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1999-02-10
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1999-02-10
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pay all amounts due on such date, the amount of such deficiency shall be deferred <br /> and shall be paid, without interest thereon, on the next Payment Date on which the <br /> City has available to it Available Tax Increment in excess of the amount necessary <br /> to pay the amount due on such Payment Date. The City shall have no obligation to <br /> pay unpaid balance of principal or accrued interest that may remain after the final <br /> payment on August 1, 1998. <br /> 4. Optional Prepayment. The principal sum and all accrued interest <br /> payable under this Note is prepayable in whole or in part at any time by the City <br /> without premium or penalty. No partial prepayment shall affect the amount or timing <br /> of any other regular payment otherwise required to be made under this Note. <br /> 5. Termination. At the City's option, this Note shall terminate and the <br /> City's obligation to make any payments under this Note shall be discharged upon the <br /> occurrence of an Event of Default on the part of the Developer as defined in Section <br /> 9.1 of the Agreement, but only if the Event of Default has not been cured in <br /> accordance with Section 9.2 of the Agreement. <br /> 6. Nature of Obligation. This Note is one of an issue in the total principal <br /> amount of $32,250, all issued to aid in financing certain costs of a Project undertaken <br /> by the City pursuant to Minnesota Statutes, Sections 469.124 through 469.134, and <br /> is issued pursuant to an authorizing resolution (the "Resolution ") duly adopted by <br /> the City on October 25, 1995, and pursuant to and in full conformity with the <br /> Constitution and laws of the State of Minnesota, including Minnesota Statutes, <br /> Sections 469.174 to 469.179. This Note is a limited obligation of the City which is <br /> payable solely from Available Tax Increment pledged to the payment hereof under <br /> the Resolution. This Note and the interest hereon shall not be deemed to constitute <br /> a general obligation of the State of Minnesota or any political subdivision thereof, <br /> including, without limitation, the City. Neither the State of Minnesota, nor any <br /> political subdivision thereof shall be obligated to pay the principal of or interest on <br /> this Note or other costs incident hereto except out of Available Tax Increment, and <br /> neither the full faith and credit nor the taxing power of the State of Minnesota or any <br /> political subdivision thereof is pledged to the payment of the principal of or interest <br /> on this Note or other costs incident hereto. <br /> 7. Registration and Transfer. This Note is issuable only as a fully <br /> registered note without coupons. As provided in the Resolution, and subject to <br /> certain limitations set forth therein, this Note is transferable upon the books of the <br /> City kept for that purpose at the principal office of the Assistant City Clerk, by the <br /> Owner hereof in person or by such Owner's attorney duly authorized in writing, <br /> upon surrender of this Note together with a written instrument of transfer <br /> satisfactory to the City, duly executed by the Owner. Upon such transfer or <br /> exchange and the payment by the Owner of any tax, fee, or governmental charge <br /> required to be paid by the City with respect to such transfer or exchange, there will <br /> be issued in the name of the transferee a new Note of the same aggregate principal <br /> amount, bearing interest at the same rate and maturing on the same dates. <br /> This Note shall not be transferred to any person other than the Seller in <br /> accordance with the Agreement (as such term is defined therein) or an affiliate or <br /> other related entity of the Owner, unless the City has been provided with an opinion <br /> of counsel or a certificate of the transferor, in a form satisfactory to the City, that <br /> such transfer is exempt from registration and prospectus delivery requirements of <br /> federal and applicable state securities laws. <br /> 53B93339 Revised <br /> CE155 -7 3 <br />
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