2020_0518_CCPacket - Laserfiche WebLink

Home

Attachment B principal balance of this Note. For the purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be collected from Obligor has been violated, all indebtedness that constitutes interest, as well as all other charges made in connection with the indebtedness that constitute interest, will be deemed to be allocated and spread ratably over the stated term of this Note. Unless otherwise required by applicable law, such allocation and spreading will be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of this Note. 11. Governing Law. This Note shall be governed by the internal law of the State of Minnesota (the Ð Property Jurisdiction Ñ). 12. Captions. The captions of the paragraphs of this Note are for convenience only and shall be disregarded in construing this Note. 13. Address for Payment. All payments due under this Note shall be payable at the principal office of the Funding Lender as designated by the Funding Lender in writing to the Fiscal Agent and the Servicer. 14. Default Rate. So long as (a) any monthly installment under this Note remains past due, or (b) any other Event of Default has occurred and is continuing, interest under this Note shall accrue on the unpaid principal balance from the earlier of the due date of the first unpaid monthly installment or the occurrence of such other Event of Default, as applicable, at the Default Rate. If the unpaid principal balance and all accrued interest are not paid in full on the Maturity Date or on the date of any mandatory prepayment or acceleration, the unpaid principal balance and all accrued interest shall bear interest from the Maturity Date or such other date at the Default Rate. 15. Limited Obligation. This Note is a special, limited obligation of the Obligor payable solely from the Pledged Security and any other revenues, funds and assets pledged under the Funding Loan Agreement and not from any other revenues, funds or assets of the Obligor. This Note is not a general obligation, debt or bonded indebtedness of the Obligor, the State or any political subdivision thereof (other than of the Obligor to the limited extent set forth in the Funding Loan Agreement) and the holder of this Note does not have the right to have any excises or taxes levied by the Obligor, the State or any political subdivision thereof for the payment of the principal of and any Prepayment Premium and interest on this Note. None of the Obligor, the State, or any political subdivision of the State will be obligated to pay the principal of and the interest on this Note or other costs incident thereto except from the Pledged Security pledged under the Funding Loan Agreement. No provision, covenant, or agreement contained in this Note or the Funding Loan Agreement, or any obligation herein or therein imposed upon the Obligor, or the breach thereof, shall constitute or give rise to or impose a liability upon the Obligor (except from the Pledged Security), or upon any of its officers, employees, or agents, or constitute a charge upon the ObligorÓs general credit or taxing powers; provided that nothing contained herein or in the Act impairs the rights of the Fiscal Agent to enforce the covenants made for the security of the Obligor as provided herein and in the Act. Any recourse for a cause of action under this Note or the Funding Loan Agreement shall be payable solely from the Pledged Security, and the agreement of the Obligor to perform or cause the performance of the covenants and other provisions herein referred to shall be subject at all times to the availability of revenues or other funds furnished for A-4 12502516v3