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preceding such Payment Date. All payments made by the City under this Note <br />shall first be applied to accrued interest and then to principal. <br />If the City has not paid the Developer the full amount of this Note and <br />interest due thereon on or before August 1, 2009 (the Maturity Date) the City's <br />obligation to pay such principal and interest terminates and this Note is of no <br />further and effect. <br />The Payment Amounts due hereon shall be payable solely from tax <br />increments from the City's Tax Increment Financing District No. 3 -2 (the "Tax <br />Increment District ") within its Municipal Development District No. 3 which are <br />paid to the City and which the City is entitled to retain pursuant to the provisions <br />of Minnesota Statutes, Sections 469.174 through 469.179, as the same may be <br />amended or supplemented from time to time (the "Tax Increment Act ") (the "Tax <br />Increments "). This Note terminates and is of no further force and effect on the <br />earlier of the Maturity Date, the date the City terminates the Development <br />Agreement under Section 4.2(b) thereof, the date the Developer terminates the <br />Development Agreement under Article V thereof, or the date that all principal <br />interest payable hereunder has paid in full. <br />The City makes no representation or covenant, express or implied, that the <br />Tax Increments will be sufficient to pay, in whole or in part, the amounts which <br />are or may become due and payable hereunder. <br />The City's payment obligations hereunder shall be further conditioned on <br />the fact that no Event of Default under the Development Agreement shall have <br />occurred and be continuing at the time payment is otherwise due hereunder, but <br />such unpaid amounts shall become payable if said Event of Default shall thereafter <br />have been cured; and, further, if pursuant to the occurrence of an Event of Default <br />under the Development Agreement the City elects to cancel and rescind the <br />Development Agreement, the City shall have no further debt or obligation under <br />this Note whatsoever. Reference is hereby made to all of the provisions of the <br />Development Agreement, including without limitation Section 3.4 thereof, for a <br />fuller statement of the rights and obligations of the City to pay the principal of this <br />Note, and said provisions are hereby incorporated into this Note as though set out <br />in full herein. <br />1206506v3 <br />2 <br />