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_ ~ (iv) The Lender shall give notice, as soon as <br />practicable, but in any event before the right to appeal such <br />• Notice of Taxability has expired, to the Borrower, the City and <br />any prior holder of its receipt of any Notice of Taxability and <br />permit the Borrower to contest litigate or appeal the same at <br />its sole expense. In the event any such contest, litigation or <br />• appeal is undertaken, the increased interest provided in <br />paragraph 1(c)(i) shall, nevertheless, be payable to the Lender <br />and, to the extent applicable, any prior holder and shall be <br />held by the Lender and any such prior holder in escrow in an <br />interest bearing account pending final disposition of such <br />contest, litigation or appeal, provided that the Borrower shall <br />indemnify and hold harmless the Lender and each such prior <br />holder from any and all penalties, interest or other <br />liabilities which they may incur on account of such contest, <br />litigation or appeal. <br />2. In any event, the payments hereunder shall be <br />sufficient to pay all principal and interest due, as such <br />principal and interest becomes due, and to pay any"premium or <br />service charge, at maturity, upon redemption, or otherwise. <br />Interest shall be computed on the basis of a 360 day year. <br />3. Principal and interest and premium or servic e <br />charge due hereunder shall be payable at the principal office <br />of the Lender, or at such other place as the Lender may <br />designate in writing. <br />`~ 4. This Note is issued by the City to provide funds <br />for a project, as defined in Section 474.02, Subdivision la, <br />Minnesota Statutes, consisting of the acquisition of real <br />estate, and the construction of a retail strip shopping center <br />facility thereon, pursuant to the Loan Agreement and this Note <br />is further issued pursuant to and in full compliance with the <br />Constitution and laws of the State of Minnesota, particularly <br />Chapter 474, Minnesota Statutes, and pursuant to a resolution <br />of the City Council duly adopted on October 10, 1984 (the <br />"Resolution"). <br />5. This Note is secured by a Pledge Agreement of <br />even date herewith by the City to the Lender (the "Pledge <br />Agreement"), a Mortgage, Security Agreement and Fixture <br />Financing Statement, of even date herewith between the <br />Borrower, as mortgagor, and the Lender as mortgagee (the <br />"Mortgage"), a Guaranty of even date herewith from Dennis E. <br />Hunt and Shirley K. Hunt to the Lender (the "Guaranty") and an <br />• <br />9 <br />