2000-11-08 Packet - Laserfiche WebLink

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that the payment on September November 15, 2000 is subject to the adjustment described in Section 3.03 of the City Council resolution approved September 13 November 8, 2000; and (b) on each Payment Date after September November 15, 2000, 95 percent of the Tax Increment generated from the Property that was received by the City as of each Payment Date and not applied to any prior payment of this Note (before or after amendment thereof) or Note 1. Available Tax Increment shall not include any Tax Increment generated with respect to the Property if, as of any Payment Date, there is an uncured Event of Default under the Agreement. The City shall have no obligation to pay principal of and interest on this Note on each Payment Date from any source other than Available Tax Increment, and the failure of the City to pay any amount of principal or interest on this Note on any Payment Date shall not constitute a default hereunder as long as the City pays principal and interest hereon to the extent of Available Tax Increment. The City shall have no obligation to pay unpaid balance of principal or accrued interest that may remain after the final payment on February 1, 2006. The City makes no warranty or representation that Available Tax Increment will be sufficient to pay the principal and accrued interest on this Note. 4. Optional Prepayment. The principal sum and all accrued interest payable under this Note is prepayable in whole or in part at any time by the City without premium or penalty. 5. Termination. At the City's option, this Note shall terminate and the City's obligation to make any payments under this Note shall be discharged upon the occurrence of an Event of Default on the part of the Developer as defined in Section 9.1 of the Agreement, but only if the Event of Default has not been cured in accordance with Section 9.2 of the Agreement. 6. Nature of Obligation. This Note is one of an issue in the total principal amount of $114,051.19, all issued to aid in financing certain costs of a Project undertaken by the City pursuant to Minnesota Statutes, Sections 469.124 through 469.134, and is issued pursuant to the Contract for Private Development dated as of October 24, 1995 (the "Agreement ") between the City and the Owner, and an authorizing resolution adopted by the City on October 25, 1995, as amended by a resolution adopted by the City Council on September 13 November 8, 2000 (together, the Resolutions), and pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Sections 469.174 to 469.179. This Note is a limited obligation of the City which is payable solely from and to the extent of Available Tax Increment pledged to the payment hereof under the Resolutions. This Note and the interest hereon shall not be deemed to constitute a general obligation of the State of Minnesota or any political subdivision thereof, including, without limitation, the City. Neither the State of Minnesota, nor any political subdivision thereof shall be obligated to pay the principal of or interest on this Note or other costs incident hereto except out of Available Tax Increment, and neither the full faith and credit nor the taxing power of the State of Minnesota or any political subdivision thereof is pledged to the payment of the principal of or interest on this Note or other costs incident hereto. • 7. Registration and Transfer. This Note is issuable only as a fully registered note without coupons. As provided in the Resolution, and subject to certain limitations set forth therein, this Note is transferable upon the books of the City kept for that purpose at the principal SJB- 184817v2 cuss -7 A -2