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<br />to the extent applicable, any prior holder and shall be held by <br />the Lender and any such prior holder in escrow pending final <br />disposition of such contest, litigation or appeal, provided <br />that the Borrower shall indemnify and hold harmless the Lender <br />and each such prior holder from any and all penalties, interest <br />or other liabilities which they may incur on account of such <br />contest, litigation or appeal. <br /> <br />. <br /> <br />7. In any event, the payments hereunder shall be <br />sufficient to pay all principal and interest due, as such <br />principal and interest becomes due, and to pay any premium or <br />service charge, at maturity, upon redemption, or otherwise. <br /> <br />8. If the Lender should not receive on the first day <br />of any month all of the principal and interest then due on the <br />Note, and if the city should continue to be in arrears through <br />the fifteenth day of such month, then, in addition to all other <br />sums due hereunder, the Lender shall be entitled to receive on <br />the sixteenth day of such month a service charge equal to four <br />percent (4.00%) of the delinquent principal and interest. <br /> <br />9. Principal and interest or service charge due <br />hereunder shall be payable at the principal office of the <br />Lender, or at such other place as the Lender may designate in <br />writing. <br /> <br />10. This Note is issued by the City to provide funds <br />for a project, as defined in Section 474.02, Subdivision la, <br />Minnesota Statutes, consisting of the acquisition of real <br />estate, and the construction of a veterinary clinic facility <br />thereon, pursuant to the Loan Agreement and this Note is <br />further issued pursuant to and in full compliance with the <br />Constitution and laws of the State of Minnesota, particularly <br />Chapter 474, Minnesota Statutes, and pursuant to a resolution <br />of the City Council duly adopted on December 17, 1984 (the <br />"Resolution") . <br /> <br />11. This Note is secured by a Pledge Agreement of <br />even date herewith by the City to the Lender (the "Pledge <br />Agreement"), a Mortgage, Security Agreement and Fixture <br />Financing Statement, of even date herewith between the <br />Borrower, as mortgagor, and the Lender as mortgagee (the <br />"Mortgage"), a Guaranty of even date herewith from the <br />Guarantors (as defined in the Loan Agreement) to the Lender <br />(the Guaranty), an Assignment of Leases and Rents, of even date <br />herewith, from the Borrower to the Lender (the "Assignment of <br />Leases and Rents"). and a Security Agreement of even date <br /> <br />. <br /> <br />9 <br />