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'. as the absolute owner of such Note for the purpose of receiving <br />payment of or on account of the Principal Balance, redemption <br />' price or interest and for all other purposes whatsoever, and <br />the City shall not be affected by any notice to the contrary. <br />2-9. Limitation on Note Transfers. <br />The Note has been issued without registration under <br />state or other federal securities laws, pursuant to an <br />exemption for such issuance; and accordingly the Note may not <br />be assigned or transferred in whole or part, nor may a <br />participation interest in the Note be given pursuant to any <br />participation agreement, except in accordance with an <br />applicable exemption from such registration requirements. <br />,. <br />• <br />18 <br />