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be made by check or draft made payable to the Owner and mailed to the Owner at its postal address within the United States which shall be designated from time to time by the Owner. The Note is a special and limited obligation and not a general obligation of the City, which has been issued by the City pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Sec. 469.178, subdivision 4, to aid in financing a project, as therein defined, of the City consisting generally of defraying certain public redevelopment costs incurred and to be incurred by the City within and for the benefit of its Development District No.1. THE NOTE IS NOT A GENERAL OBLIGATION OF THE CITY OR THE STATE OF MINNESOTA (THE "STATE"), AND NEITHER THE CITY, THE STATE NOR ANY POLITICAL SUBDIVISION THEREOF SHALL BE LIABLE ON THE NOTE NOR SHALL THE NOTE BE PAYABLE OUT OF ANY FUNDS OR PROPERTIES OTHER THAN TAX INCREMENT, AS DEFINED BELOW. The Payment of this Note due on any Payment Date is payable solely from and only to the extent that the City shall have received as of such Payment Date Tax Increment, as defined in the Agreement, and shall be subject to the priority for use of Tax Increment as set forth in the Agreement. In the event that Tax Increment is not sufficient to pay when due the principal of and interest on this Note, the failure of the City to pay the principal of and interest on this Note then due shall not constitute a default hereunder. The City shall pay on each Payment Date to the Owner the Tax Increment. On December 31,20_, the maturity date of this Note, any unpaid portion shall be deemed to have been paid in full; provided that Tax Increment received by the City after December 31, 20_ as a result of the payment of delinquent taxes payable prior to such date shall be used to pay any unpaid amounts under the Note when received by the City, subject to the priority for use of Tax Increment as set forth in the Agreement. 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 the 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, 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. The City makes no representation or covenant, express or implied, that the revenues described herein will be sufficient to pay, in whole or in part, the amounts which are or may otherwise become due and payable hereunder. 48