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8. Principal and interest and premium or service charge, if any, due hereunder shalt
<br />be payable at the principal office of the Lender, or at such other place as the Lender may
<br />designate in writing.
<br />9. This Note is secured by a Pledge Agreement dated as of December 20, 2008
<br />between the City and the Lender (the "Pledge Agreement ") and is further secured by a Mortgage,
<br />Security Agreement, Fixture Financing Statement and Assignment of Leases and Rents, dated
<br />December 20, 2007 executed by the Borrower, as mortgagor, in favor of the Lender, as
<br />mortgagee (the "Mortgage ") and a Security Agreement dated as of December 20, 2007, and by
<br />and between the Borrower and the Lender, as secured party (the "Security Agreement "). The
<br />disbursement of the proceeds of this Note is subject to the terms and conditions of the Loan
<br />Agreement, dated as of December 20, 2007, by and among the Borrower, the City and the
<br />Lender.
<br />10. The City, for itself, its successors and assigns, hereby waives demand,
<br />presentment, protest and notice of dishonor; and to the extent permitted by law, the Lender may
<br />extend interest and /or principal of or any service charge or premium due on this Note, including
<br />the Maturity Date, or release any part or parts of the property and interest subject to the
<br />Mortgage or to any other security document from the same, all without notice to or consent of
<br />any party liable hereon or thereon and without releasing any such party from such liability and
<br />whether or not as a result thereof the interest on the Note is no longer exempt from the federal or
<br />state income tax. In no event, however, may the Maturity Date of the Note be extended beyond
<br />thirty (30) years from the date hereof.
<br />11. As provided in the Resolution and subject to certain limitations set forth therein,
<br />this Note is only transferable upon the books of the City at the office of the City Clerk, by the
<br />Lender in person or by its agent duly authorized in writing, at the Lender's expense, upon
<br />surrender hereof together with a written instrument of transfer satisfactory to the City Clerk, duly
<br />executed by the Lender or its duly authorized agent. Upon such transfer, the City Clerk will note
<br />the date of registration and the name and address of the new registered owner in the registration
<br />blank appearing below. The City may deem and treat the person in whose name the Note is last
<br />registered upon the books of the City with such registration noted on the Note, as the absolute
<br />owner hereof, whether or not overdue, for the purpose of receiving payment, or on the account,
<br />of the Principal Balance, redemption price or interest and for all other purposes, and all such
<br />payments so made to the Lender or upon the Lender's order shall be valid and effective to satisfy
<br />and discharge the liability upon the Note to the extent of the sum or sums so paid, and the City
<br />shall not be affected by any notice to the contrary.
<br />12. All of the agreements, conditions, covenants, provisions and stipulations
<br />contained in the Resolution, the Mortgage, the Security Agreement, the Loan Agreement and the
<br />Pledge Agreement are hereby made a part of this Note to the same extent and with the same
<br />force and effect as if they were fully set forth herein.
<br />13. This Note and interest thereon and any service charge or premium, if any, due
<br />hereunder are payable solely from the revenues and proceeds derived from the Loan Agreement,
<br />the Security Agreement, and the Mortgage and do not constitute a debt of the City within the
<br />meaning of any constitutional or statutory limitation, are not payable from or a charge upon any
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