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If an Event of Default (as defined in the Loan Agreement or the Mortgage) occurs and is not cured within any applicable grace period, then the Holder may at its right and option declare immediately due and payable, without further notice, the principal balance ofthis Note and interest accrued thereon plus any costs and expenses incurred by the Holder in collecting or enforcing payment thereof, whether suit be brought or not, and all other sums due hereunder or under the Mortgage or the Loan Agreement, anything to the contrary therein notwithstanding, and payment thereof may be enforced and recovered in whole or in part, at any time, by one or more of the remedies provided in the Mortgage, this Note, or the Loan Agreement. The Holder may extend the time for payment of interest and/or principal of this Note, without notice to or consent of any party liable hereon and without releasing any such party. The remedies of the Holder, as provided herein and in the Mortgage and the Loan Agreement, are cumulative and concurrent; may be pursued singly, successively, or together and. except as provided in the Mortgage, at the sole discretion of the Holder; and may be exercised as often as occasion therefor occurs. The failure to exercise any such right or remedy may in no event be construed as a waiver or release thereof. The Holder may waive any default, except that any such waiver to be effective must be in writing and must not apply to any other act or default. The City waives demand, presentment. protest, and notice of dishonor and agrees that without any notice, the Holder hereof and any present or future owner or owners of any property and interests covered by the Mortgage or any other document given to secure this Note, or executed in connection with this Note, may from time to time extend, renew, or otherwise modify to the benefit of the City the date or dates or amount or amounts of payment above recited. Or, the Holder hereof may from time to time release any part or parts of the property and interests subject to the Mortgage or to any such other document from the same, with or without consideration. In any case, the Obligor, subject to limitation of the City's liability, continues to be liable to pay the unpaid balance of the indebtedness evidenced hereby as so extended, renewed, or modified and notwithstanding any such release, and further agrees, subject to limitation of the City's liability, to pay all costs of collection, including a reasonable amount for attorneys' fees, in case any payment is not made at maturity, and all costs and expenses, including attorneys' fees, incurred in protecting the security for this Note or in preserving the properties or interests or any part thereof described in the Mortgage and in any such other document, whether suit be brought or not. It is intended that this Note is made with reference to and construed as a Minnesota contract and governed by the laws thereof. The liability of the City under this Note is limited as provided in Section 7.06 of the Loan Agreement. The City has designated this Note as a "qualified tax-exempt obligation" pursuant to Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. 1096613.2 B-5