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~ --- --- >- --- -_ _____ __ n__ _____ __ ___ _____ ____ ___ _~_ _ The scheduled payment. of this Note due on any Scheduled Payment Date is payable solely from and only to the extent that the City shall have received in the six (6) month period preceding such Scheduled Payment Date "Available Tax Increment". For purposes of this Note, Available Tax Increment with respect to any Scheduled Payment Date shall mean percent L%) of the Tax Increment, as defined in the Contract, that has been received by the City in the six (6) month period preceding a Scheduled Payment Date. Available Tax Increment constitutes a portion of the real property taxes paid with respect to that certain real property described on the attached Exhibit A (hereinafter referred to as the "Property"). The City shall pay on each Scheduled Payment Date to the Owner the lesser of: (i) the Available Tax Increment; or (ii) the amount remaining to be paid under this Note. On the earlier of: (i) the date that this Note has been paid in full; or (ll) August 1, 20--, which is the last Scheduled Payment Date, after making the payment due on such date, the City's payment obligations under this Note shall terminate and this Note shall no longer be an obligation of the City. All payments made by the City shall be applied first to accrued interest and then to the Principal Amount of this Note. The City's obligations herein are subject to the terms and conditions of the Contract. Subject to Section 9.2 of the Contract, the City's payment obligations hereunder shall be suspended and this Note may be terminated by the City upon the occurrence of an Event of Default as provided in Section 9.1 of the Contract, which Contract is incorporated herein and made a part hereof by reference. Upon such termination, the City's obligations to make further payments hereunder shall be discharged. Such termination may be accomplished by the City's giving of written notice to the then registered owner of this Note, as shown on the books of the City. This Note shall not be payable from or constitute a charge upon any funds of the City, and the City shall not be subject to any liability hereon or be deemed to have obligated itself to pay hereon from any funds except Available Tax Increment, and then only to the extent and in the manner herein specified. The Owner shall never have or be deemed to have the right to compel any exercise of any taxing power of the City or of any other public body, and neither the City nor any director, commissioner, council member, board memQer, officer, employee or agent of the City, nor any person executing or registering this Note shall be liable personally hereon by reason of the issuance or registration hereof or otherwise. This Note shall. not be transferable or assignable, in whole or in part,. by the Owner without the prior written consent of the City. This Note is issued pursuant to Resolution of the City and is entitled to the benefits thereof, which resolution is incorporated herein by reference. IT IS HEREBY CERTlIfJEl) AND RECITED that all acts, conditions, and things required by the Constitution and laws of the State of Minnesota to be done, to have happened, and to be performed precedent to and in the issuance of this Note have been done, have happened, and have been performed in regular and due form, time, and manner as required by law; and that this Note, together with all other indebtedness of the City outstanding on the date