial principal amount of less than $100,000. Section 11. Limitations. a. Special, Limited Obligations of the Issuer. The Obligations shall be special, limited obligations of the Issuer, and the principal of, premium, if any, and interest on the Obligations shall be payable solely from the proceeds of the Obligations, the revenues derived from the Borrower pursuant to the Loan Agreement, Assignment Agreement and any and all other security of any kind or nature provided by the Borrower to the Lender. The revenues and proceeds derived from the Issuer Documents are specifically pledged to the payment of the principal of and interest on the Obligations in the manner and to the extent specified in this Resolution, the Obligations, and the Documents; and nothing in this Resolution, the Obligations, or the Documents assigns, pledges or otherwise encumbers any other funds or assets of the Issuer.The Obligations do not constitute a general or moral obligation of the Issuer, or a charge, lien, or encumbrance, legal or equitable, upon any property of the Issuer, except the portion of the Project mortgaged or otherwise encumbered under the provisions and for the purposes of the Acts. Notwithstanding anything contained in the Resolution, the Obligations or the Documents or any other document referred to in the Resolution, the Obligations or the Documents to the contrary, under the provisions of the Acts, the Obligations may not be payable from nor charged upon any funds other than the revenue pledged to its payment under the Issuer Documents. No holder of the Obligations will ever have the right to compel any exercise of the taxing power of the Issuer to pay the Obligations or the interest thereon, or to enforce payment of the Obligations against any property of the Issuer except the portion of the Project mortgaged or otherwise encumbered under the provisions and for the purpose of the Acts. The Obligations are not a debt of the Issuer within the meaning of any constitutional or statutory limitation. However, nothing impairs the rights of the holder of the Obligations to enforce covenants made for the security of the Obligations as provided in Section 469.163 of the Acts. Page 8