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3. Principal and interest and premium or service charge due hereunder shall be payable at the principal office of the Lender, 75 South Fifth Street, Minneapolis, Minnesota, 55402, or at such other place as the Lender may designate in writing. 4. This Note is issued by the City to provide funds for a project, as defined in section 474.02, Subdivision l, Minnesota Statutes, consisting of the con~truction of an office building and related improvements pursuant to the Loan Agreement, and this Note is further issued pursuant to and in full compliance with the Constitution and laws of the State of Minnesota, particularly Minnesota Statutes, Chapter 474, and pursuant to a resolution of the City Council duly adopted on August 1, 1985 (the "Resolution"). 5. This Note is secured by, among other things, a Pledge Agreement of even date herewith by the City to the Lender (the "Pledge A.greement"), a Mortgage and Security Agreement and Fixture Financing Statement, of even date herewith between the Borrower, as mortgagor, and the Lender as mortgagee (the "Mortgage") and an Assignment of Rents and Leases, of even date herewith, from the Borrower to the Lender (the "A.ssignment of Rents and Leases"). The disbursement of the proceeds of this Note is subject to the terms and conditions of a Construction Loan Agreement of even date herewith among the Lender, the City and the Borrower (the "Construction Loan Agreement"). 6. The City, for itself, its successors and assigns, hereby waives demand, presentment, protest and notice of dishonor; and to the extent permitted by law, the Lender may extend interest and/or principal of or any service charge or premium due on this Note, including the Final Maturity Date, or release any part or parts of the property and interest subject to the Mortgage or to any other security document from the same, all without notice to or consent of any party liable hereon or thereon and without releasing any such party from such liability and whether or not as a result thereof the interest on the Note is no longer exempt from the Federal income tax. In no event, however, may the Final Maturity Date be extended beyond thirty (30) years from the date hereof. 7. This Note may not be prepaid during the first five (5) Loan Years, as hereinafter defined, except as otherwise provided in paragraph 8 herein. Beginning with the sixth (6th) Loan Year, this Note may be prepaid in whole, or 10